PZA offers a distinctive take on the municipal bond space, one that strongly favors longer-dated bonds and revenue bonds. The fund tracks an index of investment-grade, tax-exempt debt publicly issued by a US state. It invests primarily in long-term securities with at least 15 years to maturity and weights constituents by market value. PZA uses a sampling strategy, meaning the fund may not hold all the securities of the underlying index but will hold securities that collectively have the same investment profile. The fund and the index are rebalanced and reconstituted monthly.
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