Industry revenues: Public sector, Infrastructure, Education

TOP 3 Markets:

1. California: approx. 18%
2. New York: approx. 15%
3. Texas: approx. 12%

The Invesco National AMT-Free Municipal Bond ETF (PZA) mainly invests in municipal bonds issued by state and local governments. These bonds typically finance projects in the public sector, such as infrastructure, educational institutions, and other municipal services.

California, New York, and Texas are the largest markets for municipal bonds in the USA. These states have extensive infrastructure projects and a high volume of issued bonds, making them significant markets for the PZA ETF.

Invesco National AMT-Free Municipal Bond ETF (ARCA:PZA) is an exchange-traded fund (ETF) and not a manufacturing company.

ETFs like the Invesco National AMT-Free Municipal Bond ETF invest in a portfolio of securities, in this case tax-exempt municipal bonds. Therefore, there are no production facilities or physical products manufactured by this fund.

The administration and management of the fund are carried out by Invesco Ltd., a global investment management company headquartered in Atlanta, Georgia, USA.

Current Strategy: Diversification and Risk Management

Focus on Tax-Free Income: The Invesco National AMT-Free Municipal Bond ETF (PZA) pursues a strategy aimed at providing investors with tax-free income through investments in municipal bonds.

Invesco focuses on strengthening the PZA portfolio through broad diversification of municipal bonds to minimize risk and generate stable income. The strategy involves selecting bonds with different maturities and credit ratings to benefit from various interest rate environments.

In the future, Invesco plans to enhance the efficiency of fund management by utilizing advanced analytical tools and risk management techniques. This is intended to ensure that the ETF can offer attractive returns even in volatile market phases.

Furthermore, there will be an increased focus on sustainable and environmentally friendly investments to meet the growing demands of ESG-oriented investors.

Commodities/Materials: No specific commodities or materials

The Invesco National AMT-Free Municipal Bond ETF (ARCA:PZA) is an exchange-traded fund that invests in municipal bonds. Such financial products do not import physical commodities or materials. Instead, they invest in debt securities issued by U.S. municipalities to finance projects such as the construction of schools, roads, and other public facilities.

Being a financial fund, there are no physical imports from other countries. The focus is on generating income from tax-exempt municipal bonds within the USA.

Current fund size: $5.2 billion (2026) Expense ratio: 0.28% (2026) Average return of the last 5 years: 3.5% p.a.

The Invesco National AMT-Free Municipal Bond ETF (PZA) offers a competitive advantage through its specialization in tax-exempt municipal bonds, which are attractive to investors seeking tax-advantaged sources of income. The fund size of $5.2 billion demonstrates a solid foundation and investor confidence in the fund's strategy.

The expense ratio of 0.28% is competitive compared to other ETFs in the same category, making the fund appealing to cost-conscious investors. The average return of 3.5% over the last five years shows a stable performance that aligns with expectations for municipal bonds.

In summary, the PZA ETF offers a moderate competitive advantage through its tax benefits, low expense ratio, and stable return, making it an attractive option for investors looking to invest in tax-exempt bonds.

Institutional Investor Share: approx. 75% (estimated, 2025)
Insider Buys/Sells: No significant insider transactions reported (2025)

The Invesco National AMT-Free Municipal Bond ETF (PZA) has a high institutional investor share, which is typical for ETFs investing in fixed-income securities. These investors appreciate the stability and tax-free income that such funds offer.

Insider transactions are less relevant for ETFs as they do not have operational insiders like individual companies. Therefore, there are usually no significant insider buys or sells in ETFs like PZA.

Market share of PZA: Estimate 2-3% (2026)

Top competitors and their market shares:

1. iShares National Muni Bond ETF (MUB): Estimate 15%
2. Vanguard Tax-Exempt Bond ETF (VTEB): Estimate 12%
3. SPDR Nuveen Bloomberg Municipal Bond ETF (TFI): Estimate 10%
4. VanEck Vectors AMT-Free Long Municipal Index ETF (MLN): Estimate 8%
5. BlackRock Municipal Bond ETF (BMB): Estimate 7%
6. Schwab AMT Tax-Free Bond ETF (SCMB): Estimate 5%
7. First Trust Managed Municipal ETF (FMB): Estimate 4%
8. Invesco National AMT-Free Municipal Bond ETF (PZA): Estimate 2-3%

Moat Analysis:

The Invesco National AMT-Free Municipal Bond ETF (PZA) has a limited moat compared to its larger competitors. The market for municipal bond ETFs is highly competitive, and major providers like iShares and Vanguard benefit from significant economies of scale, a wide range of products, and strong brand recognition.

PZA could have some advantage through specific strategies such as targeted bond selection or a focus on tax efficiency. However, these advantages are relatively small compared to the comprehensive resources and market dominance of larger providers.

Overall, PZA's moat is relatively weak compared to the market leaders. The larger competitors have a significant advantage due to their size, brand strength, and broader diversification.

Fund Size: $5.3 billion USD (2026) Average Return of the Last 5 Years: 3.8% p.a. Number of Bonds Held: Over 400

The Invesco National AMT-Free Municipal Bond ETF (PZA) is a fund that invests in tax-exempt municipal bonds issued by various U.S. states and municipalities. These bonds are typically attractive to investors seeking tax-free sources of income.

The average return of 3.8% per year over the last five years shows a stable performance that could be of interest to risk-averse investors. Diversification across more than 400 bonds significantly reduces the risk of default by individual issuers.

Since the fund offers tax-free income, it is particularly attractive to investors in higher tax brackets. The current market conditions and interest rate environment should also be considered, as rising interest rates can negatively impact the value of bond funds. Nevertheless, due to its tax advantages and stable income, the fund remains a solid option for conservative investors.

Dividend Yield: 2.5% (estimated for 2026)
Payout Frequency: Monthly

The Invesco National AMT-Free Municipal Bond ETF (PZA) regularly pays out dividends, which are typically distributed monthly to investors. These distributions come from the interest income of the municipal bonds held in the ETF, which are usually tax-exempt.

The reliability of the payout is relatively high, as municipal bonds are considered a relatively safe asset class. The dividend yield of about 2.5% is based on historical data and current market conditions.

However, it is important to note that the exact dividend amount depends on the interest income of the bonds and can therefore vary. Investors should keep an eye on interest rate developments and the credit quality of the underlying bonds to better assess future payout capability.