Invesco National AMT-Free Municipal Bond ETF

PZA

Market cap $3.3B

Pizza Pizza Royalty Corp. ( PZA:CA ) Q3 2025 Earnings Call November 5, 2025 9:30 AM EST Company Participants Christine D'Sylva - Chief Financial Officer of PPL Philip Goudreau - Chief Operating Officer of PPL Conference Call Participants Derek Lessard - TD Cowen, Research Division Presentation Operator Ladies and gentlemen, thank you for standing by, and welcome to the Pizza Pizza Royalty Corp.'s Earnings Call for the Third Quarter of 2025. [Operator Instructions] After the speakers' remarks, there will be a question-and-answer session.

On Oct 10, 2025, Wall Street saw about $2 trillion in market value wiped out. However, ETFs like SIVR, TAIL, URA, PZA, and VNM held steady.

PZA offers low credit risk and tax-free income by holding long-term, diversified municipal bonds, but exposes investors to significant interest rate risk. The fund's 0.28% management fee is in line with peers, but its broad index-tracking approach limits yield potential compared to more selective muni funds. Current yield (TTM) of 3.5% is unexciting, especially when compared to taxable alternatives like FLOT, unless you're in a high tax bracket.

Pizza Pizza Royalty has delivered a 23%+ total return since my initial recommendation, far outpacing the S&P 500 and Boston Pizza. Despite macro headwinds and softening discretionary spending in Canada, same-store sales and value-driven promotions continue to drive resilient royalty growth. Expansion in Mexico is accelerating, providing a new growth lever alongside steady 2-3% footprint growth in Canada.

Investors are changing allocations to fixed income ETFs to capture the greatest yield with the most attractive risk. The beginning of a rate-cutting cycle has historically tended to signal an important shift in the market environment for investors.

Tax-loss harvesting can be a useful tool for investors when a portfolio experiences capital loss. Several market segments have produced negative returns in 2024, creating tax-loss harvesting opportunities.

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