Invesco California AMT-Free Municipal Bond ETF
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.
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)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Wealthfront Advisers
Palo Alto,
California
|
+$117M |
| 2 |
SC
Syon Capital
San Francisco,
California
|
+$7.08M |
| 3 |
PFA
Pure Financial Advisors
San Diego,
California
|
+$5.69M |
| 4 |
Envestnet Asset Management
Chicago,
Illinois
|
+$5.6M |
| 5 |
Mercer Global Advisors
Denver,
Colorado
|
+$5.31M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
ALA
Atlas Legacy Advisors
Los Angeles,
California
|
-$9.97M |
| 2 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$7.77M |
| 3 |
Ameriprise
Minneapolis,
Minnesota
|
-$7.5M |
| 4 |
JP Morgan Chase
New York
|
-$5.48M |
| 5 |
FFA
First Foundation Advisors
Irvine,
California
|
-$3.78M |
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.