Invesco National AMT-Free Municipal Bond ETF (PZA)

• Market cap: $2.91B

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

136% more first-time investments, than exits

New positions opened: 26 | Existing positions closed: 11

50% more funds holding in top 10

Funds holding in top 10: 2 [Q1] → 3 (+1) [Q2]

26% more repeat investments, than reductions

Existing positions increased: 82 | Existing positions reduced: 65

8% more funds holding

Funds holding: 196 [Q1] → 211 (+15) [Q2]

2% more capital invested

Capital invested by funds: $1.88B [Q1] → $1.91B (+$31.5M) [Q2]

0.97% less ownership

Funds ownership: 67.99% [Q1] → 67.02% (-0.97%) [Q2]

88% less call options, than puts

Call options by funds: $123K | Put options by funds: $995K