Invesco National AMT-Free Municipal Bond ETF
268 hedge funds and large institutions have $2.37B invested in Invesco National AMT-Free Municipal Bond ETF in 2025 Q4 according to their latest regulatory filings, with 45 funds opening new positions, 104 increasing their positions, 83 reducing their positions, and 25 closing their positions.
100% more funds holding in top 10
Funds holding in top 10: 1 → 2 (+1)
80% more first-time investments, than exits
New positions opened: 45 | Existing positions closed: 25
25% more repeat investments, than reductions
Existing positions increased: 104 | Existing positions reduced: 83
7% more funds holding
Funds holding: 250 → 268 (+18)
1% more capital invested
Capital invested by funds: $2.34B → $2.37B (+$22.4M)
0.29% less ownership
Funds ownership: 72.38% → 72.09% (-0.29%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
+$44.9M |
| 2 |
UBS AM
Chicago,
Illinois
|
+$25M |
| 3 |
Citadel Advisors
Miami,
Florida
|
+$15.3M |
| 4 |
Northwestern Mutual Wealth Management
Milwaukee,
Wisconsin
|
+$7.09M |
| 5 |
JP Morgan Chase
New York
|
+$4.9M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Wellington Management Group
Boston,
Massachusetts
|
-$117M |
| 2 |
Bank of America
Charlotte,
North Carolina
|
-$17.7M |
| 3 |
EC
Elequin Capital
New York
|
-$9.24M |
| 4 |
Morgan Stanley
New York
|
-$8.02M |
| 5 |
Envestnet Asset Management
Chicago,
Illinois
|
-$4.63M |
PZA Hedge Fund Activity: Q4 2025 in Review
268 of the 8,266 institutional investors tracked by Wall St. Rank reported a position in Invesco National AMT-Free Municipal Bond ETF (PZA) for Q4 2025, worth a combined $2.37B — up 0.95% from $2.34B a quarter earlier.
Buyers outnumbered sellers: 45 funds opened new PZA positions and 25 closed out — a net gain of 20 holders — while 104 added to existing stakes and 83 trimmed.
The largest buyer was Jane Street, adding an estimated $44.9M. The largest seller was Wellington Management Group, exiting entirely with an estimated $117M sold.
- 268 institutional investors held Invesco National AMT-Free Municipal Bond ETF (PZA) as of Q4 2025, up from 250 in Q3 2025.
- Funds reported $2.37B of Invesco National AMT-Free Municipal Bond ETF stock for Q4 2025, up 0.95% quarter-over-quarter.
- 45 funds opened new Invesco National AMT-Free Municipal Bond ETF positions in Q4 2025 and 25 closed out, a net change of +20 holders.
- The largest Invesco National AMT-Free Municipal Bond ETF buyer in Q4 2025 was Jane Street, an estimated $44.9M added.
- The largest Invesco National AMT-Free Municipal Bond ETF seller in Q4 2025 was Wellington Management Group, an estimated $117M sold.
Based on aggregated 13F filings for Q4 2025.