PWZ Performance — Invesco California AMT-Free Municipal Bond ETF
Data updated: 2026-07-29
PWZ returned +1.90% year to date and +7.99% over one year to May 2026. Annualised returns are +3.23% over 3 years and +0.09% over 5 years. Against its Long-Term Municipal Bond category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $110, against $112 for the category, and to $108 over one year, against $107. Volatility over the past three years was 7.22% a year. In the 12 months to May 2026 the fund took in a net $389.9M, and assets reached $1.13B.
PWZ Growth of $100
What $100 invested in Invesco California AMT-Free Municipal Bond ETF grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Long-Term Municipal Bond category average over the same months.
| Period | PWZ | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $108 | $107 |
| 3 years (Jun 2023 – May 2026) | $110 | $112 |
| 5 years (Jun 2021 – May 2026) | $100 | $103 |
| Since data start (Sep 2019 – May 2026) | $106 | $109 |
PWZ Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.90% |
| 1 year | +7.99% |
| 3 years (annualised) | +3.23% |
| 5 years (annualised) | +0.09% |
PWZ Annual Returns
Calendar-year total returns of Invesco California AMT-Free Municipal Bond ETF, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.90% |
| 2025 | +1.51% |
| 2024 | +1.55% |
| 2023 | +6.97% |
| 2022 | −11.47% |
| 2021 | +2.09% |
| 2020 | +5.12% |
| 2019 (Sep–Dec) | −0.38% |
PWZ Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.4% | +1.7% | −2.3% | +1.5% | +0.6% | — | — | — | — | — | — | — |
| 2025 | −0.5% | +1.1% | −2.4% | −1.4% | −1.0% | +0.4% | −1.3% | +0.9% | +4.0% | +1.7% | +0.4% | −0.1% |
| 2024 | −0.1% | 0.0% | −0.3% | −1.2% | 0.0% | +1.7% | +0.7% | +0.4% | +1.2% | −1.4% | +1.9% | −1.3% |
| 2023 | +3.4% | −2.7% | +2.4% | −0.2% | −0.7% | +1.2% | +0.3% | −1.5% | −3.5% | −2.2% | +8.4% | +2.5% |
| 2022 | −3.0% | −0.7% | −3.6% | −4.2% | +2.0% | −3.1% | +3.9% | −3.3% | −4.6% | −1.2% | +6.6% | −0.2% |
| 2021 | +0.6% | −2.1% | +0.9% | +1.2% | +0.5% | +0.3% | +0.8% | −0.6% | −0.9% | 0.0% | +1.2% | +0.2% |
| 2020 | +2.1% | +1.8% | −4.6% | −2.2% | +4.1% | +0.6% | +2.0% | −0.5% | −0.1% | −0.3% | +1.9% | +0.6% |
| 2019 | — | — | — | — | — | — | — | — | −0.8% | +0.1% | +0.1% | +0.2% |
PWZ Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 7.22%
- 3-year Sharpe ratio: -0.18 (vs 4.5% risk-free rate)
- Best month: +8.38% (Nov 2023)
- Worst month: −3.52% (Sep 2023)
PWZ Fund Flows
Monthly money in and out of Invesco California AMT-Free Municipal Bond ETF, from SEC Form N-PORT.
- 12-month net flow: $389.9M
- 12-month gross sales (incl. reinvestments): $486.6M
- Sales ÷ redemptions: 5.03×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $34.9M | $0 | $34.9M |
| Apr 2026 | $14.5M | $2.4M | $12.2M |
| Mar 2026 | $2.4M | $8.3M | −$5.9M |
| Feb 2026 | $14.7M | $7.3M | $7.4M |
| Jan 2026 | $3.6M | $21.8M | −$18.1M |
| Dec 2025 | $4.8M | $0 | $4.8M |
| Nov 2025 | $9.7M | $10.9M | −$1.2M |
| Oct 2025 | $2.4M | $20.6M | −$18.2M |
| Sep 2025 | $87.6M | $3.6M | $84.0M |
| Aug 2025 | $170.6M | $0 | $170.6M |
| Jul 2025 | $84.2M | $21.7M | $62.5M |
| Jun 2025 | $57.0M | $0 | $57.0M |
PWZ Assets Under Management
Net assets of Invesco California AMT-Free Municipal Bond ETF by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $1.13B |
| 2026-02-28 | $1.10B |
| 2025-11-30 | $1.10B |
| 2025-08-31 | $976.32M |
| 2025-05-31 | $692.95M |
| 2025-02-28 | $724.11M |
| 2025-01-31 | $714.34M |
| 2024-11-30 | $704.01M |
| 2024-08-31 | $641.30M |
| 2024-05-31 | $839.29M |
| 2024-02-29 | $818.85M |
| 2023-11-30 | $794.99M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.