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ETFs

Invesco National AMT-Free Municipal Bond ETF

PZA
$—
Today’s Change
— (—)

Snapshot
*

Inception Date
Oct 11, 2007
Expense Ratio
0.28%
Type
US Bonds
Fund Owner
Invesco
Volume (1m avg. daily)
$13,692,539
AUM
$2,252,015,262
Associated Index
ICE BofA Merrill Lynch National Long-Term Core Plus Municipal Securities Index
Inverse/Leveraged
No
Passive/Active
Passive
Fractionable on Composer
Yes
Prospectus
View

Top 10 Holdings

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Commonwealth of Massachusetts
0.82%
—
San Diego Unified School District/CA
0.6%
—
Colorado Health Facilities Authority
0.59%
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State of California
0.48%
—
Licking Heights Local School District
0.48%
—
Grand Parkway 5 % Bonds 2018-01.10.43 Sub Tier-Tela Supported Series 2018A
0.47%
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Triborough Bridge & Tunnel Authority
0.45%
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Univ CA 5 % Bonds 2016-15.05.46 General Series AR
0.44%
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Jurupa Unified School District
0.43%
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City of Baltimore MD
0.43%
Invest with PZA
Trade PZA Options

What is PZA?

The Invesco National AMT-Free Municipal Bond ETF (Fund) is based on The ICE BofAML National Long-Term Core Plus Municipal Securities Index (Index). The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Index and that also are exempt from the federal alternative minimum tax. The Index is composed of US dollar-denominated, investment grade, tax-exempt debt publicly issued by US. states and territories, or their political subdivisions, in the US domestic market with a term of at least 15 years remaining to final maturity. The Index is adjusted monthly and its constituents are capitalization-weighted based on their current amount outstanding. The Fund and the Index are rebalanced and reconstituted monthly.

1M
3M
6M
YTD
1Y
3Y
Max
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PZA
Performance Measures**

for the time period Oct 18, 2007 to Dec 4, 2025

Returns

1M Trailing Return: -0.3%

The percent change in the value over the most recent 1-month period.

3M Trailing Return: 4.9%

The percent change in the value over the most recent 3-month period.

Measures of Risk or Volatility

Max Drawdown: -24.5%

The greatest percent loss from peak to trough in value over the time period.

Standard Deviation: 7.6%

The typical amount that daily returns vary from the mean of the returns over the time period, standardized to a period of a year.

Measures of Risk-Adjusted Performance

Sharpe Ratio: 0.45

The annualized arithmetic mean of the daily returns divided by the annualized standard deviation of the daily returns for the selected time period.

Calmar Ratio: 0.13

The annualized return divided by the max drawdown for the selected time period.

ETFs related toPZA

ETFs correlated to PZA include MUB, VTEB, SCMB

PZA
Invesco Capital Management LLC - Invesco National AMT-Free Municipal Bond ETF
MUB
BlackRock Institutional Trust Company N.A. - iShares National Muni Bond ETF
VTEB
Vanguard Group, Inc. - Vanguard Tax-Exempt Bond ETF
SCMB
Schwab Strategic Trust - Schwab Municipal Bond ETF
CGMU
Capital Group Fixed Income ETF Trust - Capital Group Municipal Income ETF
CMF
BlackRock Institutional Trust Company N.A. - iShares California Muni Bond ETF
PWZ
Invesco Capital Management LLC - Invesco California AMT-Free Municipal Bond ETF
TAXF
American Century ETF Trust - American Century Diversified Municipal Bond ETF
MMIN
IndexIQ Active ETF Trust - IQ MacKay Municipal Insured ETF
JMHI
J.P. Morgan Exchange-Traded Fund Trust - JPMorgan High Yield Municipal ETF
MMIT
IndexIQ Active ETF Trust - IQ MacKay Municipal Intermediate ETF

What is ETF correlation?

Correlation is a measure of the strength of the relationship between two ETFs. It quantifies the degree to which prices of the two ETFs typically move together.

Here, correlation is measured over the past year with the Pearson correlation coefficient (Pearon’s r), which ranges from -1 to 1.

Using ETF correlations in portfolio and strategy construction

ETF correlations can help you create investing strategies and portfolios. Use them to:

  • •Build a diversified portfolio from uncorrelated or inversely correlated ETFs with the aim of minimizing portfolio risk.
  • •Compare correlated or related ETFs to find one with a lower expense ratio or higher trading volume.
  • •Create an investing strategy that hedges an ETF with an uncorrelated or inversely correlated ETF.

Trading Strategies
Related toPZA

Simon | KMLM switcher | Simon Shorts Ed. + MbM | (single pops)| BT 4/13/22

Category

Trend-following, RSI momentum, volatility hedging, leveraged ETFs, inverse ETFs, managed futures (KMLM), bonds/cash, tech/semis/small-cap/biotech, risk-on/off

OOS Cumulative Return

94.76%

EM's

Category

Tactical asset allocation, Emerging markets, Leveraged ETFs, Trend/momentum, Risk-on/off, Hedging, Volatility control

OOS Cumulative Return

11.67%

Create your own algorithmic trading strategy with PZA using Composer

FAQ

PZA is a US Bonds ETF. The Invesco National AMT-Free Municipal Bond ETF (Fund) is based on The ICE BofAML National Long-Term Core Plus Municipal Securities Index (Index). The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Index and that also are exempt from the federal alternative minimum tax. The Index is composed of US dollar-denominated, investment grade, tax-exempt debt publicly issued by US. states and territories, or their political subdivisions, in the US domestic market with a term of at least 15 years remaining to final maturity. The Index is adjusted monthly and its constituents are capitalization-weighted based on their current amount outstanding. The Fund and the Index are rebalanced and reconstituted monthly.

PZA tracks the ICE BofA Merrill Lynch National Long-Term Core Plus Municipal Securities Index.

No, PZA is not actively managed. It is passively managed. In an actively managed fund, the fund manager makes decisions about how funds are invested. A passively managed fund typically tries to track or follow a market index.

Yes, PZA is passively managed. A passively managed fund typically tries to track or follow a market index. In an actively managed fund, the fund manager makes decisions about how funds are invested.

The 1-month return on PZA is -0.0247%. This is the percent change in the value of PZA over the most recent 1-month period. The 3-month return on PZA is -0.0488%. This is the percent change in the value of PZA over the most recent 3-month period.

The standard deviation of PZA for the past year is 0.0704%. Standard deviation is the typical amount that the daily returns vary from the mean of the returns over the time period, standardized to a period of a year.

ETFs similar to PZA include HYMB, SUB, and HYD.

ETFs correlated to PZA include MUB, VTEB, and SCMB.

ETFs that are inversely correlated to PZA include TTT, TBT, and TMV.

Disclaimers

*

We show information directly obtained from our data provider, Xignite. Data shown here is provided by Xignite, an unaffiliated third party. Composer believes the information shown here is reliable, but has not been verified and there is no guarantee that the information is accurate.

**

We show information based on calculations performed by Composer using data from our provider. Information provided here is based on calculations performed by Composer using data sourced from Xignite, an unaffiliated third party. Composer believes this information is reliable, but has not verified the data and there is no guarantee that the calculations are accurate.