Invesco National AMT-Free Municipal Bond ETF (PZA US) - Portfolio Construction Methodology

Core Insights - The Invesco National AMT-Free Municipal Bond ETF (PZA US) targets USD-denominated, investment-grade, tax-exempt municipal bonds in the U.S. public market that are exempt from federal AMT and have at least 15 years remaining to maturity [1] Group 1: Portfolio Construction Methodology - The underlying index is the ICE BofA National Long-Term Core Plus Municipal Securities Index, which includes bonds rated at investment-grade by Moody's, S&P, and Fitch [1] - The index excludes taxable munis and other non-tax-exempt structures, focusing on state, territory, and local-government obligors [1] - Constituents of the index are market-value weighted based on the current amount outstanding, with monthly implementation of index changes [1] - New issues must settle by or before the following month-end to be eligible for inclusion in the index [1] - The methodology emphasizes long-maturity bonds, concentrating duration while allowing for broad sector and issuer representation across the national AMT-free municipal market [1]