# Invesco National AMT-Free Municipal Bond ETF (PZA): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/pza for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Invesco · Asset class: Fixed Income - Strategy: Thematic · Inception: 2007-10-11 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... ## Key Facts | Metric | Value | |---|---| | Price | $21.76 | | Expense Ratio | 0.28% | | Assets Under Management | $4.07B | | NAV | $21.68 | | Holdings Count | 7388 | | Distribution Yield (TTM) | 4.07% | | Annual Distribution (TTM) | $0.89 /share | | Distribution Frequency | Monthly | | 52-Week Range | $21.07 – $23.63 | | Beta | 1.29 | ## Latest Distribution - Amount: $0.0780 /share - Ex-date: 2026-10-19 - Pay date: 2026-10-23 ## Frequently Asked Questions ### 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. ### Does PZA pay a dividend? Yes, Invesco National AMT-Free Municipal Bond ETF (PZA) distributes dividends to shareholders. The trailing-twelve-month yield is 4.07%. Full dividend history is on this page. ### How often does PZA pay dividends? Invesco National AMT-Free Municipal Bond ETF pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is PZA's next ex-dividend date? The most recently announced ex-dividend date for PZA was 2026-10-19. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will PZA's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.28% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does PZA charge its expense ratio? The expense ratio is deducted in tiny daily slices from PZA's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does PZA cost more than a fund like VOO? PZA's strategy (current expense ratio 0.28%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where PZA sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to PZA? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as PZA (0.28%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/pza - Distribution history: https://www.dividenddata.com/funds/pza/dividend - Holdings & diversification: https://www.dividenddata.com/funds/pza/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/pza/expenses - Peer comparison: https://www.dividenddata.com/funds/pza/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.