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Sunday, August 23, 2026The Morning Brief →Sign in

Invesco California AMT-Free Municipal Bond ETF

$23.91-0.19% today
232552-WK

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.

Price & daily flows
24.323.823.423.91DAILY NET FLOWAug 22Dec 19Apr 21Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1Y SHOWN

The desk’s read

Flows are quiet — the past month netted out near zero, while the price has returned -1.2% so far this year. At 0.28% a year it is not the cheapest way in — LQD runs the same ground at 0.14%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$1.2Bassets under management
0.28%expense ratio · $28 per $10,000 a year
net flow, trailing month
377Kavg daily volume, 30 days
512holdings · US-domiciled
2007listed October 10, 2007 · beta 0.12
The book at a glance
0.6%0.6%0.5%0.5%0.5%0.5%0.5%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.2%0.2%0.2%0.2%0.2%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1California Health Facilities Financing Authority0.62%
2Regents of the University of California Medical Center Pooled Revenue0.61%
3Regents of the University of California Medical Center Pooled Revenue0.53%
4California Educational Facilities Authority0.51%
5California Educational Facilities Authority0.50%
6SAN DIEGO CA CMNTY CLG DIST SDGHGR 08/55 FIXED 50.46%
7University of California0.46%
8Los Angeles Unified School District/CA0.45%
9Foothill-Eastern Transportation Corridor Agency0.40%
10University of California0.38%
11CALIFORNIA EDL FACS AUTH REV0.37%
12San Francisco City & County Public Utilities Commission Wastewater Revenue0.37%
13San Francisco Bay Area Rapid Transit District0.37%
14City of San Francisco CA Public Utilities Commission Water Revenue0.36%
15California State Public Works Board0.36%

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Sector weights
Other100%
Cash & Others100%
Municipal98.85%
Revenue70.85%
General obligation29.15%
Cash1.15%
Corporate0.3%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week-1.0%
1 month+0.1%
3 months-0.0%
6 months-2.3%
YTD-1.2%
1 year+3.6%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week
1 month
3 months
YTD
1 year

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

The risk read
5%realized volatility, 30 days (annualized)
4%realized volatility, 1 year
-3.8%deepest fall from a peak, 1 year
-2.7%where it sits vs. that peak today

The top holding is 0.7% of the book; the top ten carry 5%. Spread across 250+ names, it behaves like roughly 202 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

Options tape
calls today
puts today
put/call ratio
460Kshares traded
The case against PWZ

Due diligence cuts both ways. These funds sit on the same shelf and beat PWZ on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
STIP iShares 0-5 Year TIPS Bond ETF0.03%$16B+$288M-25bp on fee · 13× the assets · +$288M in over the monthHead-to-head
MBB iShares MBS ETF0.04%$39B+$26M-24bp on fee · 32× the assets · +$26M in over the monthHead-to-head
IJH iShares Core S&P Mid-Cap ETF0.05%$128.4B+$547M-23bp on fee · 107× the assets · +$547M in over the monthHead-to-head
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF0.04%$23.4B+$520M-24bp on fee · 19× the assets · +$520M in over the monthHead-to-head
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF0.04%$18.7B+$312M-24bp on fee · 16× the assets · +$312M in over the monthHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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