ETF Evaluator:
Invesco California AMT-Free Muni Bd ETF ()
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(as of Aug 26)
Best Performing in Muni California Long Over the Last Year
| 7.8% | Invesco California AMT-Free Muni Bd ETF (PWZ) |
| 7.1% | Franklin California Municipal Income ETF (FTCA) |
| 7.0% | Rockefeller California Municipal Bd ETF (RMCA) |
| 6.4% | Muni California Long () |
| 5.6% | First Trust California Muni Hi Inc ETF (FCAL) |
Risk
Index
Risk
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ETF Details
Invesco California AMT-Free Muni Bd ETF Overview
Invesco California AMT-Free Muni Bd ETF (PWZ) is a passively managed Municipal Bond Muni California Long exchange-traded fund (ETF). Invesco launched the ETF in 2007.
The investment seeks to track the investment results (before fees and expenses) of the ICE BofAML California Long-Term Core Plus Municipal Securities Index.
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.
About Invesco California AMT-Free Muni Bd ETF (PWZ)
There are 4 members of the management team with an average tenure of 10.34 years: Peter Hubbard (2007), Gary Jones (2012), Jeremy Neisewander (2019) and Daniel Michalak (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and ICE BofA Calfon LT Core+Mni Sec TR USD index with a weighting of 100%. Invesco California AMT-Free Muni Bd ETF has 1207 securities in its portfolio. The top 10 holdings constitute 5.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Invesco California AMT-Free Muni Bd ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Invesco California AMT-Free Muni Bd ETF has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.6% (99.0% domestic bond, 0.6% foreign bond and 0.0% convertible bond). Invesco California AMT-Free Muni Bd ETF has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $1 billion average for the Muni California Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PWZ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco California AMT-Free Muni Bd ETF expense ratio is below average compared to funds in the Muni California Long category. Invesco California AMT-Free Muni Bd ETF has an expense ratio of 0.28%, which is 20% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco California AMT-Free Muni Bd ETF has a portfolio turnover rate of 5%, which indicates that it holds its assets around / 0.2 years. By way of comparison, the average portfolio turnover is 24% for the Muni California Long category.
Recently, in the month of July 2026, Invesco California AMT-Free Muni Bd ETF returned -2.3%, which earned it a grade of F, as the Muni California Long category had an average return of -1.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Invesco California AMT-Free Muni Bd ETF has a trailing yield of 3.74%, which is above the 3.65% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco California AMT-Free Muni Bd ETF Grades
Year to date, the ETF has returned 0.8%, 0.0 percentage points worse than the category, which translates into a grade of C. The fund has returned 7.8% over the past year (grade of A), 2.4% over the past three years (grade of F) and -0.4% per year over the past five years (grade of F) and 1.6% per year over the past 10 years (grade of C).
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PWZ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PWZ Return (NAV) | -2.3% | -0.5% | 7.8% | 2.4% | -0.4% | 1.6% |
| PWZ Return (Price) | -2.2% | -0.4% | 8.3% | 2.5% | -0.3% | 1.6% |
| NAV +/- Price Return | -0.146% | -0.146% | -0.480% | -0.132% | -0.046% | -0.005% |
| Muni California Long Avg | -1.9% | -0.4% | 6.4% | 2.9% | 0.2% | 1.8% |
| PWZ Grade (NAV) | F | C | A | F | F | C |
| +/- Category (NAV) | -0.4% | -0.1% | 1.3% | -0.6% | -0.5% | -0.1% |
| PWZ Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
PWZ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PWZ Return (NAV) | 0.8% | 1.5% | 1.6% | 7.0% | -11.5% | 2.1% | 5.1% | 8.7% | 0.4% | 6.7% | 0.9% |
| PWZ Return (Price) | 1.1% | 1.3% | 2.2% | 6.5% | -11.4% | 1.9% | 4.9% | 8.7% | 0.3% | 6.8% | 0.6% |
| NAV +/- Price Ret | 0.463% | -0.162% | 0.389% | -0.061% | -0.011% | -0.070% | -0.044% | 0.3% | -18.1% | 2.4% | -29.0% |
| Muni California Long Avg | 0.8% | 2.7% | 1.9% | 6.5% | -9.8% | 2.0% | 4.7% | 8.5% | 0.7% | 5.9% | 0.2% |
| PWZ Grade (NAV) | C | F | D | B | F | B | B | B | F | A | A |
| +/- Category | -0.0% | -1.2% | -0.4% | 0.5% | -1.7% | 0.1% | 0.4% | 0.2% | -0.3% | 0.8% | 0.6% |
| Risk Measures | |
| Beta: | 1.25 |
| R-Squared: | 94% |
| Standard Deviation: | 7.4% |
| Category Risk Index: | 1.22 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.60 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 3.7% |
| Total Assets: | $ 1,148 Mil |
| Share Class Assets: | $ 1,148 Mil |
| Turnover: | 5.0% |
| Expense Ratio: | 0.28% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 18.8 years | |||
| Average Tenure: 10.3 years | |||
| Managers (Year): Hubbard Peter (2007), Jones Gary (2012), Neisewander Jeremy (2019), Michalak Daniel (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 1207 |
| % in Top 10 Holdings: | 5.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.0% |
| Foreign Bond: | 0.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | www.invescopowershares.com |
| Inception Date: | October 11, 2007 |
Expenses and Fees
| Expense Ratio (%): | 0.28% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.35% |
