PWZInvescoINDEX
Invesco California AMT-Free Municipal Bond ETF
$22.87+0.70% vs prior close
222552-WK
Price through Oct 22, 2026 · Flows through Oct 21, 2026. Figures use the latest available records, not a live quote. Fund details retrieved Oct 22, 2026. Holdings snapshot retrieved Oct 22, 2026.
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 price
Source: Market tape, daily closes; price return, distributions not reinvested
Table
| Date | PWZ close |
|---|---|
| Jan 2, 2026 | $24.21 |
| Jan 5, 2026 | $24.19 |
| Jan 6, 2026 | $24.20 |
| Jan 7, 2026 | $24.27 |
| Jan 8, 2026 | $24.22 |
| Jan 9, 2026 | $24.31 |
| Jan 12, 2026 | $24.27 |
| Jan 13, 2026 | $24.31 |
| Jan 14, 2026 | $24.35 |
| Jan 15, 2026 | $24.36 |
| Jan 16, 2026 | $24.32 |
| Jan 20, 2026 | $24.07 |
| Jan 21, 2026 | $24.16 |
| Jan 22, 2026 | $24.16 |
| Jan 23, 2026 | $24.17 |
| Jan 26, 2026 | $24.15 |
| Jan 27, 2026 | $24.16 |
| Jan 28, 2026 | $24.15 |
| Jan 29, 2026 | $24.14 |
| Jan 30, 2026 | $24.16 |
| Feb 2, 2026 | $24.21 |
| Feb 3, 2026 | $24.21 |
| Feb 4, 2026 | $24.25 |
| Feb 5, 2026 | $24.26 |
| Feb 6, 2026 | $24.26 |
| Feb 9, 2026 | $24.32 |
| Feb 10, 2026 | $24.37 |
| Feb 11, 2026 | $24.27 |
| Feb 12, 2026 | $24.42 |
| Feb 13, 2026 | $24.42 |
| Feb 17, 2026 | $24.47 |
| Feb 18, 2026 | $24.47 |
| Feb 19, 2026 | $24.48 |
| Feb 20, 2026 | $24.51 |
| Feb 23, 2026 | $24.45 |
| Feb 24, 2026 | $24.48 |
| Feb 25, 2026 | $24.47 |
| Feb 26, 2026 | $24.55 |
| Feb 27, 2026 | $24.59 |
| Mar 2, 2026 | $24.50 |
| Mar 3, 2026 | $24.36 |
| Mar 4, 2026 | $24.36 |
| Mar 5, 2026 | $24.35 |
| Mar 6, 2026 | $24.28 |
| Mar 9, 2026 | $24.28 |
| Mar 10, 2026 | $24.27 |
| Mar 11, 2026 | $24.21 |
| Mar 12, 2026 | $24.06 |
| Mar 13, 2026 | $24.21 |
| Mar 16, 2026 | $24.23 |
| Mar 17, 2026 | $24.23 |
| Mar 18, 2026 | $24.15 |
| Mar 19, 2026 | $24.15 |
| Mar 20, 2026 | $23.90 |
| Mar 23, 2026 | $23.89 |
| Mar 24, 2026 | $23.73 |
| Mar 25, 2026 | $23.76 |
| Mar 26, 2026 | $23.66 |
| Mar 27, 2026 | $23.73 |
| Mar 30, 2026 | $23.81 |
| Mar 31, 2026 | $23.87 |
| Apr 1, 2026 | $23.97 |
| Apr 2, 2026 | $24.05 |
| Apr 6, 2026 | $24.03 |
| Apr 7, 2026 | $24.08 |
| Apr 8, 2026 | $24.20 |
| Apr 9, 2026 | $24.23 |
| Apr 10, 2026 | $24.25 |
| Apr 13, 2026 | $24.27 |
| Apr 14, 2026 | $24.29 |
