Invesco California AMT-Free Municipal Bond ETF
$22.68−0.21 (−0.94%)
- Expense ratio
- 0.28%
- Fund size
- $1.2B
- 1Y return
- −0.7%
- Yield · Last 12 months
- 3.97%
- Holdings
- 1256
- Volume · 30D
- 0.4M sh
- NAV per share
- $22.94
- 52W range
The ETF.net PWZ Grade
Score 63 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.BScore 60Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 85Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 36Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 53Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 73Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 81Category rank
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
- 1,256
- 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$9,933
Returns run to the Sep 22, 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 | −2.5% |
| 1 month | −3.6% |
| 3 months | −5.1% |
| 1 year | −0.7% |
| 3 years | +2.3% |
| 5 years | −0.9% |
| 10 years | +1.3% |
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 | −2.5% | |
| 2025 | +1.3% | |
| 2024 | +2.2% | |
| 2023 | +6.5% | |
| 2022 | −11.4% | |
| 2021 | +1.9% | |
| 2020 | +4.9% |
PWZ in the news
PWZ Dividends
- 3.97%
- $0.91
- $0.07 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 21, 2026 | Pays Sep 25, 2026 | $0.07 |
| Aug 24, 2026 | Aug 28, 2026 | $0.08 |
| Jul 20, 2026 | Jul 24, 2026 | $0.08 |
| Jun 22, 2026 | Jun 26, 2026 | $0.07 |
| May 18, 2026 | May 22, 2026 | $0.08 |
| Apr 20, 2026 | Apr 24, 2026 | $0.08 |
| Mar 23, 2026 | Mar 27, 2026 | $0.08 |
| Feb 23, 2026 | Feb 27, 2026 | $0.08 |
| Jan 20, 2026 | Jan 23, 2026 | $0.08 |
| Dec 22, 2025 | Dec 26, 2025 | $0.07 |
| Nov 24, 2025 | Nov 28, 2025 | $0.07 |
| Oct 20, 2025 | Oct 24, 2025 | $0.07 |
PWZ Risk
- 7.7%
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.
- −0.21
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%
23 of the 62 Other Municipal Bond funds charge less.