# Invesco California AMT-Free Municipal Bond ETF (PWZ)

> Source: Nexqual · https://nexqual.com/PWZ · data as of 2026-10-23 13:53 UTC · cite as "Nexqual, Invesco California AMT-Free Municipal Bond ETF (PWZ), nexqual.com/PWZ" · informational, not investment advice.

**Price:** USD 22.93 (+0.24% today) · US market open, as of October 23, 2026 at 13:53 UTC; quotes may be delayed. Prev close 22.88 · day 22.91–22.95 · 52w 22.03–24.59 · market cap null · PCX

## Key facts
- Total return with dividends: 1Y -2.1% vs S&P 500 +14.5%; 5Y -3.1% vs S&P 500 +77.1%.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -2.1% | -3.1% |
| S&P 500 (SPY) | +14.5% | +77.1% |
| Per year | -2.1% | -0.6% |
| Volatility (annualized) | 4.9% | 7.0% |
| Max drawdown | -9.1% (Jul 2026→Oct 2026) | -16.7% (Dec 2021→Oct 2022) |

## Peers
PZT (Invesco New York AMT-Free Munic) USD 21 +0.14% · CMF (iShares California Muni Bond ET) USD 55.33 +0.05% · PVI (Invesco Floating Rate Municipal) USD 24.86 -0.01% · PZA (Invesco National AMT-Free Munic) USD 21.82 +0.25% · MLN (VanEck Long Muni ETF) USD 16.72 +0.12%

## More
Full page: https://nexqual.com/PWZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 26.8% | ±9.7% |