Invesco National AMT-Free Municipal Bond ETF

Frequently Asked Questions About PZA

What does PZA invest in?

The Invesco National AMT-Free Municipal Bond ETF (PZA) aims to track the investment results of The ICE BofAML National Long-Term Core Plus Municipal Securities Index. The ETF typically allocates a minimum of 80% of its total holdings to municipal bonds that are both constituents of this Index and exempt from the federal alternative minimum tax. The underlying Index is composed of U.S. dollar-denominated, high-quality, tax-exempt debt instruments publicly issued by U.S. states, territories, or their local government entities within the domestic market, provided they have a remaining maturity of at least 15 years. The Index components are adjusted monthly and weighted by their current outstanding market value. Instead of purchasing every security in the Index, the Fund employs a "sampling" methodology, investing in a representative selection of bonds to fulfill its investment objective. Both the Fund and its benchmark Index undergo monthly rebalancing and reconstitution.

What is the expense ratio of PZA?

Invesco National AMT-Free Municipal Bond ETF (PZA) charges an expense ratio of 0.28%. This is the annual fee deducted from fund assets to cover management and operations.

What is PZA's dividend yield?

PZA's trailing-twelve-month yield is 4.07%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of PZA?

Effective duration measures PZA's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. PZA's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of PZA?

PZA's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of PZA?

Yield to maturity (YTM) is the total return you'd earn from PZA if every bond in the portfolio is held to maturity at the current price. PZA's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.