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Invesco California AMT-Free Municipal Bond ETF (PWZ)

Muni California Long | Exchange Traded Fund | NYSEArca
22.53 USD +0.21 (0.941%) ⇧ (Oct. 13, 2026, 4 p.m. EDT)
After hours: 22.62 +0.09 (0.384%) ⇧ (Oct. 13, 2026, 6:08 p.m. EDT)
Short-term:★★☆☆☆Long-term:★★☆☆☆Dividends:★★★⯪☆
Hot Take ↕ | Oct. 10, 2026, 5:08 a.m. EDT

The Invesco California AMT-Free Municipal Bond ETF is currently trapped in a secular downtrend, having lost nearly 9% of its value over the last decade despite a recent nominal price recovery. While the underlying business—tax-free income generation for California residents—is robust and the monthly dividend has been consistently raised to around 4%, the capital appreciation engine has failed, delivering six consecutive years of negative or flat annual returns. This structural decline in price performance suggests the market views the asset class as underperforming relative to alternatives, capping the long-term rating despite the attractive yield. On the short end, the heavy concentration of put options at lower strikes confirms that traders are hedging against further weakness rather than betting on a breakout, keeping the immediate outlook cautious.
Model Selection — Backtest MAE (log-scale, lower is better)
ModelMAE
AutoTheta ✓0.022938
MSTL0.023151
AutoARIMA0.023693
AutoETS0.023729

Forecast horizon: 45 days | Selected: AutoTheta

Forecast Reliability
Score 70%
H-stat 93.39
Ljung-Box p 0.000
Jarque-Bera p 0.098
Excess Kurtosis -0.69

As of Oct. 10, 2026, 5:08 a.m. EDT: Speculators are positioning for a range-bound outcome with a distinct bias toward downside protection. Call interest is heavily skewed to out-of-the-money strikes (26.0), suggesting a speculative bet on a rally to par, while put volume concentrates at the 21.0 strike, indicating a hedge against a drop below current levels. The imbalance in open interest favors the downside scenario.

