|Day Lo||-||Day Hi||-|
This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. This is especially true in the case of PZA since the fund only targets munis that are insured or in other words, have bought insurance from a private company that will pay out if the underlying bond defaults. As a result PZA is a solid choice for investors seeking broad exposure to the muni market but with much lower levels of risk; allowing investors the safety of an insured product but with the tax advantages of the muni sector. However, the fund does have a much lower rate of interest than others in the category and its level of diversification is a little lacking compared to other muni funds; the product holds just under 160 securities in total but puts close to 30% in the fund's top ten holdings. Still, for risk adverse investors in high tax brackets this could make for a solid fund, however, other investors should probably look to other corners of the muni market in order to capture higher levels of current income.
The adjacent table gives investors an individual Realtime Rating for PZA on several different metrics, including liquidity, expenses, performance, volatility, dividend, concentration of holdings in addition to an overall rating. The "A+ Metric Rated ETF" field, available to ETFdb Pro members, shows the ETF in the National Munis with the highest Metric Realtime Rating for each individual field. To view all of this data, sign up for a free 14-day trial for ETFdb Pro. To view information on how the ETFdb Realtime Ratings work, click here.View the Category Report
The following tables and charts contain in-depth metrics for this ETF and compare it to similar peer ETFs within its ETFdb Category.
|US Municipal Tax Advantaged||96.58%|
|Cash And Equivalents||1.35%|
|Agency Mortgage Backed||0.0%|
|Commercial Mortgage Backed||0.0%|
|Non Agency Residential Mortgage Backed||0.0%|
|0% to 1%||1.57%|
|1% to 2%||0.36%|
|2% to 3%||0.0%|
|3% to 4%||2.3%|
|4% to 5%||66.56%|
|5% to 6%||24.9%|
|6% to 7%||2.96%|
|7% to 8%||0.0%|
|8% to 9%||0.0%|
|9% to 10%||0.0%|
|Greater Than 10%||0.0%|
|Less Than 1 Year||0.0%|
This ETF is not currently available for commission free trading on any platforms.
There are 6 other ETFs in the National Munis ETFdb Category that are also eligible for commission free trading:
This section shows how this ETF has performed relative to its peer group ETFdb Category.
The following charts can be customized to display historical performance in a number of different formats, including line charts, bar charts, and candlesticks. Time periods can be adjusted to increase or decrease the period shown, ranging from five minutes to several months.
The following chart also includes the option to compare the performance of PZA relative to other ETFs and benchmarks or to include indicators such as Bollinger Bands, relative strength, and moving averages.
This section shows how the volatility of this ETF compares to the peer group ETFdb Category.
2014 Morningstar, Inc. All Rights Reserved. The information contained herein: ( 1 ) is proprietary to Morningstar and/or its content providers; ( 2 ) may not be copied or distributed; and ( 3 ) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.