| Apr 15, 2026 | $24.25 |
| Apr 16, 2026 | $24.25 |
| Apr 17, 2026 | $24.37 |
| Apr 20, 2026 | $24.28 |
| Apr 21, 2026 | $24.24 |
| Apr 22, 2026 | $24.31 |
| Apr 23, 2026 | $24.31 |
| Apr 24, 2026 | $24.32 |
| Apr 27, 2026 | $24.30 |
| Apr 28, 2026 | $24.26 |
| Apr 29, 2026 | $24.19 |
| Apr 30, 2026 | $24.21 |
| May 1, 2026 | $24.22 |
| May 4, 2026 | $24.20 |
| May 5, 2026 | $24.16 |
| May 6, 2026 | $24.28 |
| May 7, 2026 | $24.27 |
| May 8, 2026 | $24.28 |
| May 11, 2026 | $24.26 |
| May 12, 2026 | $24.22 |
| May 13, 2026 | $24.18 |
| May 14, 2026 | $24.17 |
| May 15, 2026 | $24.00 |
| May 18, 2026 | $23.91 |
| May 19, 2026 | $23.82 |
| May 20, 2026 | $23.90 |
| May 21, 2026 | $23.91 |
| May 22, 2026 | $23.92 |
| May 26, 2026 | $24.08 |
| May 27, 2026 | $24.14 |
| May 28, 2026 | $24.23 |
| May 29, 2026 | $24.28 |
| Jun 1, 2026 | $24.32 |
| Jun 2, 2026 | $24.38 |
| Jun 3, 2026 | $24.35 |
| Jun 4, 2026 | $24.41 |
| Jun 5, 2026 | $24.35 |
| Jun 8, 2026 | $24.36 |
| Jun 9, 2026 | $24.40 |
| Jun 10, 2026 | $24.33 |
| Jun 11, 2026 | $24.40 |
| Jun 12, 2026 | $24.34 |
| Jun 15, 2026 | $24.37 |
| Jun 16, 2026 | $24.38 |
| Jun 17, 2026 | $24.34 |
| Jun 18, 2026 | $24.42 |
| Jun 22, 2026 | $24.37 |
| Jun 23, 2026 | $24.33 |
| Jun 24, 2026 | $24.43 |
| Jun 25, 2026 | $24.46 |
| Jun 26, 2026 | $24.48 |
| Jun 29, 2026 | $24.55 |
| Jun 30, 2026 | $24.51 |
| Jul 1, 2026 | $24.51 |
| Jul 2, 2026 | $24.57 |
| Jul 6, 2026 | $24.57 |
| Jul 7, 2026 | $24.51 |
| Jul 8, 2026 | $24.42 |
| Jul 9, 2026 | $24.43 |
| Jul 10, 2026 | $24.43 |
| Jul 13, 2026 | $24.41 |
| Jul 14, 2026 | $24.42 |
| Jul 15, 2026 | $24.36 |
| Jul 16, 2026 | $24.34 |
| Jul 17, 2026 | $24.32 |
| Jul 20, 2026 | $24.20 |
| Jul 21, 2026 | $24.14 |
| Jul 22, 2026 | $24.07 |
| Jul 23, 2026 | $23.88 |
| Jul 24, 2026 | $23.91 |
| Jul 27, 2026 | $23.94 |
| Jul 28, 2026 | $24.00 |
| Jul 29, 2026 | $23.95 |
| Jul 30, 2026 | $23.93 |
| Jul 31, 2026 | $23.89 |
| Aug 3, 2026 | $23.89 |
| Aug 4, 2026 | $24.03 |
| Aug 5, 2026 | $24.06 |
| Aug 6, 2026 | $24.06 |
| Aug 7, 2026 | $24.17 |
| Aug 10, 2026 | $24.12 |
| Aug 11, 2026 | $24.15 |
| Aug 12, 2026 | $24.17 |
| Aug 13, 2026 | $24.21 |
| Aug 14, 2026 | $24.15 |
| Aug 17, 2026 | $24.02 |
| Aug 18, 2026 | $23.87 |
| Aug 19, 2026 | $23.96 |
