ETF Evaluator: Invesco New York AMT-Free Muni Bd ETF () Follow This ETF

Invesco New York AMT-Free Muni Bd ETF Overview

Invesco New York AMT-Free Muni Bd ETF (PZT) is a passively managed Municipal Bond Muni New York Long exchange-traded fund (ETF). Invesco launched the ETF in 2007.

The investment seeks to track the investment results (before fees and expenses) of the ICE BofA New York Long-Term Core Plus Municipal Securities Index (the “underlying index”), which is compiled and maintained by ICE Data Indices, LLC (the “index provider”). The fund generally will invest at least 80% of its total assets in the components of the underlying index. The index is composed of U.S. dollar-denominated, investment grade, tax-exempt debt publicly issued by New York or any U.S. territory and their political subdivisions, in the U.S. domestic market. It is non-diversified.

About Invesco New York AMT-Free Muni Bd ETF (PZT)

There are 4 members of the management team with an average tenure of 10.34 years: Peter Hubbard (2007), Gary Jones (2012), Jeremy Neisewander (2019) and Daniel Michalak (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and ICE BofA NY LT Core+ Mni TR USD index with a weighting of 100%. Invesco New York AMT-Free Muni Bd ETF has 1223 securities in its portfolio. The top 10 holdings constitute 8.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Invesco New York AMT-Free Muni Bd ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Invesco New York AMT-Free Muni Bd ETF has 0.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.7% (99.5% domestic bond, 0.2% foreign bond and 0.0% convertible bond). Invesco New York AMT-Free Muni Bd ETF has 0.3% of the portfolio in cash.

Assets Under Management

The fund has $137 million in total assets, which is below the $437 million average for the Muni New York Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

PZT Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco New York AMT-Free Muni Bd ETF expense ratio is below average compared to funds in the Muni New York Long category. Invesco New York AMT-Free Muni Bd ETF has an expense ratio of 0.28%, which is 21% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco New York AMT-Free Muni Bd ETF has a portfolio turnover rate of 20%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 19% for the Muni New York Long category.

Recently, in the month of July 2026, Invesco New York AMT-Free Muni Bd ETF returned -2.5%, which earned it a grade of F, as the Muni New York Long category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Invesco New York AMT-Free Muni Bd ETF has a trailing yield of 3.74%, which is above the 3.72% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Invesco New York AMT-Free Muni Bd ETF Grades

Year to date, the ETF has returned 0.5%, 0.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 7.0% over the past year (grade of B), 2.3% over the past three years (grade of F) and -0.7% per year over the past five years (grade of F) and 1.6% per year over the past 10 years (grade of C).

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