Bond ETFs

PZA:what it yields, how rates move it and what it holds

Invesco National AMT-Free Municipal Bond ETF. Portfolio as of August 31, 2026, from the fund's SEC filing (Form N-PORT).

US municipal. Bonds of US states and cities. Their interest is tax-free only for US taxpayers.

Yield to maturity (YTM)

4.83%

before the fund's costs

As of August 31, 2026, before the fund's costs.

If rates rise 1 pointestimated from its duration, 9.1 years: -9.1%
Investment gradeof the credit risk, BBB or better: 100%
Size7,123 positions: $4.2B

In a few words

PZA holds 7,123 positions. 99% of the portfolio is bonds of US states and cities. On August 31, 2026, the bonds it holds had a yield to maturity (YTM) of 4.83% a year, before the fund's costs. Its duration is 9.1 years: if rates rise by 1 percentage point, its price falls about 9.1%. In 2022, when rates rose sharply, its total return was -12.8%.

Every ETF in US municipal

If rates change

A rough estimate, if rates moved at once and equally at every maturity.

9.1 years duration4.83% yield to maturity

Change in rates+1 point

▲ break-even

Price, at once

-9.1%

Over 12 months, with the yield

-4.3%

Ready-made moves

Change in rates	At once	12 months
	+9.1%	+14.0%
	+4.6%	+9.4%
	0.0%	+4.8%
	-4.6%	+0.3%
	-9.1%	-4.3%
	-18.3%	-13.4%

At a yield of 4.83% and a duration of 9.1 years, a rise in rates of about 0.53 points within the year would eat the whole year's yield.

Past returns

The ETF's total return, price change plus distributions, as the fund reports it to the SEC.

September 2019 – August 2026

Last 12 months

+5.6%

3 years, average per year

+2.8%

Worst 12 months

-16.8%

Largest fall from a peak

-18.1%

100 at the start 104.0 at the end, distributions reinvested

What it holds

Portfolio as of August 31, 2026: who issued the bonds, when they mature and the largest issuers.

7,123 positions2,110 issuers

Largest issuers

The 10 largest are 16.3% of the fund.

New York (City of), NY Transitional Finance Authority2.96%

New York (City of), NY Municipal Water Finance Authority1.92%

California (State of)1.85%

New York (State of) Dormitory Authority1.77%

New York (City of), NY1.73%

Massachusetts (Commonwealth of)1.60%

New York City Transitional Finance Authority Future Tax Secured Revenue1.28%

Triborough Bridge & Tunnel Authority1.17%

Metropolitan Transportation Authority (Green Bonds)1.08%

New Jersey (State of) Transportation Trust Fund Authority0.91%

When they mature

Up to 1 year0.3%

1 to 3 years0.0%

3 to 5 years0.0%

5 to 10 years0.2%

10 to 20 years33.2%

Over 20 years65.2%

Details

Issuer: States and cities, 98.8%
Positions: 7,123
Average coupon: 4.63%
Floating rate: 1.6%
In other currencies: 0.0%
Mortgage-backed: 0.0%
In default: 0.00%
Hard to value: 0.00%
Cash and cash funds: 0.0%

Maturities as stated on the bonds. Mortgage bonds, many corporate bonds and city bonds can be repaid early, so in practice they mature sooner.

Similar bond ETFs

Same kind as PZA, nearest in rate sensitivity.

VCRMVanguard Core Tax-Exempt Bond ETF
If rates +1%-7.7%
VTEBVanguard Tax-Exempt Bond ETF
If rates +1%-7.1%
MUBiShares National Muni Bond ETF
If rates +1%-7.0%
VTECVanguard California Tax-Exempt Bond ETF
If rates +1%-6.9%
CMFiShares California Muni Bond ETF
If rates +1%-6.8%
SCMBSchwab Municipal Bond ETF
If rates +1%-6.6%

ETF	Yield (YTM)	If rates +1%	2022	Size
VCRMVanguard Core Tax-Exempt Bond ETF	4.71%	-7.7%	–	$1.8B
VTEBVanguard Tax-Exempt Bond ETF	4.15%	-7.1%	-8.2%	$48.5B
MUBiShares National Muni Bond ETF	4.06%	-7.0%	-7.5%	$45.4B
VTECVanguard California Tax-Exempt Bond ETF	3.92%	-6.9%	–	$3.3B
CMFiShares California Muni Bond ETF	3.80%	-6.8%	-8.1%	$4.6B
SCMBSchwab Municipal Bond ETF	3.84%	-6.6%	–	$4.0B

The full analysis

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Common questions

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How much would PZA fall if rates rose?

With a duration of 9.1 years, an immediate one-point rise in rates would take about 9.1% off its price. An equal fall would add about the same.

What is PZA's yield?

On August 31, 2026, according to its filing, the bonds it holds had a yield to maturity (YTM) of 4.83% a year, before the fund's costs. That is not the distribution the ETF pays, and it moves every day with prices.

How did PZA do in 2022?

In 2022 PZA returned -12.8% in total, as the fund reports it.

Is this PZA's dividend yield?

No. The yield to maturity shown here is what the bonds the fund holds would earn a year if held to maturity, at the prices on the filing date. The dividend yield measures what the ETF paid over the last 12 months against its price, and it lags, because it depends on the coupons of bonds bought earlier. The SEC yield the issuer publishes is a standardised 30-day figure after costs, and usually lands close to the yield to maturity, a little below. When rates have risen, the dividend yield is usually lower than the other two.

US stocksThe market today, the sectors, the largest companies and the week's results.ETF overlapHow much of one ETF is already inside another, stock by stock, from the funds' SEC filings.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.Methodology and sourcesWhere every figure comes from and how it is checked.

This page describes what bond ETFs hold, based on their SEC filings. Bond prices change every day and past returns do not say what comes next.