| Aug 20, 2026 | $23.96 |
| Aug 21, 2026 | $23.91 |
| Aug 24, 2026 | $23.86 |
| Aug 25, 2026 | $23.84 |
| Aug 26, 2026 | $23.79 |
| Aug 27, 2026 | $23.81 |
| Aug 28, 2026 | $23.73 |
| Aug 31, 2026 | $23.71 |
| Sep 1, 2026 | $23.50 |
| Sep 2, 2026 | $23.45 |
| Sep 3, 2026 | $23.40 |
| Sep 4, 2026 | $23.47 |
| Sep 8, 2026 | $23.47 |
| Sep 9, 2026 | $23.28 |
| Sep 10, 2026 | $23.07 |
| Sep 11, 2026 | $23.13 |
| Sep 14, 2026 | $23.03 |
| Sep 15, 2026 | $22.93 |
| Sep 16, 2026 | $22.93 |
| Sep 17, 2026 | $23.05 |
| Sep 18, 2026 | $22.95 |
| Sep 21, 2026 | $22.96 |
| Sep 22, 2026 | $22.90 |
| Sep 23, 2026 | $22.69 |
| Sep 24, 2026 | $22.52 |
| Sep 25, 2026 | $22.44 |
| Sep 28, 2026 | $22.31 |
| Sep 29, 2026 | $22.18 |
| Sep 30, 2026 | $22.31 |
| Oct 1, 2026 | $22.38 |
| Oct 2, 2026 | $22.25 |
| Oct 5, 2026 | $22.32 |
| Oct 6, 2026 | $22.31 |
| Oct 7, 2026 | $22.12 |
| Oct 8, 2026 | $22.19 |
| Oct 9, 2026 | $22.26 |
| Oct 12, 2026 | $22.32 |
| Oct 13, 2026 | $22.53 |
| Oct 14, 2026 | $22.48 |
| Oct 15, 2026 | $22.70 |
| Oct 16, 2026 | $22.73 |
| Oct 19, 2026 | $22.66 |
| Oct 20, 2026 | $22.66 |
| Oct 21, 2026 | $22.71 |
| Oct 22, 2026 | $22.87 |
Weekly net flows, YTD
Net inflow over the range: +$142M
- Inflow / above zero
- Outflow / below zero
Source: Daily creation and redemption records
Show as table
| Label | Value ($) |
|---|---|
| Feb 9 | −$39.6M |
| Feb 16 | $9.9M |
| Feb 23 | $3.6M |
| Mar 2 | $3.6M |
| Mar 9 | $0 |
| Mar 16 | $0 |
| Mar 23 | −$6M |
| Mar 30 | −$4.8M |
| Apr 6 | $1.2M |
| Apr 13 | $2.4M |
| Apr 20 | $4.8M |
| Apr 27 | $7.2M |
| May 4 | $6M |
| May 11 | $14.4M |
| May 18 | $10.8M |
| May 25 | $2.4M |
| Jun 1 | $3.6M |
| Jun 8 | $8.4M |
| Jun 15 | $7.2M |
| Jun 22 | $2.4M |
| Jun 29 | $5M |
| Jul 6 | $0 |
| Jul 13 | $3.6M |
| Jul 20 | $0 |
| Jul 27 | $9.6M |
| Aug 3 | $12M |
| Aug 10 | $26.4M |
| Aug 17 | $18M |
| Aug 24 | $18M |
| Aug 31 | $10.5M |
| Sep 7 | $2.3M |
| Sep 14 | $3.5M |
| Sep 21 | −$8.2M |
| Sep 28 | $1.1M |
| Oct 5 | −$30.8M |
| Oct 12 | $17M |
| Oct 19 | $16.1M |
The desk’s read
Money keeps arriving — +$2M of net inflows over the past month, about 0.2% of the fund's asset base, while the price has returned -5.3% so far this year. At 0.28% a year it is not the cheapest way in — SCHF has a reported fee of 0.06%.
COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH
$1.2Bassets under management
0.28%expense ratio · $28 per $10,000 a year
+$2Mnet flow, trailing month
1.7Mavg daily volume, 30 days
512holdings · US-domiciled
2007listed October 11, 2007 · beta 0.14
The book at a glance
CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS THE CHANGE IN THE LATEST AVAILABLE SNAPSHOT · TOP 40 POSITIONS
Holdings
| # | Holding | Weight | Price | Day | 52-wk | |
|---|---|---|---|---|---|---|
| 1 | —Regents of the University of California Medical Center Pooled Revenue | 0.62% | — | — | — | |
| 2 | —California Health Facilities Financing Authority | 0.60% | — | — | — | |
| 3 | —California Health Facilities Financing Authority | 0.53% | — | — | — | |
| 4 | —California Educational Facilities Authority | 0.53% | — | — | — | |
| 5 | —Regents of the University of California Medical Center Pooled Revenue | 0.51% | — | — | — | |
| 6 | —California Educational Facilities Authority | 0.50% | — | — | — | |
| 7 | —University of California | 0.46% | — | — | — | |
| 8 | —Los Angeles Unified School District/CA | 0.44% | — | — | — | |
| 9 | —Foothill-Eastern Transportation Corridor Agency | 0.42% | — | — | — | |
| 10 | —University of California | 0.39% | — | — | — | |
| 11 | —SAN DIEGO CA CMNTY CLG DIST SDGHGR 08/55 FIXED 5 | 0.37% | — | — | — | |
| 12 | —San Francisco City & County Public Utilities Commission Wastewater Revenue | 0.37% | — | — | — | |
| 13 | —CALIFORNIA EDL FACS AUTH REV | 0.36% | — | — | — | |
| 14 | —City of San Francisco CA Public Utilities Commission Water Revenue | 0.36% | — | — | — | |
| 15 | —San Francisco Bay Area Rapid Transit District | 0.36% | — | — | — |
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- Other100%
- Cash & Others100%
- Municipal98.85%
- Revenue70.85%
- General obligation29.15%
- Cash1.15%
- Corporate0.3%
Source: Portfolio composition, latest disclosure
Show as table
| Item | Value (%) |
|---|---|
| Other | 100% |
| Cash & Others | 100% |
| Municipal | 98.85% |
| Revenue | 70.85% |
| General obligation | 29.15% |
| Cash | 1.15% |
| Corporate | 0.3% |
Performance
| 1 week | +0.6% |
| 1 month | -0.1% |
| 3 months | -5.0% |
| 6 months | -5.8% |
| YTD | -5.3% |
| 1 year | -5.9% |
| 3 years | — |
PRICE RETURN, DISTRIBUTIONS NOT REINVESTED
Net flows
| 1 week | +$28M |
| 1 month | +$2M |
| 3 months | +$96M |
| YTD | +$142M |
| 1 year | +$142M |
CREATION/REDEMPTION DOLLARS, DAILY RECORDS
Monthly net flows
- Inflow / above zero
- Outflow / below zero
Source: Daily creation/redemption records, trailing twelve months
Show as table
| Label | Value ($) |
|---|---|
| Aug | $154.1M |
| Sep | $100.8M |
| Oct | $0 |
| Feb | −$26.1M |
| Mar | −$4.8M |
| Apr | $12M |
| May | $34.8M |
| Jun | $26.6M |
| Jul | $13.2M |
| Aug | $76.8M |
| Sep | $1.3M |
| Oct | $7.8M |
The risk read
9%realized volatility, 30 days (annualized)
5%realized volatility, 1 year
-10.0%deepest fall from a peak, 1 year
-7.0%latest close versus that peak
The top holding is 0.8% of the book; the top ten carry 5%. Spread across 250+ names, it behaves like roughly 197 equally-weighted positions.
VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK
Options tape
—calls · latest snapshot
—puts · latest snapshot
—put/call ratio
1.1Mshares traded
The case against PWZ
Due diligence cuts both ways. These funds sit on the same shelf and beat PWZ on at least one dimension that matters — the fee, the asset base, or where the money is going.
| Fund | Fee | Assets | Flow, 1M | The case | |
|---|---|---|---|---|---|
| STIP iShares 0-5 Year TIPS Bond ETF | 0.03% | $16.4B | +$489M | -25bp on fee · 14× the assets · +$489M in over the month | Head-to-head |
| IJH iShares Core S&P Mid-Cap ETF | 0.05% | $123.5B | +$2.3B | -23bp on fee · 106× the assets · +$2.3B in over the month | Head-to-head |
| SPTS State Street SPDR Portfolio Short Term Treasury ETF | 0.03% | $7.1B | +$1.4B | -25bp on fee · 6× the assets · +$1.4B in over the month | Head-to-head |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 0.04% | $18.6B | +$412M | -24bp on fee · 16× the assets · +$412M in over the month | Head-to-head |
| MUB iShares National Muni Bond ETF | 0.05% | $48B | +$2B | -23bp on fee · 41× the assets · +$2B in over the month | Head-to-head |