Invesco National AMT-Free Municipal Bond ETF
249 hedge funds and large institutions have $2.34B invested in Invesco National AMT-Free Municipal Bond ETF in 2025 Q3 according to their latest regulatory filings, with 53 funds opening new positions, 90 increasing their positions, 76 reducing their positions, and 24 closing their positions.
121% more first-time investments, than exits
New positions opened: 53 | Existing positions closed: 24
23% more capital invested
Capital invested by funds: $1.91B → $2.34B (+$435M)
18% more repeat investments, than reductions
Existing positions increased: 90 | Existing positions reduced: 76
12% more funds holding
Funds holding: 223 → 249 (+26)
5.12% more ownership
Funds ownership: 67.26% → 72.37% (+5.1%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of America
Charlotte,
North Carolina
|
+$145M |
| 2 |
Wellington Management Group
Boston,
Massachusetts
|
+$114M |
| 3 |
RBA
Richard Bernstein Advisors
New York
|
+$68.8M |
| 4 |
Envestnet Asset Management
Chicago,
Illinois
|
+$18.5M |
| 5 |
UBS Group
Zurich,
Switzerland
|
+$13.6M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
QC
Quadrature Capital
London,
United Kingdom
|
-$13.5M |
| 2 |
Jane Street
New York
|
-$11.2M |
| 3 |
Goldman Sachs
New York
|
-$11.1M |
| 4 |
Wells Fargo
San Francisco,
California
|
-$9.68M |
| 5 |
AAS
Annex Advisory Services
Brookfield,
Wisconsin
|
-$8.15M |
PZA Hedge Fund Activity: Q3 2025 in Review
249 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Invesco National AMT-Free Municipal Bond ETF (PZA) for Q3 2025, worth a combined $2.34B — up 23% from $1.91B a quarter earlier.
Buyers outnumbered sellers: 53 funds opened new PZA positions and 24 closed out — a net gain of 29 holders — while 90 added to existing stakes and 76 trimmed.
The largest buyer was Bank of America, adding an estimated $145M. The largest seller was Quadrature Capital, cutting an estimated $13.5M.
- 249 institutional investors held Invesco National AMT-Free Municipal Bond ETF (PZA) as of Q3 2025, up from 223 in Q2 2025.
- Funds reported $2.34B of Invesco National AMT-Free Municipal Bond ETF stock for Q3 2025, up 23% quarter-over-quarter.
- 53 funds opened new Invesco National AMT-Free Municipal Bond ETF positions in Q3 2025 and 24 closed out, a net change of +29 holders.
- The largest Invesco National AMT-Free Municipal Bond ETF buyer in Q3 2025 was Bank of America, an estimated $145M added.
- The largest Invesco National AMT-Free Municipal Bond ETF seller in Q3 2025 was Quadrature Capital, an estimated $13.5M sold.
Based on aggregated 13F filings for Q3 2025.