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Invesco California AMT-Free Municipal Bond ETF
PWZ

127 hedge funds and large institutions have $803M invested in Invesco California AMT-Free Municipal Bond ETF in 2026 Q1 according to their latest regulatory filings, with 16 funds opening new positions, 47 increasing their positions, 40 reducing their positions, and 16 closing their positions.

New
Increased
Maintained
Reduced
Closed

18% more repeat investments, than reductions

Existing positions increased: 47 | Existing positions reduced: 40

0% more first-time investments, than exits

New positions opened: 16 | Existing positions closed: 16

1% less funds holding

Funds holding: 128 → 127 (-1)

3.1% less ownership

Funds ownership: 78.14% → 75.04% (-3.1%)

13% less capital invested

Capital invested by funds: $923M → $803M (-$120M)

Holders
127
Holders Change
-1
Holders Change %
-0.78%
% of All Funds
1.56%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
16
Increased
47
Reduced
40
Closed
16
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
GC
Guggenheim Capital
Illinois
+$4.91M
2
GKWIM
Gerber Kawasaki Wealth & Investment Management
California
+$3.95M
3
BPA
Beacon Pointe Advisors
California
+$3.75M
4
RSWM
Robertson Stephens Wealth Management
California
+$3.55M
5
Mercer Global Advisors
Mercer Global Advisors
Colorado
+$3.49M

Top Sellers

1
SWP
Stratos Wealth Partners
Ohio
-$31.7M
2
Wealthfront Advisers
Wealthfront Advisers
California
-$24.8M
3
Jane Street
Jane Street
New York
-$3.35M
4
HWAM
Hennion & Walsh Asset Management
New Jersey
-$2.41M
5
FAT
First American Trust
California
-$2.1M
Name Holding Trade Value Shares
Change 		Change in
Stake
Jane Street
26
Jane Street
New York
$2.07M -$3.35M -138,102 -61%
AF
27
Allworth Financial
California
$2.07M +$2.1M +86,585 New
SI
28
SimpliFi Inc
California
$2.06M +$77.7K +3,208 +4%
SW
29
SteelPeak Wealth
California
$2.04M -$30.7K -1,269 -1%
UBS Group
30
UBS Group
Switzerland
$1.98M -$62.9K -2,595 -3%
FFA
31
Farther Finance Advisors
California
$1.88M +$17.4K +719 +0.9%
LPAM
32
Lodestar Private Asset Management
California
$1.86M +$207K +8,549 +12%
NG
33
Navigation Group
California
$1.84M +$1.87M +77,030 New
Raymond James Financial
34
Raymond James Financial
Florida
$1.67M +$115K +4,738 +7%
MWM
35
McNaughton Wealth Management
California
$1.67M -$145K -5,990 -8%
AFG
36
Atomi Financial Group
New York
$1.66M +$222K +9,151 +15%
Ameriprise
37
Ameriprise
Minnesota
$1.54M -$101K -4,163 -6%
Commonwealth Equity Services
38
Commonwealth Equity Services
Massachusetts
$1.43M +$73.4K +3,029 +5%
II
39
Impact Investors
California
$1.08M +$9.01K +372 +0.8%
Susquehanna International Group
40
Susquehanna International Group
Pennsylvania
$1.08M -$10.3K -425 -0.9%
FWA
41
FOCUS Wealth Advisors
Texas
$1.04M -$26.1K -1,077 -2%
Cambridge Investment Research Advisors
42
Cambridge Investment Research Advisors
Iowa
$1.02M -$157K -6,495 -13%
ACA
43
Affinity Capital Advisors
California
$995K +$4.38K +181 +0.4%
PFS
44
Prospera Financial Services
Texas
$899K -$94.5K -3,899 -9%
ALA
45
Atlas Legacy Advisors
California
$894K +$799 +33 +0.1%
Cetera Investment Advisers
46
Cetera Investment Advisers
Illinois
$891K -$37K -1,526 -4%
Envestnet Asset Management
47
Envestnet Asset Management
Illinois
$843K +$96.9K +4,001 +13%
SVWG
48
Shared Vision Wealth Group
United States
$843K – – –
QCM
49
Quantinno Capital Management
New York
$837K -$69.8K -2,881 -8%
DWM
50
Destination Wealth Management
California
$807K +$89.6K +3,700 +12%
1
2
3 4 5

PWZ Hedge Fund Activity: Q1 2026 in Review

127 of the 8,126 institutional investors tracked by Wall St. Rank reported a position in Invesco California AMT-Free Municipal Bond ETF (PWZ) for Q1 2026, worth a combined $803M — down 13% from $923M a quarter earlier.

Fund positioning in PWZ was balanced in Q1 2026: 16 funds opened new positions, 16 closed out, 47 added to existing stakes and 40 trimmed.

The largest buyer was Guggenheim Capital, adding an estimated $4.91M. The largest seller was Stratos Wealth Partners, cutting an estimated $31.7M.

  • 127 institutional investors held Invesco California AMT-Free Municipal Bond ETF (PWZ) as of Q1 2026, down from 128 in Q4 2025.
  • Funds reported $803M of Invesco California AMT-Free Municipal Bond ETF stock for Q1 2026, down 13% quarter-over-quarter.
  • 16 funds opened new Invesco California AMT-Free Municipal Bond ETF positions in Q1 2026 and 16 closed out, a net change of 0 holders.
  • The largest Invesco California AMT-Free Municipal Bond ETF buyer in Q1 2026 was Guggenheim Capital, an estimated $4.91M added.
  • The largest Invesco California AMT-Free Municipal Bond ETF seller in Q1 2026 was Stratos Wealth Partners, an estimated $31.7M sold.

Based on aggregated 13F filings for Q1 2026.