PZA's largest holdings are New York State Dormitory Authority, CALIFORNIA ST HLTH FACS FING A, Texas Water Development Board, UNIVERSITY OF CALIFORNIA, DALLAS TX ISD. The full top list is on this page.

How concentrated is PZA?

The top 10 holdings are 1.3% of the fund, across 6066 positions.

The total expense ratio on record is 0.28%. That is cheaper than 48% of the 786 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

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Concentration

Well diversifiedtop 10 = 1.3%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

6066

as of 2026-02-28

Top 10

1.3%

TER

0.28%

cheaper than 48% of peers

Net assets

≈ US$3.67B

as filed

Largest

0.1%

P / E

–

Sections

Holdings as of 2026-02-28.

01Overview

the fund's regulatory facts

Fund currency

USD

Volatility 1Y

4.2%

How it tracks

Index, sampling

02Performance

price · as of 2026-07-23

-2.0%

-1.2%

+0.3%

YTD

+0.6%

+8.2%

03Holdings

50 largest · as of 2026-02-28

#	Company	Identifier	Weight
1	New York State Dormitory Authority US	US65000BW384	0.2
2	CALIFORNIA ST HLTH FACS FING A US	US13032UMN53	0.1
3	Texas Water Development Board US	US88285AKD99	0.1
4	UNIVERSITY OF CALIFORNIA US	UNVHGR	0.1
5	DALLAS TX ISD US	US235308M345	0.1
6	New York State Dormitory Authority US	NYSHGR	0.1
7	Salt River Project Agricultural Improvement & Power District US	US79574CHJ53	0.1
8	State of California US	CAS	0.1
9	Metropolitan Transportation Authority (Green Bonds) US	US59261AG500	0.1
10	MONROE CNTY NY INDL DEV CORP R US	US61075TUV87	0.1
11	New York City Municipal Water Finance Authority US	US64972GZH00	0.1
12	Regents of the University of California Medical Center US	US913366KS81	0.1
13	Texas Transportation Finance Corp. US	US88283PAP27	0.1
14	Triborough Bridge & Tunnel Authority US	US89602HAB33	0.1
15	Triborough Bridge & Tunnel Authority Sales Tax Revenue US	US896035BF85	0.1
16	San Diego Unified School District US	US7973555X82	0.1
17	Commonwealth of Massachusetts US	US57582RLJ31	0.1
18	New Jersey Turnpike Authority US	US646140DJ98	0.1
19	Hays Consolidated Independent School District US	US421111AX39	0.1
20	Empire State Development Corp US	US650036AP19	0.1
21	NEW JERSEY ST TPK AUTH TPK REV US	US646140EU35	0.1
22	CEDARS-SINAI MED CTR OBLG US	CASMED	0.1
23	LOWER ALA GAS DIST GAS PROJ REV US	US547804AE44	0.1
24	Metropolitan Transportation Authority Dedicated Tax Fund US	US59260XCE67	0.1
25	State of California US	CAS	0.1
26	California Educational Facilities Authority US	US130179YE89	0.1
27	Oklahoma Turnpike Authority US	US679111E913	0.1
28	COLORADO HEALTH FACS AUTH CO US	US19648FSH81	0.1
29	San Francisco (City & County of), CA Airport Commission (San Francisco International Airport) US	US79766DVG14	0.1
30	County of Miami-Dade US	US59334DLV46	0.1
31	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JGW27	0.1
32	Grand Parkway Transportation Corp. US	US38611TCC99	0.1
33	New York (City of), NY Municipal Water Finance Authority US	US64972GSX33	0.1
34	New York State Dormitory Authority US	NYSGEN	0.1
35	Jurupa Unified School District US	US482124RJ50	0.1
36	County of Jefferson AL Sewer Revenue US	US472682ZS54	0.1
37	TRIBOROUGH BRDG and TUNL AUTH NY SALES TAX REV US	US896035BC54	0.1
38	California (State of) US	US13063DFS27	0.1
39	California Educational Facilities Authority US	US130179SD70	0.1
40	Liberty Hill Independent School District US	US530574RJ36	0.1
41	Commonwealth of Massachusetts US	MAS	0.1
42	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64971XL632	0.1
43	Texas (State of) Water Development Board US	US882854Q709	0.1
44	Grand Parkway Transportation Corp. (TELA Supported) US	US38611TBQ94	0.1
45	New Jersey Transportation Trust Fund Authority US	US64613CHS08	0.1
46	Municipal Improvement Corp of Los Angeles US	US5445875X29	0.1
47	New Jersey Economic Development Authority US	US64577XED49	0.1
48	Triborough Bridge & Tunnel Authority Sales Tax Revenue US	US896035DH24	0.1
49	MASSACHUSETTS ST US	US57582R5R32	0.1
50	Orange County Health Facilities Authority US	US68450LJQ95	0.1

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04Exposure

Bonds 100.0%

By country

USUnited States96.9%

CurrencyUSD 96.9%

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