Invesco California AMT-Free Municipal Bond ETF

Frequently Asked Questions About PWZ

What does PWZ invest in?

The Fund seeks to track the investment results of the ICE BofAML California Long-Term Core Plus Municipal Securities Index. The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Underlying Index and that also are exempt from the federal alternative minimum tax ("AMT").

What is the expense ratio of PWZ?

Invesco California AMT-Free Municipal Bond ETF (PWZ) charges an expense ratio of 0.28%. This is the annual fee deducted from fund assets to cover management and operations.

What is PWZ's dividend yield?

PWZ's trailing-twelve-month yield is 3.99%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of PWZ?

Effective duration measures PWZ's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. PWZ's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of PWZ?

PWZ's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of PWZ?

Yield to maturity (YTM) is the total return you'd earn from PWZ if every bond in the portfolio is held to maturity at the current price. PWZ's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.