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PZA is a passive municipal bond ETF designed to mirror a long-term national muni index, focusing on investment-grade, tax-exempt bonds with 15+ years to maturity.
It uses market-value weighting and a sampling approach, meaning it may hold a representative slice rather than every bond in the index.
The portfolio is refreshed on a monthly rebalance/reconstitution schedule to stay aligned with the benchmark.
You own a basket of long-dated municipal bonds issued by U.S. states (and similar public issuers) that are considered investment grade. Most of the bonds mature far in the future, so their prices can swing more when interest rates change.
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Showing the largest holdings by weight in PZA
| Issue Name | ISIN | ETF Weight | Market Value |
|---|---|---|---|
California State University | US13005U1016 | 0.41% | $15.8M |
California State Public Works Board | US13005U1016 | 0.30% | $11.9M |
Commonwealth of Pennsylvania | US2030421067 | 0.23% | $9.1M |
California Health Facilities Financing Authority | N/A | 0.14% | $5.5M |
New York State Dormitory Authority | N/A | 0.12% | $4.8M |
New York State Dormitory Authority | N/A | 0.11% | $4.4M |
Texas Water Development Board | N/A | 0.11% | $4.2M |
Regents of the University of California Medical Center Pooled Revenue | N/A | 0.11% | $4.2M |
Metropolitan Transportation Authority | N/A | 0.11% | $4.1M |
North Texas Tollway Authority | N/A | 0.10% | $4.1M |
Breakdown of PZA by sector weightings (%)
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Top countries by weight (%)
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