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Invesco National AMT-Free Municipal Bond ETF (PZA)

Muni National Long | Exchange Traded Fund | NYSEArca
21.64 USD +0.05 (0.232%) ⇧ (Oct. 16, 2026, 4 p.m. EDT)
Short-term:★★☆☆☆Long-term:★★☆☆☆Dividends:★★★☆☆
Hot Take ↕ | Oct. 10, 2026, 5:52 a.m. EDT

The long-term outlook remains neutral due to a persistent multi-year structural decline; despite a recent recovery in 2024, the asset is still trading 10% below its 2016 lows, reflecting a market verdict that the underlying tax-exempt income stream lacks the growth or yield premium to justify a higher valuation. While the 4.1% tax-free yield is attractive for high earners, the price action confirms that investors are not willing to pay a premium for this specific municipal exposure. Short-term momentum is weak, with the price hovering near its 52-week low and failing to break above the 200-day average, suggesting continued distribution. The options market reinforces this bearish sentiment, with traders aggressively buying cheap insurance against further drops rather than betting on a rebound.
Model Selection — Backtest MAE (log-scale, lower is better)
ModelMAE
MSTL ✓0.024126
AutoARIMA0.024668
AutoETS0.024829
AutoTheta0.027007

Forecast horizon: 45 days | Selected: MSTL

Forecast Reliability
Score 70%
H-stat 16.48
Ljung-Box p 0.000
Jarque-Bera p 0.056
Excess Kurtosis -0.46

As of Oct. 10, 2026, 5:52 a.m. EDT: Speculators are heavily positioned for downside protection, evidenced by massive open interest in deep out-of-the-money puts (strikes 17 and 19) expiring in April 2027, which dwarfs the negligible call activity. This 'put skew' suggests a fear of significant bond market dislocation or credit downgrades, while the lack of call volume indicates no speculative bets on a rally.

