Invesco National AMT-Free Municipal Bond ETF (PZA) Wheel Strategy

Running a PZA wheel strategy lets you generate consistent premium income on Invesco National AMT-Free Municipal Bond ETF while setting your own entry and exit prices on the underlying. Invesco National AMT-Free Municipal Bond ETF's wheel combines cash-secured puts and covered calls into a repeatable cycle: sell puts at strikes where you'd be happy to own PZA, and if assigned, sell calls at strikes where you'd be happy to sell. Use our scanner to find the best PZA wheel strategy setups in real time.

The wheel works best on liquid, high-quality names with stable fundamentals and active options markets — exactly the profile many large-cap leaders fit. The mechanics are simple: sell a cash-secured put on PZA, collect premium, and either keep the premium if it expires worthless or take assignment at a discount to current price. Once assigned, sell covered calls against the shares to keep collecting premium until they're called away. Choosing the right strikes, expirations, and IV environment is what separates a profitable PZA wheel from a losing one.

The Invesco National AMT-Free Municipal Bond ETF (Fund) is based on The ICE BofAML National Long-Term Core Plus Municipal Securities Index (Index). The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Index and that also are exempt from the federal alternative minimum tax. The Index is composed of US dollar-denominated, investment grade, tax-exempt debt publicly issued by US. states and territories, or their political subdivisions, in the US domestic market with a term of at least 15 years remaining to final maturity. The Index is adjusted monthly and its constituents are capitalization-weighted based on their current amount outstanding.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a "sampling" methodology to seek to achieve its investment objective. The Fund and the Index are rebalanced and reconstituted monthly.

The difference between a wheel that compounds and one that bleeds comes down to strike selection, IV timing, and discipline on assignment. Our scanner handles the heavy lifting: it ranks every leg of the PZA wheel strategy by delta, premium yield, IV rank, and days to expiration, so you can deploy capital where the math works. Build your PZA wheel strategy on data, not gut feel — and let the options wheel do what it does best: pay you to wait.