Invesco New York AMT-Free Municipal Bond ETF
PZT
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- Invesco New York AMT-Free Municipal Bond ETF (PZT) is an exchange-traded fund that seeks to track the investment performance of the ICE BofAML New York Long-Term AMT-Free Municipal Securities Index, before fees and expenses. The fund invests primarily in investment-grade municipal obligations issued by the State of New York and its political subdivisions, agencies, and instrumentalities that pay interest exempt from federal alternative minimum tax (AMT); it employs a representative sampling methodology to replicate the index's characteristics. Holdings include long-term bonds from issuers such as the New York City Transitional Finance Authority, Metropolitan Transportation Authority, and New York State Dormitory Authority, with a focus on securities maturing in 12 years or more and an average duration of approximately 11-12 years. The ETF offers investors tax-exempt income targeted at high-tax bracket individuals seeking New York-specific municipal exposure; it features a low expense ratio of 0.28%, daily liquidity on major exchanges, and a dividend yield typically ranging from 3-4% based on prevailing interest rates. Managed by Invesco Distributors, Inc., the fund operates within the fixed income segment of the asset management industry, serving retail and institutional investors focused on tax-efficient strategies. Geographically, it concentrates on New York State obligations, with headquarters for Invesco US operations in Atlanta, Georgia; Invesco Ltd., the parent company, was founded in 1935 and is headquartered in Atlanta. Recent developments include portfolio rebalancing in response to interest rate fluctuations in 2024-2025, with increased allocations to higher-yielding bonds amid Federal Reserve policy shifts; no major acquisitions or name changes have occurred, though Invesco announced enhancements to its municipal ETF suite, including improved index tracking for PZT to better capture yield curve dynamics. In late 2024, the fund participated in Invesco's broader strategic initiative to expand tax-free income products amid rising demand from municipal bond investors navigating inflationary pressures. As of December 2025, assets under management stand at approximately $150-200 million, reflecting steady inflows from tax-sensitive portfolios.