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Invesco National AMT-Free Municipal Bond ETF (PZA)
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Upturn Advisory Summary
01/21/2025: 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.
AI Based Fundamental Rating
Below Average Performance
These Stocks/ETFs, based on Upturn Advisory, often underperform the market, warranting careful consideration before investing.
Analysis of Past Performance
Type ETF | Historic Profit -1.88% | Avg. Invested days 36 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  2.0 | ETF Returns Performance  1.0 |
| Profits based on simulation | Last Close 01/21/2025 |
Key Highlights
Volume (30-day avg) 1210133 | Beta 1.32 | 52 Weeks Range 22.72 - 24.14 | Updated Date 01/22/2025 |
52 Weeks Range 22.72 - 24.14 | Updated Date 01/22/2025 |
AI Summary
Invesco National AMT-Free Municipal Bond ETF (PZA) Overview
Profile: PZA is an ETF that invests in investment-grade, national-quality municipal bonds exempt from federal and most state income taxes. This makes it attractive for investors in high tax brackets seeking tax-efficient income.
Objective: The primary goal of PZA is to provide current income exempt from federal and most state income taxes while preserving capital.
Issuer: Invesco is a global investment management firm with over $1.4 trillion in assets under management. It has a strong reputation and a long track record of managing fixed income ETFs.
Market Share: PZA has a relatively small market share in the municipal bond ETF space, but it is one of the largest national-quality AMT-free municipal bond ETFs.
Total Net Assets: As of October 26, 2023, PZA has approximately $2.5 billion in assets under management.
Moat: PZA's competitive advantages include its focus on national-quality bonds, which are generally considered to be less risky than state and local bonds. Additionally, Invesco's strong reputation and experience in managing fixed income ETFs provide investors with confidence.
Financial Performance: PZA has a strong track record of performance, outperforming its benchmark index over the past 3 and 5 years.
Benchmark Comparison: PZA is benchmarked against the S&P National AMT-Free Municipal Bond Index.
Growth Trajectory: The municipal bond market is expected to grow in the coming years, which could benefit PZA.
Liquidity: PZA has an average daily trading volume of over 200,000 shares, making it a relatively liquid ETF.
Bid-Ask Spread: The bid-ask spread for PZA is typically around 0.05%, which is considered to be tight.
Market Dynamics: The municipal bond market is affected by factors such as interest rates, economic growth, and tax policy.
Competitors: Key competitors of PZA include MUB, VTEB, and VBND.
Expense Ratio: PZA has an expense ratio of 0.25%.
Investment Approach and Strategy: PZA passively tracks the S&P National AMT-Free Municipal Bond Index. It invests in a diversified portfolio of investment-grade, national-quality municipal bonds.
Key Points:
- Tax-efficient income
- Focus on national-quality bonds
- Strong track record of performance
- Relatively liquid
Risks:
- Interest rate risk
- Credit risk
- Market risk
Who Should Consider Investing: PZA is suitable for investors in high tax brackets seeking tax-efficient income. It is also suitable for investors who are looking for a low-risk investment option.
Fundamental Rating Based on AI: 8/10
PZA has a strong fundamental rating based on its financial performance, competitive advantages, and market position. However, it is important to note that the municipal bond market can be volatile, and investors should be prepared for potential fluctuations in the value of their investment.
Resources:
- Invesco website: https://us.invesco.com/our-investments/etfs/investments-pza
- Yahoo Finance: https://finance.yahoo.com/quote/PZA/
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Please consult with a financial advisor before making any investment decisions.
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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