Invesco National AMT-Free Municipal Bond ETF
223 hedge funds and large institutions have $1.91B invested in Invesco National AMT-Free Municipal Bond ETF in 2025 Q2 according to their latest regulatory filings, with 35 funds opening new positions, 71 increasing their positions, 84 reducing their positions, and 24 closing their positions.
46% more first-time investments, than exits
New positions opened: 35 | Existing positions closed: 24
5% more funds holding
Funds holding: 213 → 223 (+10)
2.51% less ownership
Funds ownership: 69.77% → 67.26% (-2.5%)
8% less capital invested
Capital invested by funds: $2.07B → $1.91B (-$165M)
15% less repeat investments, than reductions
Existing positions increased: 71 | Existing positions reduced: 84
100% less funds holding in top 10
Funds holding in top 10: 2 → 0 (-2)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
QC
Quadrature Capital
London,
United Kingdom
|
+$13.8M |
| 2 |
Northwestern Mutual Wealth Management
Milwaukee,
Wisconsin
|
+$11.7M |
| 3 |
Envestnet Asset Management
Chicago,
Illinois
|
+$7.16M |
| 4 |
SQA
Simon Quick Advisors
Morristown,
New Jersey
|
+$6.6M |
| 5 |
Rockefeller Capital Management
New York
|
+$6.41M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
UBS Group
Zurich,
Switzerland
|
-$37.2M |
| 2 |
Bank of America
Charlotte,
North Carolina
|
-$29.9M |
| 3 |
PPW
Parcion Private Wealth
Bellevue,
Washington
|
-$20.4M |
| 4 |
CI
CX Institutional
Auburn,
Indiana
|
-$16.8M |
| 5 |
GAG
Goodman Advisory Group
Needham,
Massachusetts
|
-$15.1M |
PZA Hedge Fund Activity: Q2 2025 in Review
223 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Invesco National AMT-Free Municipal Bond ETF (PZA) for Q2 2025, worth a combined $1.91B — down 8% from $2.07B a quarter earlier.
Buyers outnumbered sellers: 35 funds opened new PZA positions and 24 closed out — a net gain of 11 holders — while 71 added to existing stakes and 84 trimmed.
The largest buyer was Quadrature Capital, opening a new position worth an estimated $13.8M. The largest seller was UBS Group, cutting an estimated $37.2M.
- 223 institutional investors held Invesco National AMT-Free Municipal Bond ETF (PZA) as of Q2 2025, up from 213 in Q1 2025.
- Funds reported $1.91B of Invesco National AMT-Free Municipal Bond ETF stock for Q2 2025, down 8% quarter-over-quarter.
- 35 funds opened new Invesco National AMT-Free Municipal Bond ETF positions in Q2 2025 and 24 closed out, a net change of +11 holders.
- The largest Invesco National AMT-Free Municipal Bond ETF buyer in Q2 2025 was Quadrature Capital, an estimated $13.8M added.
- The largest Invesco National AMT-Free Municipal Bond ETF seller in Q2 2025 was UBS Group, an estimated $37.2M sold.
Based on aggregated 13F filings for Q2 2025.