---
ticker: "PWZ"
name: "Invesco California AMT-Free Municipal Bond ETF"
url: "https://etf.net/etf/PWZ"
grade: "B"
score: 66
graded_at: "2026-10-12"
category: "Other Municipal Bond"
category_rank: "21 of 63"
methodology: "https://etf.net/methodology"
---

# PWZ: Invesco California AMT-Free Municipal Bond ETF

Grade **B**, Score 66 of 100. Rank 21 of 63 in Other Municipal Bond.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 61 | 22 of 63 |
| Mission | 92 | 25 of 59 |
| Risk | 35 | 59 of 63 |
| Tradability | 55 | 27 of 63 |
| Holdings | 74 | 18 of 63 |
| Durability | 81 | 7 of 63 |

## Top holdings

The fund holds 1275 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | USD Pending Dividends | 1.23% |
| 2 | — | California Health Facilities Financing Authority 4.00% 11/01/2044 | 0.83% |
| 3 | — | Regents of the University of California Medical Center Pooled Revenue 5.00% 05/15/2047 | 0.62% |
| 4 | — | California Health Facilities Financing Authority 4.00% 08/15/2048 | 0.59% |
| 5 | — | Cash & Equivalents | 0.57% |
| 6 | — | California Health Facilities Financing Authority 5.00% 11/15/2056 | 0.54% |
| 7 | — | Regents of the University of California Medical Center Pooled Revenue 4.00% 05/15/2053 | 0.51% |
| 8 | — | California Educational Facilities Authority 5.00% 10/01/2055 | 0.51% |
| 9 | — | California Educational Facilities Authority 5.00% 05/01/2049 | 0.48% |
| 10 | — | University of California 5.00% 05/15/2053 | 0.46% |
| 11 | — | Los Angeles Unified School District/CA 4.00% 07/01/2044 | 0.43% |
| 12 | — | Foothill-Eastern Transportation Corridor Agency 4.00% 01/15/2046 | 0.42% |
| 13 | — | University of California 5.00% 05/15/2052 | 0.39% |
| 14 | — | San Diego Community College District 5.00% 08/01/2055 | 0.38% |
| 15 | — | San Francisco City & County Public Utilities Commission Wastewater Revenue 5.00% 10/01/2054 | 0.37% |
| 16 | — | San Francisco Bay Area Rapid Transit District 4.25% 08/01/2052 | 0.36% |
| 17 | — | City of San Francisco CA Public Utilities Commission Water Revenue 5.00% 11/01/2055 | 0.36% |
| 18 | — | Los Angeles Unified School District/CA 5.25% 07/01/2042 | 0.35% |
| 19 | — | California Educational Facilities Authority 5.00% 05/01/2045 | 0.35% |
| 20 | — | Los Angeles Unified School District/CA 5.25% 07/01/2048 | 0.33% |
| 21 | — | California Educational Facilities Authority 5.00% 06/01/2043 | 0.33% |
| 22 | — | California Health Facilities Financing Authority 5.00% 11/01/2047 | 0.31% |
| 23 | — | Southern California Public Power Authority 5.25% 07/01/2053 | 0.31% |
| 24 | — | California State Public Works Board 5.00% 04/01/2049 | 0.29% |
| 25 | — | Bay Area Toll Authority 4.00% 04/01/2042 | 0.28% |
| 26 | — | San Diego Unified School District/CA 4.00% 07/01/2047 | 0.28% |
| 27 | — | California State University 5.25% 11/01/2056 | 0.27% |
| 28 | — | California State University 5.25% 11/01/2050 | 0.27% |
| 29 | — | State of California 5.25% 09/01/2053 | 0.27% |
| 30 | — | San Francisco City & County Airport Comm-San Francisco International Airport 5.00% 05/01/2047 | 0.26% |

Source: etf.net, https://etf.net/etf/PWZ. Please cite the page URL.