Invesco California AMT-Free Municipal Bond ETF
$22.53+0.21 (+0.94%)
- 0.28%
- $1.1B
- −3.7%
- 4.07%
- 0.7M sh
- $22.27
- low $22.03high $24.59
The ETF.net PWZ Grade
B
Score 66 out of 100
- 21 of 63
Score 66 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B61 out of 100Rank 22 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A92 out of 100Rank 25 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D35 out of 100Rank 59 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B55 out of 100Rank 27 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A74 out of 100Rank 18 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A81 out of 100Rank 7 of 63
Our read on PWZ
BA California-only muni ETF that has been running since 2007 and leans long: its index targets longer-dated, core-plus California bonds, federally tax-exempt, AMT-free, with cash paid out monthly.
The fund is designed around the ICE BofAML California Long-Term Core Plus Municipal Securities Index and generally invests at least 80% of assets in index municipal securities that are federally tax-exempt.
Why people hold it
- One of the veterans of single-state muni investing, trading since 2007 and spreading across roughly 1,200 California bonds rather than a handful of big issues.
- AMT-free by design: the mandate targets index municipal bonds whose interest is exempt from federal tax and steers clear of the alternative minimum tax wrinkle.invesco.com
- A 0.28% expense ratio, slightly under the typical muni bond ETF, on a fund that runs into the billions and pays monthly.
Worth knowing
- The index is long-term core plus, so the portfolio sits at the far end of the maturity curve and moves more with interest rates than short-dated muni funds.
- One state, one budget: every bond here is a California issue, so there is no geographic spread across other states.
- Broad national muni funds such as VTEB and MUB charge a fraction of the fee, though they hold bonds from across the country instead of concentrating in California.
PWZ Holdings
- Bonds
- 1,275
- 6%
- USD Pending Dividends
PWZ Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
PWZ$9,625
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | PWZ |
|---|---|
| Year to date | −4.9% |
| 1 month | −3.2% |
| 3 months | −7.8% |
| 1 year | −3.7% |
| 3 years | +1.9% |
| 5 years | −1.2% |
| 10 years | +1.2% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | PWZ |
|---|---|---|
| 2026 YTD | −4.9% | |
| 2025 | +1.3% | |
| 2024 | +2.2% | |
| 2023 | +6.5% | |
| 2022 | −11.4% | |
| 2021 | +1.9% | |
| 2020 | +4.9% |
PWZ in the news
PWZ Dividends
- 4.07%
- $0.91
- $0.07 per share
- Monthly
Distribution history
PWZ Risk
- 8.2%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.29
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −17.1%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.26
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PWZ Cost
0.28%
PWZ0.28%
- The middle half of Other Municipal Bond funds
- Median 0.30%
22 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- BFMBFirst Trust Managed Municipal ETFExpense ratio 0.39%1 year return −2.2%
- BCATFAmerican Century California Municipal Bond ETFExpense ratio 0.25%1 year return −1.7%
- BPMIOPGIM Municipal Income Opportunities ETFExpense ratio 0.25%1 year return −0.6%
- BFTMUFranklin Municipal Income ETFExpense ratio 0.30%1 year return —
- BBABInvesco Taxable Municipal Bond ETFExpense ratio 0.28%1 year return −3.1%