Invesco National AMT-Free Municipal Bond

PZA • ARCA

Invesco National AMT-Free Municipal Bond is an exchange-traded fund on ARCA. As of Q3 2025, 250 institutional investors hold shares in this ETF, with total holdings valued at $2.3B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $1.2B.

Overview

Overview of institutional ownership in PZA as of Q3 2025

All Institutions

Institutions: 250
Value Held: $2.3B
Shares Held: 101.0M
Avg Position: $9.3M
Median Position: $508.5K

Hedge Funds

Hedge Funds: 4
Value Held: $20.0M
Shares Held: 864.9K
Avg Position: $5.0M
Median Position: $4.9M

Biggest Investors

Institutions with the largest positions in PZA as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$1.2B 0.09% of portfolio	52.9M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
WELLINGTON MANAGEMENT CO LLP Long Only Manager	Jean Marie Hynes CEO	$117.2M 0.02% of portfolio	5.1M shares	Q3 2025 Held for 2 months	$571.21B
CLIFTONLARSONALLEN WEALTH ADVISORS, LLC RIA/Wealth	William Clayton Bland CEO	$95.8M 1.51% of portfolio	4.1M shares	Q1 2024 Held for 1y 8m	$6.3B
Richard Bernstein Advisors LLC Long Only Manager	Richard Nmn Bernstein CEO	$71.3M 2.03% of portfolio	3.1M shares	Q3 2025 Held for 2 months	$3.5B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$63.8M 0.02% of portfolio	2.8M shares	≤ Q2 2013 Held for 12y 5m+	$341.99B
L LPL Financial LLC Institution	-	$61.0M 0.02% of portfolio	2.6M shares	≤ Q2 2013 Held for 12y 5m+	$340.07B
Bank of New York Mellon Corp Institution	Robin Vince CEO	$52.4M 0.01% of portfolio	2.3M shares	Q1 2023 Held for 2y 8m	$556.34B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$51.8M 0.00% of portfolio	2.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
UBS Group AG Institution	Sergio P. Ermotti CEO	$43.8M 0.01% of portfolio	1.9M shares	Q4 2014 Held for 10y 11m	$511.54B
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	$36.3M 0.02% of portfolio	1.6M shares	Q3 2017 Held for 8y 2m	$149.83B

Net Capital Flow

Institutional buying and selling activity for PZA in Q3 2025

Traded: +$408.0M
Buyers: 142
Sellers: 100
Total Bought: +$511.0M
Total Sold: −$103.0M
Avg Position: $8.5M

Biggest Buyers

Institution	Net Bought	Current Position
BANK OF AMERICA CORP /DE/ Institution	+$149.1M +6.5M shares	$1.2B 52.9M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$117.2M +5.1M shares	$117.2M 5.1M shares
Richard Bernstein Advisors LLC Long Only Manager	+$71.3M +3.1M shares	$71.3M 3.1M shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	+$19.1M +827.7K shares	$63.8M 2.8M shares
UBS Group AG Institution	+$14.0M +605.9K shares	$43.8M 1.9M shares
Bank of New York Mellon Corp Institution	+$11.0M +478.5K shares	$52.4M 2.3M shares
Streettalk Advisors, LLC RIA/Wealth	+$10.3M +447.5K shares	$11.2M 486.7K shares
SOFI WEALTH, LLC RIA/Wealth	+$10.1M +438.3K shares	$10.1M 438.3K shares
E ELEQUIN CAPITAL LP Hedge Fund•Multi-Strategy	+$9.2M +400.0K shares	$9.2M 400.0K shares
Miracle Mile Advisors, LLC RIA/Wealth	+$9.0M +390.0K shares	$29.2M 1.3M shares

Biggest Sellers

Institution	Net Sold	Current Position
Q Quadrature Capital Ltd Institution	−$14.0M −604.5K shares	$252.1K 10.9K shares
J JANE STREET GROUP, LLC Institution	−$11.6M −500.3K shares	$11.9M 516.1K shares
GOLDMAN SACHS GROUP INC Institution	−$11.1M −496.5K shares	Sold Off 0 shares
WELLS FARGO & COMPANY/MN Institution	−$10.0M −432.1K shares	$31.0M 1.3M shares
A Annex Advisory Services, LLC Institution	−$8.4M −363.8K shares	$1.2M 52.9K shares
BB&T CORP Institution	−$6.9M −299.4K shares	$3.5M 152.2K shares
Stratos Wealth Partners, LTD. RIA/Wealth	−$4.9M −211.5K shares	$12.2M 528.9K shares
MML INVESTORS SERVICES, LLC RIA/Wealth	−$3.3M −143.7K shares	$5.6M 243.0K shares
SEEDS INVESTOR LLC Long Only Manager	−$3.2M −138.8K shares	$3.2M 138.1K shares
CONFLUENCE INVESTMENT MANAGEMENT LLC Long Only Manager	−$2.2M −96.0K shares	$5.1M 221.2K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited PZA in Q3 2025

