Invesco National AMT-Free Municipal Bond ETF
294 hedge funds and large institutions have $3.47B invested in Invesco National AMT-Free Municipal Bond ETF in 2026 Q1 according to their latest regulatory filings, with 53 funds opening new positions, 140 increasing their positions, 68 reducing their positions, and 19 closing their positions.
1,018% more call options, than puts
Call options by funds: $9.3M | Put options by funds: $832K
179% more first-time investments, than exits
New positions opened: 53 | Existing positions closed: 19
106% more repeat investments, than reductions
Existing positions increased: 140 | Existing positions reduced: 68
100% more funds holding in top 10
Funds holding in top 10: 2 → 4 (+2)
47% more capital invested
Capital invested by funds: $2.37B → $3.47B (+$1.11B)
17.48% more ownership
Funds ownership: 72.09% → 89.57% (+17%)
10% more funds holding
Funds holding: 268 → 294 (+26)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
UBS Group
Zurich,
Switzerland
|
+$457M |
| 2 |
Ameriprise
Minneapolis,
Minnesota
|
+$150M |
| 3 |
RBA
Richard Bernstein Advisors
New York
|
+$141M |
| 4 |
UBS AM
Chicago,
Illinois
|
+$70.9M |
| 5 |
Bank of America
Charlotte,
North Carolina
|
+$69.1M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
-$42M |
| 2 |
MMA
Miracle Mile Advisors
Los Angeles,
California
|
-$16.4M |
| 3 |
Citadel Advisors
Miami,
Florida
|
-$13.6M |
| 4 |
SWP
Stratos Wealth Partners
Beachwood,
Ohio
|
-$10.9M |
| 5 |
Renaissance Technologies
New York
|
-$5.23M |
PZA Hedge Fund Activity: Q1 2026 in Review
294 of the 8,186 institutional investors tracked by Wall St. Rank reported a position in Invesco National AMT-Free Municipal Bond ETF (PZA) for Q1 2026, worth a combined $3.47B — up 47% from $2.37B a quarter earlier.
Buyers outnumbered sellers: 53 funds opened new PZA positions and 19 closed out — a net gain of 34 holders — while 140 added to existing stakes and 68 trimmed.
The largest buyer was UBS Group, adding an estimated $457M. The largest seller was Jane Street, cutting an estimated $42M.
- 294 institutional investors held Invesco National AMT-Free Municipal Bond ETF (PZA) as of Q1 2026, up from 268 in Q4 2025.
- Funds reported $3.47B of Invesco National AMT-Free Municipal Bond ETF stock for Q1 2026, up 47% quarter-over-quarter.
- 53 funds opened new Invesco National AMT-Free Municipal Bond ETF positions in Q1 2026 and 19 closed out, a net change of +34 holders.
- The largest Invesco National AMT-Free Municipal Bond ETF buyer in Q1 2026 was UBS Group, an estimated $457M added.
- The largest Invesco National AMT-Free Municipal Bond ETF seller in Q1 2026 was Jane Street, an estimated $42M sold.
Based on aggregated 13F filings for Q1 2026.