Invesco National AMT-Free Municipal Bond ETF
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.
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
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CCWA
CLA (CliftonLarsonAllen) Wealth Advisors
Minneapolis,
Minnesota
|
+$23.4M |
| 2 |
Jane Street
New York
|
+$21.2M |
| 3 |
Goldman Sachs
New York
|
+$11.8M |
| 4 |
JP Morgan Chase
New York
|
+$10.7M |
| 5 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$6.52M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of America
Charlotte,
North Carolina
|
-$44.6M |
| 2 |
OPAM
Ocean Park Asset Management
Santa Monica,
California
|
-$28M |
| 3 |
Envestnet Asset Management
Chicago,
Illinois
|
-$21.8M |
| 4 |
Citadel Advisors
Miami,
Florida
|
-$11.9M |
| 5 |
Ameriprise
Minneapolis,
Minnesota
|
-$9.47M |
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.