Dividend Data

Yield Summary
Last Yield 1yr Yield 3yr Avg 5yr Avg
0.34% 3.80% 3.49% 3.17%
Dividend History
Date Dividend Yield %
2026-09-21 0.075 0.341686
2026-08-24 0.076 0.334066
2026-07-20 0.075 0.322997
2026-06-22 0.073 0.311566
2026-05-18 0.073 0.317944
2026-04-20 0.072 0.308616
2026-03-23 0.071 0.309908
2026-02-23 0.068 0.289979
2026-01-20 0.073 0.315881
2025-12-22 0.080 0.345572
2025-11-24 0.071 0.304983
2025-10-20 0.070 0.299401
2025-09-22 0.068 0.294755
2025-08-18 0.069 0.311935
2025-07-21 0.069 0.314208
2025-06-23 0.067 0.299642
2025-05-19 0.068 0.301151
2025-04-21 0.067 0.301259
2025-03-24 0.066 0.284238
2025-02-24 0.063 0.266723
2025-01-21 0.065 0.277067
2024-12-23 0.064 0.271532
2024-11-18 0.062 0.259849
2024-10-21 0.065 0.271853
2024-09-23 0.065 0.270158
2024-08-19 0.062 0.259414
2024-07-22 0.067 0.281513
2024-06-24 0.066 0.277311
2024-05-20 0.064 0.270728
2024-04-22 0.063 0.268085
2024-03-18 0.063 0.263598
2024-02-20 0.059 0.246965
2024-01-22 0.062 0.259958
2023-12-18 0.064 0.267335
2023-11-20 0.062 0.270506
2023-10-23 0.058 0.266667
2023-09-18 0.054 0.236117
2023-08-21 0.060 0.261210
2023-07-24 0.059 0.248421
2023-06-20 0.059 0.249894
2023-05-22 0.059 0.254860
2023-04-24 0.059 0.249894
2023-03-20 0.058 0.247969
2023-02-21 0.057 0.247503
2023-01-23 0.056 0.234899
2022-12-19 0.056 0.240343
2022-11-21 0.054 0.236324
2022-10-24 0.052 0.238642
2022-09-19 0.052 0.228672
2022-08-22 0.051 0.215554
2022-07-18 0.051 0.214556
2022-06-21 0.051 0.223292
2022-05-23 0.050 0.214133
2022-04-18 0.050 0.205761
2022-03-21 0.050 0.198649
2022-02-22 0.050 0.193050
2022-01-24 0.050 0.188466
2021-12-20 0.051 0.188261
2021-11-22 0.052 0.192878
2021-10-18 0.052 0.194030
2021-08-23 0.052 0.191036
2021-07-19 0.053 0.193008
2021-06-21 0.053 0.194638
2021-05-24 0.054 0.199262
2021-04-19 0.053 0.196078
2021-03-22 0.054 0.202627
2021-02-22 0.053 0.198057
2021-01-19 0.055 0.203478
2020-12-21 0.054 0.199262
2020-11-23 0.053 0.196880
2020-10-19 0.052 0.196970
2020-09-21 0.051 0.190868
2020-08-24 0.041 0.152416
2020-07-20 0.053 0.197614
2020-06-22 0.059 0.222222
2020-05-18 0.061 0.233896
2020-04-20 0.059 0.227536
2020-03-23 0.058 0.252174
2020-02-24 0.058 0.212844
2020-01-21 0.061 0.228464
2019-12-23 0.060 0.226929
2019-11-18 0.060 0.227877
2019-10-21 0.062 0.234760
2019-09-23 0.062 0.233786
2019-08-19 0.053 0.198279
2019-07-22 0.060 0.229008
2019-06-24 0.061 0.233716
2019-05-20 0.062 0.238645
2019-04-22 0.066 0.258519
2019-03-18 0.065 0.256917
2019-02-19 0.065 0.258449
2019-01-22 0.066 0.264635
2018-12-24 0.063 0.252606
2018-11-19 0.067 0.272358
2018-10-22 0.068 0.277891
2018-09-24 0.067 0.270926
2018-08-20 0.065 0.258449
2018-07-23 0.067 0.266402
2018-06-18 0.067 0.266402
2018-05-21 0.066 0.264106
2018-04-23 0.067 0.267572
2018-03-19 0.067 0.267572
2018-02-20 0.065 0.259688
2018-01-22 0.066 0.258722
2017-12-18 0.064 0.249415
2017-11-20 0.068 0.265729
2017-10-23 0.064 0.249610
2017-09-18 0.065 0.254105
2017-08-15 0.066 0.257812
2017-07-14 0.066 0.259434
2017-06-15 0.066 0.258418
2017-05-15 0.067 0.266084
2017-04-13 0.069 0.273592
2017-03-15 0.064 0.257961
2017-02-15 0.063 0.253521
2017-01-13 0.063 0.250000
2016-12-15 0.063 0.256828
2016-11-15 0.063 0.253012
2016-10-14 0.061 0.236801
2016-09-15 0.062 0.237913
2016-08-15 0.063 0.240826
2016-07-15 0.066 0.250379
2016-06-15 0.068 0.258261
2016-05-13 0.068 0.260736
2016-04-15 0.071 0.273814
2016-03-15 0.070 0.275265
2016-02-12 0.073 0.283826
2016-01-15 0.075 0.292398
2015-12-15 0.079 0.311514
2015-11-13 0.077 0.307140
2015-10-15 0.069 0.274463
2015-09-15 0.075 0.302419
2015-08-14 0.078 0.310881
2015-07-15 0.077 0.310860
2015-06-15 0.075 0.302663
2015-05-15 0.076 0.304487
2015-04-15 0.076 0.298742
2015-03-13 0.077 0.303987
2015-02-13 0.079 0.311760
2015-01-15 0.078 0.302208
2014-12-15 0.082 0.323471
2014-11-14 0.082 0.326433
2014-10-15 0.077 0.301606
2014-09-15 0.077 0.309113
2014-08-15 0.082 0.328526
2014-07-15 0.084 0.341048
2014-06-13 0.085 0.347080
2014-05-15 0.087 0.353228
2014-04-15 0.086 0.354639
2014-03-14 0.089 0.371297
2014-02-14 0.088 0.372408
2014-01-15 0.088 0.375908
2013-12-13 0.086 0.372456
2013-11-15 0.087 0.375972
2013-10-15 0.082 0.359965
2013-09-13 0.081 0.358566
2013-08-15 0.082 0.358862
2013-07-15 0.084 0.357143
2013-06-14 0.079 0.326987
2013-05-15 0.078 0.305403
2013-04-15 0.078 0.305045
2013-03-15 0.078 0.308544
2013-02-15 0.080 0.311648
2013-01-15 0.084 0.324324
2012-12-14 0.084 0.325329
2012-11-15 0.089 0.340084
2012-10-15 0.081 0.314441
2012-09-14 0.082 0.323599
2012-08-15 0.085 0.334251
2012-07-13 0.090 0.353357
2012-06-15 0.090 0.357427
2012-05-15 0.091 0.359542
2012-04-13 0.091 0.365022
2012-03-15 0.092 0.372923
2012-02-15 0.092 0.367265
2012-01-13 0.092 0.368147
2011-12-15 0.087 0.358615
2011-11-15 0.087 0.363712
2011-10-14 0.086 0.359231
2011-09-15 0.090 0.374688
2011-08-15 0.092 0.384937
2011-07-15 0.092 0.395359
2011-06-15 0.093 0.400344
2011-05-13 0.094 0.406574
2011-04-15 0.093 0.416667
2011-03-15 0.094 0.418522
2011-02-15 0.094 0.426304
2011-01-14 0.095 0.443511
2010-12-15 0.108 0.489130
2010-11-15 0.082 0.352385
2010-10-15 0.084 0.344545
2010-09-15 0.087 0.355828
2010-08-13 0.088 0.363486
2010-07-15 0.090 0.376412
2010-06-15 0.092 0.386717
2010-05-14 0.094 0.393635
2010-04-15 0.094 0.396959
2010-03-15 0.098 0.413677
2010-02-12 0.093 0.392240
2010-01-15 0.094 0.395789
2009-12-15 0.095 0.401861
2009-11-13 0.096 0.409556
2009-10-15 0.096 0.402516
2009-09-15 0.097 0.408249
2009-08-14 0.099 0.436316
2009-07-15 0.092 0.407982
2009-06-15 0.092 0.415162
2009-05-15 0.087 0.379581
2009-04-15 0.092 0.414414
2009-03-13 0.089 0.410138
2009-02-13 0.093 0.418542
2009-01-15 0.083 0.378304
2008-12-15 0.102 0.536278
2008-11-14 0.090 0.418799
2008-10-15 0.088 0.469083
2008-09-15 0.093 0.389937
2008-08-15 0.090 0.383142
2008-07-15 0.090 0.374220
2008-06-13 0.086 0.360738
2008-05-15 0.083 0.342409
2008-04-15 0.084 0.345964
2008-03-14 0.085 0.364026
2008-02-15 0.094 0.381648
2008-01-15 0.090 0.352526
2007-12-14 0.143 0.575453
2007-11-15 0.092 0.368737
Additional Data
trailingAnnualDividendRate 0.0
trailingAnnualDividendYield 0.0
dividendYield 4.1

