Invesco California AMT-Free Municipal Bond ETF
$23.10+0.01 (+0.04%)
- 0.28%
- $1.23B
- −1.2%
- 3.97%
- 782K sh
- low $22.03high $24.59
The ETF.net PWZ Grade
B
Score 65 out of 100
- 22 of 63
Score 65 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.B60 out of 100Rank 23 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 57 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C53 out of 100Rank 28 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A73 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
In short
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.
Stated mandate
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
Worth knowing
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$9,881
Returns run to the Oct 30, 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 | −1.3% |
| 1 month | +3.9% |
| 3 months | −2.4% |
| 1 year | −1.2% |
| 3 years | +4.3% |
| 5 years | −0.5% |
| 10 years | +1.5% |
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 | −1.3% | |
| 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%
- $0.92
- $0.08 per share
- Monthly
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.
- 0.01
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.
FMP measures it over up to five years of monthly returns.
PWZ Cost
Overpaying vs VTEB, tied cheapest in Other Municipal Bond
$5,117
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
PWZ 0.28%
$5,755
VTEB 0.03% Tied cheapest
$638
Cost over time
Year by year
| Year | PWZ | VTEB | Overpaying |
|---|---|---|---|
| 10 | $509 | $55 | $454 |
| 20 | $1,976 | $216 | $1,760 |
| 30 | $5,755 | $638 | $5,117 |
Other funds in Other Municipal Bond
- BCATFAmerican Century California Municipal Bond ETFExpense ratio 0.25%1 year return +0.6%
- BFMBFirst Trust Managed Municipal ETFExpense ratio 0.39%1 year return 0.0%
- BPMIOPGIM Municipal Income Opportunities ETFExpense ratio 0.25%1 year return +1.5%
- BMMINNYLI MacKay Muni Insured ETFExpense ratio 0.30%1 year return +0.2%
- BGCALGoldman Sachs Dynamic California Municipal Income ETFExpense ratio 0.30%1 year return +1.2%