Dividend Data

Yield Summary
Last Yield 1yr Yield 3yr Avg 5yr Avg
0.32% 3.78% 3.47% 3.10%
Dividend History
Date Dividend Yield %
2026-09-21 0.073 0.317944
2026-08-24 0.079 0.331098
2026-07-20 0.078 0.322314
2026-06-22 0.074 0.303652
2026-05-18 0.078 0.326223
2026-04-20 0.078 0.321252
2026-03-23 0.078 0.326496
2026-02-23 0.076 0.310838
2026-01-20 0.077 0.319900
2025-12-22 0.075 0.310688
2025-11-24 0.075 0.309278
2025-10-20 0.069 0.283951
2025-09-22 0.066 0.275689
2025-08-18 0.067 0.290672
2025-07-21 0.067 0.293345
2025-06-23 0.066 0.283262
2025-05-19 0.070 0.298762
2025-04-21 0.069 0.301179
2025-03-24 0.069 0.287500
2025-02-24 0.064 0.259424
2025-01-21 0.067 0.274590
2024-12-23 0.063 0.255578
2024-11-18 0.064 0.256719
2024-10-21 0.069 0.276997
2024-09-23 0.080 0.317839
2024-08-19 0.065 0.262520
2024-07-22 0.070 0.282600
2024-06-24 0.069 0.277666
2024-05-20 0.067 0.272468
2024-04-22 0.067 0.272912
2024-03-18 0.066 0.264529
2024-02-20 0.065 0.260208
2024-01-22 0.066 0.264635
2023-12-18 0.068 0.273862
2023-11-20 0.061 0.254910
2023-10-23 0.059 0.258999
2023-09-18 0.060 0.249273
2023-08-21 0.060 0.249273
2023-07-24 0.059 0.237520
2023-06-20 0.056 0.226721
2023-05-22 0.058 0.239274
2023-04-24 0.058 0.235677
2023-03-20 0.058 0.236253
2023-02-21 0.057 0.237105
2023-01-23 0.057 0.229100
2022-12-19 0.061 0.250513
2022-11-21 0.058 0.242272
2022-10-24 0.053 0.233377
2022-09-19 0.051 0.213568
2022-08-22 0.048 0.194018
2022-07-18 0.047 0.189516
2022-06-21 0.044 0.184796
2022-05-23 0.047 0.194055
2022-04-18 0.046 0.183121
2022-03-21 0.047 0.179939
2022-02-22 0.048 0.179171
2022-01-24 0.050 0.182682
2021-12-20 0.050 0.179083
2021-11-22 0.051 0.183321
2021-10-18 0.053 0.191474
2021-08-23 0.052 0.185449
2021-07-19 0.053 0.186949
2021-06-21 0.053 0.188411
2021-05-24 0.054 0.193202
2021-04-19 0.053 0.189421
2021-03-22 0.054 0.196007
2021-02-22 0.055 0.198055
2021-01-19 0.055 0.196991
2020-12-21 0.057 0.203499
2020-11-23 0.056 0.200501
2020-10-19 0.055 0.201097
2020-09-21 0.053 0.192587
2020-08-24 0.040 0.143523
2020-07-20 0.054 0.195652
2020-06-22 0.054 0.198020
2020-05-18 0.056 0.208799
2020-04-20 0.059 0.220396
2020-03-23 0.056 0.227828
2020-02-24 0.058 0.206112
2020-01-21 0.057 0.206597
2019-12-23 0.058 0.212376
2019-11-18 0.058 0.213392
2019-10-21 0.058 0.212766
2019-09-23 0.059 0.215486
2019-08-19 0.055 0.199492
2019-07-22 0.056 0.207331
2019-06-24 0.058 0.215613
2019-05-20 0.058 0.217228
2019-04-22 0.057 0.217226
2019-03-18 0.057 0.219823
2019-02-19 0.056 0.217054
2019-01-22 0.056 0.218239
2018-12-24 0.049 0.190513
2018-11-19 0.055 0.217477
2018-10-22 0.056 0.221870
2018-08-20 0.055 0.212848
2018-07-23 0.057 0.220759
2018-06-18 0.056 0.216634
2018-05-21 0.055 0.214592
2018-04-23 0.054 0.211268
2018-03-19 0.054 0.210855
2018-02-20 0.053 0.206306
2018-01-22 0.053 0.202910
2017-12-18 0.051 0.194212
2017-11-20 0.056 0.213904
2017-10-23 0.049 0.186738
2017-09-18 0.055 0.210084
2017-08-15 0.054 0.206186
2017-07-14 0.055 0.211783
2017-06-15 0.055 0.211132
2017-05-15 0.056 0.218239
2017-04-13 0.056 0.218324
2017-03-15 0.055 0.218949
2017-02-15 0.058 0.230433
2017-01-13 0.056 0.219092
2016-12-15 0.057 0.229192
2016-11-15 0.053 0.209486
2016-10-14 0.047 0.179939
2016-09-15 0.047 0.176758
2016-08-15 0.060 0.224048
2016-07-15 0.063 0.235338
2016-06-15 0.064 0.239163
2016-05-13 0.066 0.249811
2016-04-15 0.067 0.254077
2016-03-15 0.067 0.259388
2016-02-12 0.067 0.256705
2016-01-15 0.068 0.261137
2015-12-15 0.069 0.267028
2015-11-13 0.071 0.279198
2015-10-15 0.062 0.243807
2015-09-15 0.061 0.242063
2015-08-14 0.065 0.255403
2015-07-15 0.064 0.255795
2015-06-15 0.066 0.262739
2015-05-15 0.069 0.273918
2015-04-15 0.070 0.271845
2015-03-13 0.073 0.284822
2015-02-13 0.075 0.292170
2015-01-15 0.075 0.287687
2014-12-15 0.074 0.288612
2014-11-14 0.079 0.310657
2014-10-15 0.080 0.309717
2014-09-15 0.079 0.311883
2014-08-15 0.083 0.326258
2014-07-15 0.084 0.337214
2014-06-13 0.084 0.336943
2014-05-15 0.084 0.335731
2014-04-15 0.084 0.341880
2014-03-14 0.084 0.348259
2014-02-14 0.083 0.349621
2014-01-15 0.083 0.352143
2013-12-13 0.081 0.347490
2013-11-15 0.080 0.344234
2013-10-15 0.079 0.344527
2013-09-13 0.077 0.338908
2013-08-15 0.076 0.329861
2013-07-15 0.075 0.320102
2013-06-14 0.071 0.291701
2013-05-15 0.076 0.300277
2013-04-15 0.076 0.300990
2013-03-15 0.076 0.303151
2013-02-15 0.074 0.292144
2013-01-15 0.078 0.306845
2012-12-14 0.077 0.302792
2012-11-15 0.079 0.308473
2012-10-15 0.077 0.304107
2012-09-14 0.077 0.308494
2012-08-15 0.082 0.326563
2012-07-13 0.085 0.338107
2012-06-15 0.086 0.345104
2012-05-15 0.086 0.343588
2012-04-13 0.086 0.347475
2012-03-15 0.087 0.353659
2012-02-15 0.086 0.346774
2012-01-13 0.086 0.349451
2011-12-15 0.078 0.324324
2011-11-15 0.078 0.329670
2011-10-14 0.080 0.336417
2011-09-15 0.086 0.362258
2011-08-15 0.085 0.360475
2011-07-15 0.088 0.380952
2011-06-15 0.088 0.382775
2011-05-13 0.090 0.393013
2011-04-15 0.090 0.408719
2011-03-15 0.093 0.420434
2011-02-15 0.092 0.422406
2011-01-14 0.090 0.419972
2010-12-15 0.108 0.490463
2010-11-15 0.076 0.326460
2010-10-15 0.076 0.311475
2010-09-15 0.085 0.348361
2010-08-13 0.087 0.360248
2010-07-15 0.088 0.369128
2010-06-15 0.090 0.380228
2010-05-14 0.087 0.365393
2010-04-15 0.091 0.385593
2010-03-15 0.093 0.393901
2010-02-12 0.093 0.395240
2010-01-15 0.094 0.398474
2009-12-15 0.099 0.421635
2009-11-13 0.089 0.382796
2009-10-15 0.092 0.386068
2009-09-15 0.092 0.385098
2009-08-14 0.087 0.383767
2009-07-15 0.096 0.425909
2009-06-15 0.093 0.415921
2009-05-15 0.090 0.392499
2009-04-15 0.083 0.374042
2009-03-13 0.091 0.418969
2009-02-13 0.096 0.424591
2009-01-15 0.080 0.355082
2008-12-15 0.096 0.496381
2008-11-14 0.086 0.397229
2008-10-15 0.082 0.411440
2008-09-15 0.077 0.320700
2008-08-15 0.089 0.378723
2008-07-15 0.089 0.371452
2008-06-13 0.088 0.368973
2008-05-15 0.085 0.351967
2008-04-15 0.084 0.350000
2008-03-14 0.082 0.355748
2008-02-15 0.092 0.368295
2008-01-15 0.092 0.361920
2007-12-14 0.143 0.576613
2007-11-15 0.092 0.369478
Additional Data
trailingAnnualDividendRate 0.0
trailingAnnualDividendYield 0.0
dividendYield 4.07

