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Upturn AI SWOT - About
Invesco National AMT-Free Municipal Bond ETF (PZA)
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Upturn Advisory Summary
07/30/2025: PZA (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Analysis of Past Performance
Type ETF | Historic Profit -5.13% | Avg. Invested days 31 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  2.0 | ETF Returns Performance  1.0 |
| Profits based on simulation | Last Close 07/30/2025 |
Key Highlights
Volume (30-day avg) - | Beta 1.32 | 52 Weeks Range 21.29 - 23.86 | Updated Date 06/30/2025 |
52 Weeks Range 21.29 - 23.86 | Updated Date 06/30/2025 |
Upturn AI SWOT
Invesco National AMT-Free Municipal Bond ETF
ETF Overview
Overview
The Invesco National AMT-Free Municipal Bond ETF (PZA) seeks to track the investment results of the ICE BofA US Long-Term Core Municipal Securities Index, which measures the performance of U.S. dollar-denominated, investment-grade, tax-exempt municipal debt publicly issued in the U.S. domestic market.
Reputation and Reliability
Invesco is a well-established global investment management firm with a strong reputation and a long track record in the ETF market.
Management Expertise
Invesco has a team of experienced portfolio managers and analysts specializing in fixed income investments.
Investment Objective
Goal
To track the investment results of the ICE BofA US Long-Term Core Municipal Securities Index.
Investment Approach and Strategy
Strategy: The ETF employs a passive management strategy, seeking to replicate the performance of its benchmark index.
Composition The ETF holds a diversified portfolio of investment-grade municipal bonds.
Market Position
Market Share: PZA has a significant market share within the national municipal bond ETF category.
Total Net Assets (AUM): 675900000
Competitors
Key Competitors
- iShares National Muni Bond ETF (MUB)
- Vanguard Tax-Exempt Bond ETF (VTEB)
- SPDR Nuveen Bloomberg Short Term Municipal Bond ETF (SHM)
Competitive Landscape
The municipal bond ETF market is competitive, with several large players. PZA offers a focus on AMT-free municipal bonds, which may be attractive to certain investors, while MUB and VTEB have larger AUM and potentially tighter spreads. SHM focuses on short-term municipal bonds and will behave differently in rising rate environments.
Financial Performance
Historical Performance: Historical performance data is not present.
Benchmark Comparison: Benchmark comparison data is not present.
Expense Ratio: 0.23
Liquidity
Average Trading Volume
The ETF's average trading volume provides adequate liquidity for most investors.
Bid-Ask Spread
The bid-ask spread is generally competitive, reflecting the ETF's liquidity.
Market Dynamics
Market Environment Factors
Interest rate movements, credit quality of municipal issuers, and changes in tax laws can all impact the ETF's performance.
Growth Trajectory
Growth depends on investor demand for tax-exempt income and the overall interest rate environment. As interest rates rise, the trajectory will likely negatively impact the ETF's price.
Moat and Competitive Advantages
Competitive Edge
PZA offers a focus on AMT-free municipal bonds, which is attractive to investors in high-tax states potentially subject to the Alternative Minimum Tax. This targeted approach differentiates it from broader municipal bond ETFs. The ETF is backed by Invesco, a reputable asset manager. Its success is dependent on the demand for this specific niche in the fixed-income market.
Risk Analysis
Volatility
Volatility is generally low, typical of investment-grade municipal bonds.
Market Risk
Market risk includes interest rate risk (rising rates can decrease bond values) and credit risk (risk of municipal issuer default).
Investor Profile
Ideal Investor Profile
The ideal investor is a high-net-worth individual or institution seeking tax-exempt income, subject to the Alternative Minimum Tax, and willing to accept moderate risk.
Market Risk
PZA is suitable for long-term investors seeking tax-advantaged income in a diversified portfolio.
Summary
The Invesco National AMT-Free Municipal Bond ETF (PZA) provides exposure to U.S. investment-grade municipal bonds exempt from the Alternative Minimum Tax. It tracks the ICE BofA US Long-Term Core Municipal Securities Index using a passive management strategy. The ETF is suitable for investors seeking tax-exempt income and is willing to accept moderate interest rate and credit risk. While the ETF has the targeted appeal to investors in high-tax areas, it is comparatively small to its key competitors in AUM and Market Share. Overall it is most attractive to long-term investors.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Invesco
- iShares
- Vanguard
- SPDR
- Bloomberg
Disclaimers:
The data provided is for informational purposes only and should not be considered investment advice. Market data is subject to change.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Invesco National AMT-Free Municipal Bond ETF
Exchange NYSE ARCA | Headquaters - | ||
IPO Launch date - | CEO - | ||
Sector - | Industry - | Full time employees - | Website |
Full time employees - | Website | ||
The fund generally will invest at least 80% of its total assets in the components of the index. Strictly in accordance with its guidelines and mandated procedures, the index provider compiles, maintains and calculates the underlying index, which is composed of U.S. dollar-denominated, tax-exempt municipal debt publicly issued by U.S. states and territories and their political subdivisions, in the U.S. domestic market.
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