PZA's largest holdings are CALIFORNIA ST HLTH FACS FING A, New York State Dormitory Authority, New York State Dormitory Authority, Salt River Project Agricultural Improvement & Power District, Texas Water Development Board. The full top list is on this page.

How concentrated is PZA?

The top 10 holdings are 1.1% of the fund, across 6,664 positions.

The total expense ratio on record is 0.28%. That is cheaper than 50% of the 864 US-listed bond funds we track.

US-listed

PZA

The Fund seeks to track the investment results (before fees and expenses) of the ICE BofA National Long-Term Core Plus Municipal Securities Index.

Invesco National AMT-Free Municipal Bond ETFo

Invesco

6,664 holdings as of 2026-05-31 · top 10 = 1.1% · TER 0.28%

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Concentration

Well diversifiedtop 10 = 1.1%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

6,664

as of 2026-05-31

Top 10

1.1%

TER

0.28%

cheaper than 50% of peers

Net assets

US$4.15B

Largest

0.1%

P / E

–

Sections

Holdings as of 2026-05-31.

01Overview

the fund's regulatory facts

Fund currency

USD

First listed

2007-10-11

Volatility 1Y

4.3%

Tracked index

ICE BofA National Long-Term Core Plus Municipal Securities Index

How it tracks

Index, sampling

02Performance

market price return · as of 2026-09-11

-4.2%

-5.3%

-4.9%

YTD

-4.6%

-3.9%

03Holdings

50 largest · as of 2026-05-31

#	Company	Identifier	Weight
1	CALIFORNIA ST HLTH FACS FING A US	US13032UMN53	0.1
2	New York State Dormitory Authority US	US65000BW384	0.1
3	New York State Dormitory Authority US	NYSHGR	0.1
4	Salt River Project Agricultural Improvement & Power District US	SALAGR	0.1
5	Texas Water Development Board US	US88285AKD99	0.1
6	Regents of the University of California Medical Center US	US913366KS81	0.1
7	UNIV CA REGTS MED CTR POOLED REV US	US913366KT64	0.1
8	Orange County Health Facilities Authority US	US68450LJQ95	0.1
9	Texas Transportation Finance Corp. US	US88283PAP27	0.1
10	Triborough Bridge & Tunnel Authority US	US89602HAB33	0.1
11	CEDARS-SINAI MED CTR OBLG US	CASMED	0.1
12	Empire State Development Corp US	US650036AP19	0.1
13	San Diego Unified School District US	US7973555X82	0.1
14	LOWER ALA GAS DIST GAS PROJ REV US	US547804AE44	0.1
15	NEW JERSEY ST TPK AUTH TPK REV US	US646140EU35	0.1
16	Chicago Board of Education Dedicated Capital Improvement Tax US	US167510AA40	0.1
17	California Educational Facilities Authority US	US130179YE89	0.1
18	County of Jefferson AL Sewer Revenue US	JEFUTL	0.1
19	California Educational Facilities Authority US	US130179SD70	0.1
20	New York State Dormitory Authority US	NYSGEN	0.1
21	New Jersey Transportation Trust Fund Authority US	US64613CHS08	0.1
22	County of Miami-Dade US	US59334DLV46	0.1
23	Grand Parkway Transportation Corp. US	US38611TCC99	0.1
24	Metropolitan Washington Airports Authority Dulles Toll Road Revenue US	METAPT	0.1
25	Metropolitan Pier & Exposition Authority US	US592250DM38	0.1
26	Metropolitan Pier & Exposition Authority US	US592250DN11	0.1
27	OKLAHOMA TURNPIKE AUTHORITY US	US679111D279	0.1
28	County of Jefferson AL Sewer Revenue US	JEFUTL	0.1
29	MASSACHUSETTS ST US	US57582R5R32	0.1
30	Triborough Bridge & Tunnel Authority Sales Tax Revenue US	US896035DH24	0.1
31	ILLINOIS ST TOLL HWY AU HWY RV US	US452252PQ68	0.1
32	Texas (State of) Water Development Board US	US882854Q709	0.1
33	COLORADO ST HLTH FACS AUTH REV US	US19648FKS29	0.1
34	Northwest Independent School District US	US667826HG94	0.1
35	Hays Consolidated Independent School District US	US421111AX39	0.1
36	New Jersey Economic Development Authority US	US64577XED49	0.1
37	NEW YORK STATE URBAN DEVELOPMENT CORP US	US650036AN60	0.1
38	Board of Regents of the University of Texas System US	US91514AJV89	0.1
39	New York City Municipal Water Finance Authority US	NYCUTL	0.1
40	New Jersey Transportation Trust Fund Authority US	US64613CEH79	0.1
41	New York City Municipal Water Finance Authority US	US64972GS390	0.1
42	Metropolitan Transportation Authority (Green Bonds) US	US59261AG500	0.1
43	Battery Park City Authority US	US07133AKQ49	0.1
44	North Texas Tollway Authority US	NRTTRN	0.1
45	Salt River Project Agricultural Improvement & Power District US	SALAGR	0.1
46	Public Finance Authority US	US74448GAA76	0.1
47	UNIVERSITY OF CALIFORNIA US	UNVHGR	0.1
48	Metropolitan Transportation Authority (Green Bonds) US	US59261AG435	0.1
49	County of Miami-Dade FL Water & Sewer System Revenue US	MIAUTL	0.1
50	Triborough Bridge & Tunnel Authority US	US89602HHH30	0.1

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04Exposure

Bonds 100.0%

By country

USUnited States95.8%

CurrencyUSD 95.8%

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