Invesco California AMT-Free Municipal Bond ETF
119 hedge funds and large institutions have $835M invested in Invesco California AMT-Free Municipal Bond ETF in 2025 Q3 according to their latest regulatory filings, with 18 funds opening new positions, 42 increasing their positions, 36 reducing their positions, and 8 closing their positions.
125% more first-time investments, than exits
New positions opened: 18 | Existing positions closed: 8
51% more capital invested
Capital invested by funds: $553M → $835M (+$282M)
17% more repeat investments, than reductions
Existing positions increased: 42 | Existing positions reduced: 36
6% more funds holding
Funds holding: 112 → 119 (+7)
0.38% more ownership
Funds ownership: 75.71% → 76.09% (+0.38%)
100% less funds holding in top 10
Funds holding in top 10: 1 → 0 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Wealthfront Advisers
Palo Alto,
California
|
+$320M |
| 2 |
Mercer Global Advisors
Denver,
Colorado
|
+$13.3M |
| 3 |
GKWIM
Gerber Kawasaki Wealth & Investment Management
Santa Monica,
California
|
+$11.9M |
| 4 |
Goldman Sachs
New York
|
+$10.8M |
| 5 |
Bank of America
Charlotte,
North Carolina
|
+$6.67M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Envestnet Asset Management
Chicago,
Illinois
|
-$38.1M |
| 2 |
MMA
Miracle Mile Advisors
Los Angeles,
California
|
-$27.9M |
| 3 |
SWP
Stratos Wealth Partners
Beachwood,
Ohio
|
-$12.3M |
| 4 |
FFA
First Foundation Advisors
Irvine,
California
|
-$11.4M |
| 5 |
Jane Street
New York
|
-$3.69M |
PWZ Hedge Fund Activity: Q3 2025 in Review
119 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in Invesco California AMT-Free Municipal Bond ETF (PWZ) for Q3 2025, worth a combined $835M — up 51% from $553M a quarter earlier.
Buyers outnumbered sellers: 18 funds opened new PWZ positions and 8 closed out — a net gain of 10 holders — while 42 added to existing stakes and 36 trimmed.
The largest buyer was Wealthfront Advisers, adding an estimated $320M. The largest seller was Envestnet Asset Management, cutting an estimated $38.1M.
- 119 institutional investors held Invesco California AMT-Free Municipal Bond ETF (PWZ) as of Q3 2025, up from 112 in Q2 2025.
- Funds reported $835M of Invesco California AMT-Free Municipal Bond ETF stock for Q3 2025, up 51% quarter-over-quarter.
- 18 funds opened new Invesco California AMT-Free Municipal Bond ETF positions in Q3 2025 and 8 closed out, a net change of +10 holders.
- The largest Invesco California AMT-Free Municipal Bond ETF buyer in Q3 2025 was Wealthfront Advisers, an estimated $320M added.
- The largest Invesco California AMT-Free Municipal Bond ETF seller in Q3 2025 was Envestnet Asset Management, an estimated $38.1M sold.
Based on aggregated 13F filings for Q3 2025.