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Upturn AI SWOT - About
Invesco National AMT-Free Municipal Bond ETF (PZA)
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Upturn Advisory Summary
09/12/2025: PZA (1-star) has a low Upturn Star Rating. Not recommended to BUY.
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 -1.91% | Avg. Invested days 28 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  2.0 | ETF Returns Performance  1.0 |
| Profits based on simulation | Last Close 09/12/2025 |
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 AMT-Free Municipal Securities Index. The fund invests primarily in investment-grade U.S. municipal bonds exempt from federal income taxes and the alternative minimum tax (AMT).
Reputation and Reliability
Invesco is a well-established global investment management firm with a strong reputation and extensive experience in managing ETFs and other investment products.
Management Expertise
Invesco has a dedicated team of portfolio managers and analysts with expertise in fixed income markets, municipal bonds, and ETF management.
Investment Objective
Goal
To track the investment results of the ICE BofA US AMT-Free Municipal Securities Index.
Investment Approach and Strategy
Strategy: The fund employs a passive investment strategy, seeking to replicate the performance of the underlying index by investing in a representative sample of municipal bonds.
Composition The ETF holds a diversified portfolio of U.S. municipal bonds that are exempt from federal income taxes and the alternative minimum tax (AMT). These bonds are typically investment-grade.
Market Position
Market Share: PZA's market share is substantial within the national AMT-free municipal bond ETF category.
Total Net Assets (AUM): 1760000000
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 national AMT-free municipal bond ETF market is dominated by a few major players, with MUB holding a significant market share. PZA offers a comparable investment strategy, but its expense ratio may be a differentiating factor. The competitive advantage lies in expense ratio and slight variations in index tracking.
Financial Performance
Historical Performance: Historical performance varies with interest rate fluctuations; examine the fund's performance across different interest rate environments.
Benchmark Comparison: The ETF's performance should be compared against the ICE BofA US AMT-Free Municipal Securities Index to assess tracking accuracy.
Expense Ratio: 0.23
Liquidity
Average Trading Volume
The average daily trading volume of PZA provides sufficient liquidity for most investors.
Bid-Ask Spread
The bid-ask spread is generally tight, indicating reasonable trading costs.
Market Dynamics
Market Environment Factors
Economic indicators, tax law changes, and interest rate movements significantly affect the performance of municipal bonds.
Growth Trajectory
Growth is tied to the demand for tax-exempt income and the overall health of the municipal bond market; the ETF adjusts its holdings to track its index.
Moat and Competitive Advantages
Competitive Edge
PZA benefits from Invesco's brand recognition and distribution network. It focuses solely on national AMT-free municipal bonds. The fund provides exposure to a specific segment of the fixed income market. Its competitive advantage is in its expense ratio and the specific weighting within the index.
Risk Analysis
Volatility
Municipal bonds are generally less volatile than stocks but still subject to interest rate risk.
Market Risk
The fund's performance is influenced by interest rate changes, credit risk of municipal issuers, and overall market sentiment towards fixed income assets.
Investor Profile
Ideal Investor Profile
The ETF is suitable for investors seeking tax-exempt income, particularly those in higher tax brackets, and looking for relatively stable returns.
Market Risk
The ETF is most suitable for long-term investors seeking a passive income stream and diversification within their fixed income portfolio.
Summary
Invesco National AMT-Free Municipal Bond ETF offers exposure to a diversified portfolio of U.S. municipal bonds exempt from federal income taxes and the alternative minimum tax. It passively tracks the ICE BofA US AMT-Free Municipal Securities Index. The ETF is suitable for investors seeking tax-advantaged income and relatively low volatility. Key considerations include the expense ratio, liquidity, and sensitivity to interest rate changes. Investors should compare PZA with other similar municipal bond ETFs to assess suitability.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Invesco Official Website
- ETF.com
- Morningstar
Disclaimers:
The data and analysis provided are for informational purposes only and should not be considered investment advice. Market conditions and ETF characteristics can change over time. Consult with a financial advisor before making any investment decisions.
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.
Note: This website is maintained by Upturn Corporation, which is an investment adviser registered with the U.S. Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. Investing in securities has risks. Past performance is no guarantee of future returns. No assurance is provided as to any particular investment return, and you may lose money using our services. You are strongly advised to consult appropriate counsel before making any investments in companies you learn about through our services. You should obtain appropriate legal, tax, investment, accounting, and other advice that takes into account your investment portfolio and overall financial situation. You are solely responsible for conducting due diligence on a potential investment. We do not affect trades for you. You will select your own broker through which to transact. Investments are not FDIC insured, they are not guaranteed, and they may lose value. Please see the Privacy Policy, Terms of Use, and Disclosure for more information.