Symbols

PWZ

Invesco California AMT-Free Municipal Bond ETF·NYSE

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Key Stats

Assets Under Management

1.09BUSD

Fund Flows (1Y)

361.50MUSD

Dividend Yield

3.41%

Discount/Premium to NAV

-0.06%

Shares Outstanding

45.30M

Expense Ratio

0.28%

About Invesco California AMT-Free Municipal Bond ETF

Issuer

Invesco Capital Management LLC

Brand

Invesco

Home Page

https://www.invesco.com/us/financial-products/etfs/product-detail?productId=ETF-PWZ

Inception Date

Oct 11, 2007

Structure

Open-Ended Fund

Index Tracked

ICE BofAML California Long-Term Core Plus Municipal Securities Index

Management Style

Passive

Dividend Treatment

Distributes

Distribution Tax Treatment

Ordinary income

Income Tax Type

Capital Gains

Max ST Capital Gains Rate

39.60%

Max LT Capital Gains Rate

20.00%

Primary Advisor

Invesco Capital Management LLC

Distributor

Invesco Distributors, Inc.

PWZ focuses on AMT-free bonds primarily within the California municipal debt market but includes small amounts in US territories such as Puerto Rico and Guam muni issues as they currently enjoy the same tax treatment as California munis. The index selects US-denominated investment-grade tax-exempt debt securities that have at least 15 years remaining term to maturity. The fund may carry more interest rate risk due to the skew towards long-dated bonds. The fund also tilts heavily toward the volatile revenue bond sector. These biases boost the fund's yield, but also increase risk. The fund and the index are rebalanced and reconstituted monthly.