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ETFs

Invesco California AMT-Free Municipal Bond ETF

PWZ
$--
Today’s Change
-- (--)

Snapshot
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Inception Date
Oct 11 2007
Expense Ratio
0.28%
Type
US Bonds
Fund Owner
Invesco
Volume (1m avg. daily)
$7,628,320
AUM
$661,012,380
Associated Index
ICE BofA Merrill Lynch California Long-Term Core Plus Municipal Securities Index
Inverse/Leveraged
No
Passive/Active
Passive
Fractionable on Composer
Yes
Prospectus
View

Top 10 Holdings

n/a
Marin Healthcare District
2.32%
n/a
Irvine Facilities Financing Authority
2.21%
n/a
California State University
1.90%
n/a
California Health Facilities Financing Authority
1.88%
n/a
Regents of the University of California Medical Center Poole
1.78%
n/a
Cash/Receivables/Payables
1.60%
n/a
Hayward Unified School District
1.36%
n/a
San Francisco City & County Airport CommSan Francisco Inter
1.30%
n/a
Monterey Peninsula Unified School District
1.23%
n/a
State of California
1.17%
Invest with PWZ

What is PWZ?

The Invesco California AMT-Free Municipal Bond ETF (Fund) is based on the ICE BofAML California Long-Term Core Plus Municipal Securities Index (Index). The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Index and that also are exempt from the federal alternative minimum tax. The Index is composed of US dollar-denominated, investment grade, tax-exempt debt publicly issued by California or any US territory, or their political subdivisions, in the US domestic market with a term of at least 15 years remaining to final maturity. The Index is adjusted monthly and its constituents are capitalization-weighted based on their current amount outstanding. The Fund and the Index are rebalanced and reconstituted monthly.

ETFs related toPWZ

ETFs correlated to PWZ include SCMB, CGMU, NYF

PWZ
Invesco Capital Management LLC - Invesco California AMT-Free Municipal Bond ETF
SCMB
Schwab Strategic Trust - Schwab Municipal Bond ETF
CGMU
Capital Group Fixed Income ETF Trust - Capital Group Municipal Income ETF
NYF
BlackRock Institutional Trust Company N.A. - iShares New York Muni Bond ETF
PZA
Invesco Capital Management LLC - Invesco National AMT-Free Municipal Bond ETF
MUB
BlackRock Institutional Trust Company N.A. - iShares National Muni Bond ETF
MMIT
IndexIQ Active ETF Trust - IQ MacKay Municipal Intermediate ETF
MMIN
IndexIQ Active ETF Trust - IQ MacKay Municipal Insured ETF
CMF
BlackRock Institutional Trust Company N.A. - iShares California Muni Bond ETF
VTEB
Vanguard Group, Inc. - Vanguard Tax-Exempt Bond ETF
TFI
SPDR Series Trust - SPDR Nuveen Bloomberg Municipal Bond ETF

What is ETF correlation?

Correlation is a measure of the strength of the relationship between two ETFs. It quantifies the degree to which prices of the two ETFs typically move together.

Here, correlation is measured over the past year with the Pearson correlation coefficient (Pearon’s r), which ranges from -1 to 1.

Using ETF correlations in portfolio and strategy construction

ETF correlations can help you create investing strategies and portfolios. Use them to:

  • •Build a diversified portfolio from uncorrelated or inversely correlated ETFs with the aim of minimizing portfolio risk.
  • •Compare correlated or related ETFs to find one with a lower expense ratio or higher trading volume.
  • •Create an investing strategy that hedges an ETF with an uncorrelated or inversely correlated ETF.

FAQ

PWZ is a US Bonds ETF. The Invesco California AMT-Free Municipal Bond ETF (Fund) is based on the ICE BofAML California Long-Term Core Plus Municipal Securities Index (Index). The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Index and that also are exempt from the federal alternative minimum tax. The Index is composed of US dollar-denominated, investment grade, tax-exempt debt publicly issued by California or any US territory, or their political subdivisions, in the US domestic market with a term of at least 15 years remaining to final maturity. The Index is adjusted monthly and its constituents are capitalization-weighted based on their current amount outstanding. The Fund and the Index are rebalanced and reconstituted monthly.

PWZ tracks the ICE BofA Merrill Lynch California Long-Term Core Plus Municipal Securities Index.

No, PWZ is not actively managed. It is passively managed. In an actively managed fund, the fund manager makes decisions about how funds are invested. A passively managed fund typically tries to track or follow a market index.

Yes, PWZ is passively managed. A passively managed fund typically tries to track or follow a market index. In an actively managed fund, the fund manager makes decisions about how funds are invested.

The 1-month return on PWZ is -0.0191%. This is the percent change in the value of PWZ over the most recent 1-month period. The 3-month return on PWZ is -0.0384%. This is the percent change in the value of PWZ over the most recent 3-month period.

The standard deviation of PWZ for the past year is 0.0628%. Standard deviation is the typical amount that the daily returns vary from the mean of the returns over the time period, standardized to a period of a year.

ETFs similar to PWZ include BAB, SUB, and MUNI.

ETFs correlated to PWZ include SCMB, CGMU, and NYF.

ETFs that are inversely correlated to PWZ include TTT, TBT, and TMV.

Disclaimers

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We show information directly obtained from our data provider, Xignite. Data shown here is provided by Xignite, an unaffiliated third party. Composer believes the information shown here is reliable, but has not been verified and there is no guarantee that the information is accurate.

**

We show information based on calculations performed by Composer using data from our provider. Information provided here is based on calculations performed by Composer using data sourced from Xignite, an unaffiliated third party. Composer believes this information is reliable, but has not verified the data and there is no guarantee that the calculations are accurate.