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PZA
Invesco National AMT-Free Municipal Bond ETF

Price: $25.14
Change: $0.21 (0.01%)
Category: National Munis
Last Updated:

Vitals

Investment Themes

Trading Data

Open - Volume -
Day Lo - Day Hi -
  • Open
  • Volume
  • Day Lo
  • Day Hi
  • 52 Week Lo $21.02
  • 52 Week Hi $27.52
  • AUM $1,898.0 M
  • Shares 74.8 M

Analyst Report

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.

Historical Trading Data

  • 1 Month Avg. Volume 1,584,829
  • 3 Month Avg. Volume 947,980

Alternative ETFs in the National Munis Category

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest MUB 0.07% $15.0 B 2 M -2.93%
Largest (AUM) MUB 0.07% $15.0 B 2 M -2.93%
Most Liquid (Volume) MUB 0.07% $15.0 B 2 M -2.93%
Top YTD Performer PVI 0.25% $51.2 M 8,889 0.51%

Top 15 Holdings

Concentration Analysis

This section compares how balanced and deep this ETF is relative to the peer group ETFdb.com Category.

414
Number of Holdings
11.03%
% Assets in Top 10
14.97%
% Assets in Top 15
34.98%
% Assets in Top 50
 
View Detailed Analysis
 
Number of Holdings
414
Rank
17 of 47
Low
OVM (2)
High
MUB (4231)
% Assets in Top 10
11.03%
Rank
15 of 47
Low
MUB (2.90%)
High
OVM (100.00%)
% Assets in Top 15
14.97%
Rank
33 of 47
Low
MUB (3.62%)
High
OVM (100.00%)
% Assets in Top 50
34.98%
Rank
32 of 47
Low
MUB (7.83%)
High
OVM (100.00%)

 
View Summary Analysis
 

Sector Breakdown

Asset Percentage
Municipal debt 99.3%
ETF Cash Component 0.7%
Bond Sector Percentage
Municipal 99.3%
ETF Cash Component 0.7%
Bond Sector Percentage
Municipal Bond 98.08%
Other 1.92%
Coupon Range Percentage
0% to 1% 0.0%
1% to 2% 0.0%
2% to 3% 0.36%
3% to 4% 2.87%
4% to 5% 10.08%
5% to 6% 85.2%
6% to 7% 0.36%
7% to 8% 0.43%
8% to 9% 0.0%
9% to 10% 0.0%
Greater Than 10% 0.0%
ETF Cash Component 0.7%
Credit Percentage
AAA 7.62%
AA 53.11%
A 33.28%
BBB 3.45%
BB 0.7%
B 0.63%
Below B 0.0%
Not Rated 0.18%
ETF Cash Component 0.7%
Rating Unknown 0.32%
Maturity Percentage
Less Than 1 Year 0.24%
1-3 Years 0.0%
3-5 Years 0.0%
5-7 Years 0.0%
7-10 Years 0.08%
10-15 Years 2.65%
15-20 Years 19.1%
20-30 Years 68.05%
30+ Years 9.19%
ETF Cash Component 0.7%
 
View Less Charts
 
Asset Percentage
Municipal debt 99.3%
ETF Cash Component 0.7%
 
View More Charts
 

PZA Valuation

This section shows how the P/E multiple of this ETF compares to the peer group ETFdb.com Category.

P/E Ratio
No Ranking Available
Rank
N/A
Low
N/A
High
N/A

PZA Dividend

This section shows how the dividend yield of this ETF compares to the peer group ETFdb.com Category.

Dividend
$0.06
Dividend Date
2020-03-23
Annual Dividend Rate
$0.72

$0.06
Dividend
2020-03-23
Dividend Date
$0.72
Annual Dividend Rate
Annual Dividend Yield
2.87%
Rank
10 of 47
Low
BSML (0.56%)
High
HYD (4.69%)

PZA Fund Flows

View charts featuring ETF fund flow data.

Realtime Rating

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.

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Metric Metric Realtime Rating A+ Metric Rated ETF
Liquidity A n/a
Expenses B- n/a
Performance
Volatility
Dividend
Concentration

A+ Overall Rated ETF:

PZA Expenses & Fees

This section compares the cost efficiency of this ETF to peers in the same ETFdb.com Category.

