ATLASInvesco California AMT-Free Municipal Bond ETF (PWZ): outlook, holdings and fees
Invesco California AMT-Free Municipal Bond ETF (PWZ) is an exchange-traded fund and is managed by Invesco. The expense ratio is 0.27% and the yield is 4.13%. The ten largest holdings are 16% of the fund.
Fund data as of Oct 14, 2026 · Price Nov 2, 2026
ATLAS view on PWZ
| Last price | $23.12 (+0.1%) |
|---|---|
| ATLAS chance of a higher price in 1 month | 63% |
| Likely 1-month range (50%) | $22.98 – $23.53 |
| Normal 1-day range (±1σ) | ±0.4% |
| Distribution yield | 4.13% |
ATLAS probabilities use the same calibrated model as every stock page. A fair value is shown for companies, not funds; the holdings below link to the fair value of each company.
PWZ fund facts
| Issuer | Invesco |
|---|---|
| Theme | Municipal bonds |
| Assets under management | $1.1B |
| Expense ratio | 0.27% |
| Number of holdings | 8 |
| Portfolio turnover | 0% |
| Inception | Oct 11, 2007 |
| Exchange | NYSE |
The fund generally will invest at least 80% of its total assets in the components of the index. The index is composed of U.S. dollar-denominated, tax-exempt municipal debt publicly issued by California or any U.S. territory and their political subdivisions, in the U.S. domestic market. It is non-diversified.
PWZ top holdings
| Holding | Sector | Weight |
|---|---|---|
| MARIN CALIF HEALTHCARE DIST 5% | – | 2.80% |
| SAN DIEGO CALIF UNI SCH DIST 5% | – | 2.50% |
| CALIFORNIA ST UNIV REV 5% | – | 2.29% |
| CALIFORNIA HEALTH FACS FING AUTH REV 4% | – | 2.06% |
| UNIV CALIF REGTS MED CTR POOLED REV 3.5% | – | 2.14% |
| HAYWARD CALIF UNI SCH DIST 4% | – | 1.62% |
| CALIFORNIA ST 5% | – | 1.35% |
| SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV 5% | – | 1.27% |
Holdings with an ATLAS page link to their probability range, fair value and earnings calendar.
PWZ returns and risk
| Year to date | -5.0% |
|---|---|
| 1 year | -3.7% |
| 3 years (annualised) | +1.9% |
| 5 years (annualised) | -1.2% |
| 10 years (annualised) | +1.1% |
| Volatility (3 years) | 7.8% |
| Sharpe ratio (3 years) | -0.30 |
Past returns do not guarantee future results.
PWZ: frequently asked questions
What does PWZ invest in?
Invesco California AMT-Free Municipal Bond ETF invests in a portfolio of securities. Its largest holdings are MARIN CALIF HEALTHCARE DIST 5% (2.8%), SAN DIEGO CALIF UNI SCH DIST 5% (2.5%), CALIFORNIA ST UNIV REV 5% (2.3%), CALIFORNIA HEALTH FACS FING AUTH REV 4% (2.1%), UNIV CALIF REGTS MED CTR POOLED REV 3.5% (2.1%).
What is the PWZ expense ratio?
0.27% a year: about $27.00 for every $10,000 invested.
What is the PWZ dividend yield?
4.13%. ATLAS does not hold the exact distribution dates for ETFs.
Will PWZ go up?
Nobody can know. The ATLAS model puts the chance of a higher price in one month at 63%, with a likely range (50%) of $22.98 to $23.53 from $23.12 today. It is a probability, not a prediction.
How has PWZ performed?
Year to date -5.0%, one year -3.7%, three years +1.9% a year, five years -1.2% a year. Past returns do not guarantee future results.
Similar ETFs: Municipal bonds
- State Street Communication Services Select Sector SPDR ETF (XLC)
- VanEck High Yield Muni ETF (HYD)
- Invesco National AMT-Free Municipal Bond ETF (PZA)
- State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB)
- State Street SPDR Nuveen ICE Short Term Municipal Bond ETF (SHM)
- PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (MUNI)
- State Street SPDR Nuveen ICE Municipal Bond ETF (TFI)
- Franklin Dynamic Municipal Bond ETF (FLMI)
Educational information, not investment advice. Disclaimer