Invesco Exchange-Traded Fund Trust II - Invesco National AMT-Free Municipal Bond ETF
US ˙ ARCA ˙ US46138E5371

SecurityPZA / Invesco Exchange-Traded Fund Trust II - Invesco National AMT-Free Municipal Bond ETF
InstitutionMorgan Stanley
Latest Disclosed Ownership2,133,883 shares
Latest Disclosed Value $ 49,036,640
Morgan Stanley reports 12.32% increase in ownership of PZA / Invesco Exchange-Traded Fund Trust II - Invesco National AMT-Free Municipal Bond ETF

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 2,133,883 shares of Invesco Exchange-Traded Fund Trust II - Invesco National AMT-Free Municipal Bond ETF (US:PZA) valued at $49,036,631 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 1,899,820 shares of Invesco Exchange-Traded Fund Trust II - Invesco National AMT-Free Municipal Bond ETF. This represents a change in shares of 12.32% during the quarter. The current value of the position is $49,996,879 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,133,883 234,063 12.32 49,037 11.30 0.0030
2026-05-27 2025-12-31 13F/A-1 INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,899,820 -344,857 -15.36 44,057 -15.00 0.0026
2026-02-13 2025-12-31 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,899,820 -344,857 44,057 0.0026
2026-05-27 2025-09-30 13F/A-1 INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,244,677 337,198 17.68 51,830 21.36 0.0031
2025-11-14 2025-09-30 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,244,677 337,198 51,830 0.0031
2025-08-15 2025-06-30 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,907,479 -72,285 -3.65 42,708 -6.37 0.0028
2025-05-15 2025-03-31 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,979,764 -101,988 -4.90 45,614 -7.20 0.0033
2025-05-15 2024-12-31 13F/A-1 INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,081,752 237,407 12.87 49,150 10.35 0.0034
2025-02-14 2024-12-31 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,081,752 237,407 49,150 0.0034
2025-05-14 2024-09-30 13F/A-2 INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,844,345 -231,105 -11.14 44,541 -9.37 0.0032
2025-02-14 2024-09-30 13F/A-1 INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,844,345 -231,105 44,541 0.0032
2024-11-14 2024-09-30 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,844,345 -231,105 44,541 0.0004
2025-05-14 2024-06-30 13F/A-2 INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,075,450 47,879 2.36 49,147 1.72 0.0038
2024-10-17 2024-06-30 13F/A-1 INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,075,450 47,879 49,147 0.0038
2024-08-14 2024-06-30 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,075,450 47,879 49,147 0.0038
2024-10-17 2024-03-31 13F/A-2 INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,027,571 46,584 2.35 48,317 0.87 0.0039
2024-08-16 2024-03-31 13F/A-1 INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,027,571 46,584 48,317 0.0005
2024-05-15 2024-03-31 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,027,571 46,584 48,317 0.0039
2024-08-16 2023-12-31 13F/A-1 INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,980,987 -228,348 -10.34 47,900 -2.16 0.0042
2024-02-13 2023-12-31 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,980,987 -228,348 47,900 0.0042
2023-11-15 2023-09-30 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,209,335 -63,524 -2.79 48,959 -8.73 0.0050
2023-08-14 2023-06-30 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,272,859 140,627 6.60 53,640 6.23 0.0053
2023-05-15 2023-03-31 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 2,132,232 363,972 20.58 50,491 24.48 0.0054
2023-02-14 2022-12-31 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,768,260 258,614 17.13 40,564 21.69 0.0046
2022-11-14 2022-09-30 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,509,646 -229,272 -13.18 33,333 -18.22 0.0045
2022-10-27 2022-06-30 13F/A-1 INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,738,918 -65,117 -3.61 40,760 -9.37 0.0053
2022-08-15 2022-06-30 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,738,918 -65,117 40,760 0.0011
2022-10-27 2022-03-31 13F/A-1 INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,804,035 -133,710 -6.90 44,975 -14.39 0.0061
2022-05-13 2022-03-31 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,804,035 -133,710 44,975 0.0061
2022-02-14 2021-12-31 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,937,745 230,789 13.52 52,533 14.58 0.0065
2021-11-15 2021-09-30 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,706,956 -1,313 -0.08 45,849 -1.54 0.0062
2021-08-23 2021-06-30 13F/A-1 INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,708,269 227,809 15.39 46,567 17.54 0.0061
2021-08-16 2021-06-30 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,708,269 227,809 46,567 0.0013
2021-05-17 2021-03-31 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,480,460 -91,778 -5.84 39,617 -7.05 0.0058
2021-02-16 2020-12-31 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,572,238 246,978 18.64 42,624 20.78 0.0066
2020-11-13 2020-09-30 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,325,260 243,584 22.52 35,292 22.84 0.0068
2020-08-14 2020-06-30 13F INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537 1,081,676 18,011 1.69 28,729 4.69 0.0064
2020-05-26 2020-03-31 13F/A-1 INVESCO EXCHANGE-TRADED FD T NATL AMT MUNI 46138E537 1,063,665 -154,890 -12.71 27,443 -14.89 0.0075
2020-05-15 2020-03-31 13F INVESCO EXCHANGE-TRADED FD T NATL AMT MUNI 46138E537 1,063,665 -36,121 27,443 2,108.1945
2020-02-14 2019-12-31 13F INVESCO EXCHNG TRADED FD TR NATL AMT MUNI 46138E537 1,218,555 22,304 1.86 32,243 1.56 0.0075
2019-11-14 2019-09-30 13F INVESCO EXCHNG TRADED FD TR NATL AMT MUNI 46138E537 1,196,251 27,380 2.34 31,748 3.95 0.0084
2019-08-14 2019-06-30 13F INVESCO EXCHNG TRADED FD TR NATL AMT MUNI 46138E537 1,168,871 124,810 11.95 30,543 14.00 0.0081
2019-05-15 2019-03-31 13F INVESCO EXCHNG TRADED FD TR NATL AMT MUNI 46138E537 1,044,061 165,174 18.79 26,791 22.03 0.0076
2019-02-14 2018-12-31 13F INVESCO EXCHNG TRADED FD TR NATL AMT MUNI 46138E537 878,887 -99,067 -10.13 21,955 -9.44 0.0066
2019-04-23 2018-09-30 13F/A-2 INVESCO EXCHNG TRADED FD TR NATL AMT MUNI 46138E537 977,954 -70,450 -6.72 24,244 -7.94 0.0061
2018-11-20 2018-09-30 13F/A-1 INVESCO EXCHNG TRADED FD TR NATL AMT MUNI 46138E537 977,954 0 24,244 0.0061
2018-11-14 2018-09-30 13F INVESCO EXCHNG TRADED FD TR NATL AMT MUNI 46138E537 977,954 24,244
2019-04-23 2018-06-30 13F/A-1 INVESCO EXCHNG TRADED FD TR NATL AMT MUNI 46138E537 1,048,404 1,048,404 26,336 0.0071
2018-08-14 2018-06-30 13F INVESCO EXCHNG TRADED FD TR NATL AMT MUNI 46138E537 1,048,404 26,336 0.0071
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.