Expenses Ratio Analysis

ETF Average
0.542%
ETF Wtd. Average
0.19%
Category Average
0.26%
Expense Ratio
0.28%
Rank
30 of 47
Low
SUB (0.07%)
High
OVM (0.82%)
ESG Themes and Scores

PZA does not have an ESG score. There are no ESG themes that map to this ETF.

PZA Performance

This section shows how this ETF has performed relative to its peer group ETFdb.com Category.

-4.23%
1 Week Return
-7.68%
4 Week Return
-4.69%
13 Week Return
-4.39%
26 Week Return
-4.33%
Year to Date Return
1.00%
1 Year Return
9.96%
3 Year Return
15.19%
5 Year Return
 
View Detailed Analysis
 
1 Week Return
-4.23%
Rank
43 of 47
Low
SHYD (-5.14%)
High
BSMR (4.41%)
4 Week Return
-7.68%
Rank
35 of 47
Low
HYD (-17.43%)
High
PVI (0.48%)
13 Week Return
-4.69%
Rank
35 of 47
Low
HYD (-15.96%)
High
PVI (0.51%)
26 Week Return
-4.39%
Rank
36 of 47
Low
HYD (-15.47%)
High
PVI (0.84%)
Year to Date Return
-4.33%
Rank
36 of 47
Low
HYD (-15.72%)
High
PVI (0.51%)
1 Year Return
1.00%
Rank
21 of 34
Low
HYD (-10.84%)
High
BAB (5.20%)
3 Year Return
9.96%
Rank
4 of 21
Low
SHYD (-1.94%)
High
BAB (17.16%)
5 Year Return
15.19%
Rank
4 of 18
Low
SHYD (-1.88%)
High
BAB (23.50%)

 
View Summary Analysis
 

PZA Charts

PZA Technicals

Volatility Analysis

This section shows how the volatility of this ETF compares to the peer group ETFdb.com Category.

 
View Detailed Analysis
 
5 Day Volatility
119.07%
Rank
8 of 47
Low
PVI (9.63%)
High
HYD (259.12%)
20 Day Volatility
58.82%
Rank
8 of 47
Low
PVI (4.89%)
High
HYD (127.42%)
50 Day Volatility
37.48%
Rank
8 of 47
Low
PVI (3.20%)
High
HYD (81.07%)
200 Day Volatility
26.57%
Rank
8 of 41
Low
PVI (2.35%)
High
HYD (57.44%)
Beta
-0.04
Rank
32 of 43
Low
BAB (-0.16)
High
OVM (0.37)
Standard Deviation
0.73%
Rank
15 of 34
Low
PVI (0.09%)
High
HYD (3.48%)

 
View Summary Analysis
 

Technicals

  • 20 Day MA $25.07
  • 60 Day MA $26.23
  • MACD 15 Period 0.52
  • MACD 100 Period -1.09
  • Williams % Range 10 Day 28.24
  • Williams % Range 20 Day 36.63
  • RSI 10 Day 48
  • RSI 20 Day 46
  • RSI 30 Day 46
  • Ultimate Oscillator 50

Bollinger Brands

  • Lower Bollinger (10 Day) $22.91
  • Upper Bollinger (10 Day) $27.28
  • Lower Bollinger (20 Day) $22.10
  • Upper Bollinger (20 Day) $28.08
  • Lower Bollinger (30 Day) $22.64
  • Upper Bollinger (30 Day) $28.96

Support & Resistance

  • Support Level 1 $24.88
  • Support Level 2 $24.63
  • Resistance Level 1 $25.34
  • Resistance Level 2 $25.55

Stochastic

  • Stochastic Oscillator %D (1 Day) 53.47
  • Stochastic Oscillator %D (5 Day) 42.93
  • Stochastic Oscillator %K (1 Day) 48.55
  • Stochastic Oscillator %K (5 Day) 54.96

Fact Sheet

Fact sheets are issued by the ETF provider and framed by ETFdb.com. Information contained within the fact sheet is not guaranteed to be timely or accurate.

Download the fact sheet PDF

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