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Invesco National AMT-Free Municipal Bond ETF
PZA

213 hedge funds and large institutions have $2.07B invested in Invesco National AMT-Free Municipal Bond ETF in 2025 Q1 according to their latest regulatory filings, with 27 funds opening new positions, 83 increasing their positions, 74 reducing their positions, and 39 closing their positions.

New
Increased
Maintained
Reduced
Closed

12% more repeat investments, than reductions

Existing positions increased: 83 | Existing positions reduced: 74

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

1.14% less ownership

Funds ownership: 70.9% → 69.77% (-1.1%)

5% less capital invested

Capital invested by funds: $2.19B → $2.07B (-$113M)

7% less funds holding

Funds holding: 229 → 213 (-16)

31% less first-time investments, than exits

New positions opened: 27 | Existing positions closed: 39

71% less call options, than puts

Call options by funds: $364K | Put options by funds: $1.25M

Holders
213
Holders Change
-16
Holders Change %
-6.99%
% of All Funds
2.86%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.03%
New
27
Increased
83
Reduced
74
Closed
39
Calls
$364K
Puts
$1.25M
Net Calls
-$885K
Net Calls Change
-$1.06M

Top Buyers

Rank Fund Capital Flow
1
CCWA
CLA (CliftonLarsonAllen) Wealth Advisors
Minnesota
+$23.4M
2
Jane Street
Jane Street
New York
+$21.2M
3
Goldman Sachs
Goldman Sachs
New York
+$11.8M
4
JP Morgan Chase
JP Morgan Chase
New York
+$10.7M
5
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$6.52M

Top Sellers

Rank Fund Capital Flow
1
Bank of America
Bank of America
North Carolina
-$44.6M
2
OPAM
Ocean Park Asset Management
California
-$28M
3
Envestnet Asset Management
Envestnet Asset Management
Illinois
-$21.8M
4
Citadel Advisors
Citadel Advisors
Florida
-$11.9M
5
Ameriprise
Ameriprise
Minnesota
-$9.47M
Name Holding Trade Value Shares
Change 		Change in
Stake
KPWS
226
Kestra Private Wealth Services
Texas
– -$438K -18,566 Closed
APWM
227
Argonautica Private Wealth Management
Massachusetts
– -$406K -17,211 Closed
BWM
228
BCGM Wealth Management
Indiana
– -$385K -16,327 Closed
EGM
229
Engineers Gate Manager
New York
– -$382K -16,193 Closed
HF
230
HRT Financial
New York
– -$345K -14,617 Closed
SF
231
Synovus Financial
Georgia
– -$312K -13,207 Closed
TSS
232
Two Sigma Securities
New York
– -$300K -12,694 Closed
ALA
233
Atlas Legacy Advisors
California
– -$278K -11,795 Closed
GIA
234
Goodwin Investment Advisory
Georgia
– -$261K -11,055 Closed
FCI
235
Financial Counselors Inc
Kansas
– -$253K -10,721 Closed
DJSG
236
D.J. St. Germain
Massachusetts
– -$248K -10,488 Closed
Corient Private Wealth
237
Corient Private Wealth
Florida
– -$243K -10,279 Closed
BCI
238
Brinker Capital Investments
Pennsylvania
– -$241K -10,194 Closed
OPS
239
Orion Portfolio Solutions
Nebraska
– -$241K -10,194 Closed
DWP
240
Daymark Wealth Partners
Ohio
– -$236K -9,990 Closed
Millennium Management
241
Millennium Management
New York
– -$234K -9,929 Closed
KL
242
KWMG LLC
Kansas
– -$234K -9,911 Closed
AWG
243
Altus Wealth Group
Colorado
– -$218K -9,250 Closed
OC
244
Oppenheimer & Co
New York
– -$217K -9,196 Closed
PCH
245
PGIM Custom Harvest
New Jersey
– -$206K -8,741 Closed
AWM
246
Avior Wealth Management
Nebraska
– -$137K -5,912 Closed
CFGS
247
Concourse Financial Group Securities
Alabama
– -$78.8K -3,344 Closed
CIBC Private Wealth Group
248
CIBC Private Wealth Group
Georgia
– -$39.4K -1,676 Closed
LFA
249
LGT Financial Advisors
Texas
– -$36.3K -1,536 Closed
WTC
250
WhitTier Trust Company
Nevada
– -$26.3K -1,115 Closed
7 8 9
10
11

PZA Hedge Fund Activity: Q1 2025 in Review

213 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in Invesco National AMT-Free Municipal Bond ETF (PZA) for Q1 2025, worth a combined $2.07B — down 5.2% from $2.19B a quarter earlier.

Sellers outnumbered buyers: 39 funds closed out of PZA and 27 opened new positions — a net loss of 12 holders — while 74 trimmed existing stakes and 83 added.

The largest buyer was CLA (CliftonLarsonAllen) Wealth Advisors, adding an estimated $23.4M. The largest seller was Bank of America, cutting an estimated $44.6M.

  • 213 institutional investors held Invesco National AMT-Free Municipal Bond ETF (PZA) as of Q1 2025, down from 229 in Q4 2024.
  • Funds reported $2.07B of Invesco National AMT-Free Municipal Bond ETF stock for Q1 2025, down 5.2% quarter-over-quarter.
  • 27 funds opened new Invesco National AMT-Free Municipal Bond ETF positions in Q1 2025 and 39 closed out, a net change of -12 holders.
  • The largest Invesco National AMT-Free Municipal Bond ETF buyer in Q1 2025 was CLA (CliftonLarsonAllen) Wealth Advisors, an estimated $23.4M added.
  • The largest Invesco National AMT-Free Municipal Bond ETF seller in Q1 2025 was Bank of America, an estimated $44.6M sold.

Based on aggregated 13F filings for Q1 2025.