New Positions: 30
New Value: $144.9M
Exited Positions: 23
Exited Value: $20.4M

New Positions

Institution	Position Value
WELLINGTON MANAGEMENT CO LLP Long Only Manager	$117.2M 5.1M shares
SOFI WEALTH, LLC RIA/Wealth	$10.1M 438.3K shares
Shepherd Financial Partners LLC RIA/Wealth	$4.3M 185.7K shares
W West Wealth Group, LLC RIA/Wealth	$1.6M 69.4K shares
V Vise Technologies, Inc. Institution	$1.6M 69.5K shares
Mount Yale Investment Advisors, LLC RIA/Wealth	$1.3M 58.3K shares
Synergy Investment Management, LLC RIA/Wealth	$1.1M 45.6K shares
Perennial Investment Advisors, LLC RIA/Wealth	$962.8K 41.7K shares
Quadrant Private Wealth Management, LLC RIA/Wealth	$852.4K 36.9K shares
S ShoreHaven Wealth Partners, LLC RIA/Wealth	$761.9K 33.0K shares

Exited Positions

Institution	Previous Position
GOLDMAN SACHS GROUP INC Institution	$11.1M 496.5K shares
Lebenthal Global Advisors, LLC RIA/Wealth	$1.6M 72.2K shares
S SPIREPOINT PRIVATE CLIENT, LLC RIA/Wealth	$1.3M 58.6K shares
Main Street Financial Solutions, LLC RIA/Wealth	$1.1M 50.0K shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	$685.7K 30.6K shares
HICKS CAPITAL MANAGEMENT LLC RIA/Wealth	$649.0K 29.0K shares
F FLOW TRADERS U.S. LLC Institution	$585.6K 26.2K shares
Q Qube Research & Technologies Ltd Institution	$420.2K 18.8K shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	$416.1K 18.6K shares
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	$406.4K 18.2K shares

Options Activity

Institutions with the largest Call and Put options positions in PZA as of Q3 2025

Call Positions: 4
Call Value: $16.3M
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
ROBINSON CAPITAL MANAGEMENT, LLC Long Only Manager	$12.7M 5.5K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.8M 1.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$766.6K 332.0 contracts
BANK OF AMERICA CORP /DE/ Institution	- - contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with PZA as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Richard Bernstein Advisors LLC Long Only Manager	Richard Nmn Bernstein CEO	2.03% $71.3M	3.1M shares	Q3 2025 Held for 2 months	$3.5B
Stewardship Advisors, LLC RIA/Wealth	Wilbur Lee Shertzer Managing Partner	1.82% $7.6M	329.4K shares	Q1 2024 Held for 1y 8m	$418.2M
A ASB Consultores, LLC RIA/Wealth	Alex Abraham Silberwasser Bacal CCO	1.69% $384.2K	16.6K shares	Q1 2023 Held for 2y 8m	$22.7M
CLIFTONLARSONALLEN WEALTH ADVISORS, LLC RIA/Wealth	William Clayton Bland CEO	1.51% $95.8M	4.1M shares	Q1 2024 Held for 1y 8m	$6.3B
R Rochester Wealth Strategies, LLC RIA/Wealth	Xenia Kristina Woltmann CCO	1.50% $2.3M	99.2K shares	Q1 2025 Held for 8 months	$152.8M
E ELEQUIN CAPITAL LP Hedge Fund•Multi-Strategy	Peter German Gutierrez Managing Partner	1.07% $9.2M	400.0K shares	Q3 2025 Held for 2 months	$864.9M
Goodman Advisory Group, LLC RIA/Wealth	Deborah Nicole Goodman President	1.01% $3.9M	170.8K shares	Q4 2021 Held for 3y 11m	$388.8M
Petix & Botte Co RIA/Wealth	Andrew Williams Managing Partner	0.93% $4.0M	174.9K shares	Q1 2023 Held for 2y 8m	$433.4M
Collaborative Wealth Managment Inc. RIA/Wealth	Chad Richmond Justice CEO	0.86% $2.1M	91.9K shares	Q2 2022 Held for 3y 5m	$246.6M
E Econ Financial Services Corp Institution	-	0.74% $1.5M	63.9K shares	Q3 2023 Held for 2y 2m	$200.6M