Info Dump

Attribute Value
All Time High 30.91
All Time Low 18.99
Ask 22.55
Ask Size 1,000
Average Daily Volume10 Day 2,067,670
Average Daily Volume3 Month 849,642
Average Volume 849,642
Average Volume10Days 2,067,670
Beta3 Year 1.26
Bid 22.54
Bid Size 600
Category Muni California Long
Crypto Tradeable 0
Currency USD
Custom Price Alert Confidence HIGH
Day High 22.56
Day Low 22.395
Display Name California AMT-Free Muni ETF
Dividend Yield 4.07
Esg Populated 0
Exchange PCX
Exchange Data Delayed By 0
Exchange Timezone Name America/New_York
Exchange Timezone Short Name EDT
Fifty Day Average 23.272
Fifty Day Average Change -0.7419987
Fifty Day Average Change Percent -0.031883754
Fifty Two Week Change Percent -7.5776396
Fifty Two Week High 24.59
Fifty Two Week High Change -2.0599995
Fifty Two Week High Change Percent -0.08377387
Fifty Two Week Low 22.03
Fifty Two Week Low Change 0.5
Fifty Two Week Low Change Percent 0.022696322
Fifty Two Week Range 22.03 - 24.59
First Trade Date Milliseconds 1,192,714,200,000
Five Year Average Return -0.012049001
Full Exchange Name NYSEArca
Fullday Change 0.29650116
Fullday Change Percent 1.3284103
Fullday Price 22.6165
Fund Family Invesco
Fund Inception Date 1,192,060,800
Gmt Off Set Milliseconds -14,400,000
Has Pre Post Market Data 1
Language en-US
Legal Type Exchange Traded Fund
Long Business Summary 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.
Long Name Invesco California AMT-Free Municipal Bond ETF
Market us_market
Market State POST
Max Age 86,400
Message Board Id finmb_37982726
Nav Price 22.28
Net Assets 1,147,649,020.0
Net Expense Ratio 0.28
Open 22.41
Post Market Change 0.08650017
Post Market Change Percent 0.38393328
Post Market Price 22.6165
Post Market Time 1,791,929,284
Previous Close 22.32
Price Hint 2
Quote Source Name Nasdaq Real Time Price
Quote Type ETF
Region US
Regular Market Change 0.210001
Regular Market Change Percent 0.940865
Regular Market Day High 22.56
Regular Market Day Low 22.395
Regular Market Day Range 22.395 - 22.56
Regular Market Open 22.41
Regular Market Previous Close 22.32
Regular Market Price 22.53
Regular Market Time 1,791,921,600
Regular Market Volume 1,246,073
Short Name Invesco California AMT-Free Mun
Source Interval 15
Symbol PWZ
Three Year Average Return 0.0185932
Total Assets 1,147,649,024
Tradeable 0
Trailing Annual Dividend Rate 0.0
Trailing Annual Dividend Yield 0.0
Trailing Peg Ratio None
Trailing Three Month Nav Returns -7.97521
Trailing Three Month Returns -7.97521
Triggerable 1
Two Hundred Day Average 23.99435
Two Hundred Day Average Change -1.4643497
Two Hundred Day Average Change Percent -0.06102894
Type Disp ETF
Volume 1,246,073
Yield 0.040700004
Ytd Return -5.04524