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Invesco California AMT-Free Municipal Bond ETF
PWZ

112 hedge funds and large institutions have $553M invested in Invesco California AMT-Free Municipal Bond ETF in 2025 Q2 according to their latest regulatory filings, with 12 funds opening new positions, 35 increasing their positions, 39 reducing their positions, and 19 closing their positions.

New
Increased
Maintained
Reduced
Closed

139% more call options, than puts

Call options by funds: $1.04M | Put options by funds: $434K

17% more capital invested

Capital invested by funds: $473M → $553M (+$79.8M)

7.66% more ownership

Funds ownership: 68.05% → 75.71% (+7.7%)

7% less funds holding

Funds holding: 120 → 112 (-8)

10% less repeat investments, than reductions

Existing positions increased: 35 | Existing positions reduced: 39

37% less first-time investments, than exits

New positions opened: 12 | Existing positions closed: 19

50% less funds holding in top 10

Funds holding in top 10: 2 → 1 (-1)

Holders
112
Holders Change
-8
Holders Change %
-6.67%
% of All Funds
1.47%
Holding in Top 10
1
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-50%
% of All Funds
0.01%
New
12
Increased
35
Reduced
39
Closed
19
Calls
$1.04M
Puts
$434K
Net Calls
+$605K
Net Calls Change
+$297K

Top Buyers

Rank Fund Capital Flow
1
Wealthfront Advisers
Wealthfront Advisers
California
+$117M
2
SC
Syon Capital
California
+$7.08M
3
PFA
Pure Financial Advisors
California
+$5.69M
4
Envestnet Asset Management
Envestnet Asset Management
Illinois
+$5.6M
5
Mercer Global Advisors
Mercer Global Advisors
Colorado
+$5.31M

Top Sellers

Rank Fund Capital Flow
1
ALA
Atlas Legacy Advisors
California
-$9.97M
2
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$7.77M
3
Ameriprise
Ameriprise
Minnesota
-$7.5M
4
JP Morgan Chase
JP Morgan Chase
New York
-$5.48M
5
FFA
First Foundation Advisors
California
-$3.78M
Name Holding Trade Value Shares
Change 		Change in
Stake
DCM
51
Dimension Capital Management
Florida
$612K – – –
Fisher Asset Management
52
Fisher Asset Management
Washington
$607K – – –
EWM
53
Elmwood Wealth Management
California
$585K +$15.2K +650 +3%
OFG
54
Omega Financial Group
California
$585K +$3.24K +139 +0.6%
JSW
55
Journey Strategic Wealth
New Jersey
$567K -$1.19M -50,960 -68%
WIM
56
WealthPlan Investment Management
Nebraska
$560K +$560K +23,996 New
RSWM
57
Robertson Stephens Wealth Management
California
$557K – – –
NAS
58
NWF Advisory Services
California
$540K – – –
CMBA
59
C.M. Bidwell & Associates
Hawaii
$517K – – –
EH
60
Equitable Holdings
New York
$487K -$248K -10,627 -34%
Cetera Investment Advisers
61
Cetera Investment Advisers
Illinois
$480K +$24.2K +1,035 +5%
BPWM
62
BCS Private Wealth Management
New Jersey
$467K +$467K +20,000 New
WSWA
63
Warren Street Wealth Advisors
California
$465K -$15.5K -665 -3%
SM
64
Sweeney & Michel
California
$464K -$46.7K -2,000 -9%
Creative Planning
65
Creative Planning
Kansas
$428K -$109K -4,684 -20%
SVWG
66
Shared Vision Wealth Group
United States
$419K +$427K +18,309 New
Raymond James Financial
67
Raymond James Financial
Florida
$418K -$173K -7,429 -29%
ALA
68
Atlas Legacy Advisors
California
$412K -$9.97M -427,325 -96%
Stifel Financial
69
Stifel Financial
Missouri
$406K -$127K -5,446 -24%
CWM
70
Certus Wealth Management
California
$404K +$404K +17,309 New
AAS
71
Avantax Advisory Services
Texas
$381K -$6.65K -285 -2%
CC
72
Climber Capital
Switzerland
$381K – – –
APP
73
Avantax Planning Partners
Iowa
$357K -$230K -9,852 -39%
WA
74
Waddell & Associates
Tennessee
$330K – – –
GRP
75
Global Retirement Partners
California
$293K +$293K +12,545 New
1 2
3
4 5

PWZ Hedge Fund Activity: Q2 2025 in Review

112 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in Invesco California AMT-Free Municipal Bond ETF (PWZ) for Q2 2025, worth a combined $553M — up 17% from $473M a quarter earlier.

Sellers outnumbered buyers: 19 funds closed out of PWZ and 12 opened new positions — a net loss of 7 holders — while 39 trimmed existing stakes and 35 added.

The largest buyer was Wealthfront Advisers, adding an estimated $117M. The largest seller was Atlas Legacy Advisors, cutting an estimated $9.97M.

  • 112 institutional investors held Invesco California AMT-Free Municipal Bond ETF (PWZ) as of Q2 2025, down from 120 in Q1 2025.
  • Funds reported $553M of Invesco California AMT-Free Municipal Bond ETF stock for Q2 2025, up 17% quarter-over-quarter.
  • 12 funds opened new Invesco California AMT-Free Municipal Bond ETF positions in Q2 2025 and 19 closed out, a net change of -7 holders.
  • The largest Invesco California AMT-Free Municipal Bond ETF buyer in Q2 2025 was Wealthfront Advisers, an estimated $117M added.
  • The largest Invesco California AMT-Free Municipal Bond ETF seller in Q2 2025 was Atlas Legacy Advisors, an estimated $9.97M sold.

Based on aggregated 13F filings for Q2 2025.