Info Dump

Attribute Value
All Time High 27.59
All Time Low 18.51
Ask 21.63
Ask Size 4,600
Average Daily Volume10 Day 5,023,750
Average Daily Volume3 Month 2,913,141
Average Volume 2,913,141
Average Volume10Days 5,023,750
Beta3 Year 1.28
Bid 21.65
Bid Size 6,600
Category Muni National Long
Crypto Tradeable 0
Currency USD
Custom Price Alert Confidence HIGH
Day High 21.7258
Day Low 21.55
Display Name Natl AMT-Free Muni Bond ETF
Dividend Yield 4.1
Esg Populated 0
Exchange PCX
Exchange Data Delayed By 0
Exchange Timezone Name America/New_York
Exchange Timezone Short Name EDT
Fifty Day Average 22.1642
Fifty Day Average Change -0.52420044
Fifty Day Average Change Percent -0.023650773
Fifty Two Week Change Percent -7.6561155
Fifty Two Week High 23.63
Fifty Two Week High Change -1.9899998
Fifty Two Week High Change Percent -0.08421498
Fifty Two Week Low 21.07
Fifty Two Week Low Change 0.5699997
Fifty Two Week Low Change Percent 0.027052667
Fifty Two Week Range 21.07 - 23.63
First Trade Date Milliseconds 1,192,714,200,000
Five Year Average Return -0.0118789
Full Exchange Name NYSEArca
Fullday Change 0.034999847
Fullday Change Percent 0.16211139
Fullday Price 21.64
Fund Family Invesco
Fund Inception Date 1,192,060,800
Gmt Off Set Milliseconds -14,400,000
Has Pre Post Market Data 1
Language en-US
Legal Type Exchange Traded Fund
Long Business Summary 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.
Long Name Invesco National AMT-Free Municipal Bond ETF
Market us_market
Market State POSTPOST
Max Age 86,400
Message Board Id finmb_37982837
Nav Price 21.78
Net Assets 4,017,940,740.0
Net Expense Ratio 0.28
Open 21.67
Previous Close 21.59
Price Hint 2
Quote Source Name Delayed Quote
Quote Type ETF
Region US
Regular Market Change 0.0499992
Regular Market Change Percent 0.231585
Regular Market Day High 21.7258
Regular Market Day Low 21.55
Regular Market Day Range 21.55 - 21.7258
Regular Market Open 21.67
Regular Market Previous Close 21.59
Regular Market Price 21.64
Regular Market Time 1,792,180,800
Regular Market Volume 6,563,670
Short Name Invesco National AMT-Free Munic
Source Interval 15
Symbol PZA
Three Year Average Return 0.0238516
Total Assets 4,017,940,736
Tradeable 0
Trailing Annual Dividend Rate 0.0
Trailing Annual Dividend Yield 0.0
Trailing Peg Ratio None
Trailing Three Month Nav Returns -8.19052
Trailing Three Month Returns -8.19052
Triggerable 1
Two Hundred Day Average 22.98875
Two Hundred Day Average Change -1.3487511
Two Hundred Day Average Change Percent -0.058670048
Type Disp ETF
Volume 6,563,670
Yield 0.040999997
Ytd Return -5.4296