Invesco California AMT-Free Municipal Bond ETF
128 hedge funds and large institutions have $852M invested in Invesco California AMT-Free Municipal Bond ETF in 2025 Q4 according to their latest regulatory filings, with 22 funds opening new positions, 43 increasing their positions, 40 reducing their positions, and 11 closing their positions.
100% more first-time investments, than exits
New positions opened: 22 | Existing positions closed: 11
8% more funds holding
Funds holding: 119 → 128 (+9)
2.05% more ownership
Funds ownership: 76.09% → 78.14% (+2%)
8% more repeat investments, than reductions
Existing positions increased: 43 | Existing positions reduced: 40
2% more capital invested
Capital invested by funds: $835M → $852M (+$16.2M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Mercer Global Advisors
Denver,
Colorado
|
+$13.5M |
| 2 |
GC
Guggenheim Capital
Chicago,
Illinois
|
+$5.03M |
| 3 |
SG
StoneX Group
New York
|
+$1.74M |
| 4 |
FFA
Farther Finance Advisors
San Francisco,
California
|
+$1.69M |
| 5 |
EC
Elequin Capital
New York
|
+$1.26M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Wealthfront Advisers
Palo Alto,
California
|
-$11.4M |
| 2 |
Goldman Sachs
New York
|
-$10.1M |
| 3 |
MMA
Miracle Mile Advisors
Los Angeles,
California
|
-$4.29M |
| 4 |
FFA
First Foundation Advisors
Irvine,
California
|
-$3.27M |
| 5 |
Renaissance Technologies
New York
|
-$3.15M |
PWZ Hedge Fund Activity: Q4 2025 in Review
128 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in Invesco California AMT-Free Municipal Bond ETF (PWZ) for Q4 2025, worth a combined $852M — up 1.9% from $835M a quarter earlier.
Buyers outnumbered sellers: 22 funds opened new PWZ positions and 11 closed out — a net gain of 11 holders — while 43 added to existing stakes and 40 trimmed.
The largest buyer was Mercer Global Advisors, adding an estimated $13.5M. The largest seller was Wealthfront Advisers, cutting an estimated $11.4M.
- 128 institutional investors held Invesco California AMT-Free Municipal Bond ETF (PWZ) as of Q4 2025, up from 119 in Q3 2025.
- Funds reported $852M of Invesco California AMT-Free Municipal Bond ETF stock for Q4 2025, up 1.9% quarter-over-quarter.
- 22 funds opened new Invesco California AMT-Free Municipal Bond ETF positions in Q4 2025 and 11 closed out, a net change of +11 holders.
- The largest Invesco California AMT-Free Municipal Bond ETF buyer in Q4 2025 was Mercer Global Advisors, an estimated $13.5M added.
- The largest Invesco California AMT-Free Municipal Bond ETF seller in Q4 2025 was Wealthfront Advisers, an estimated $11.4M sold.
Based on aggregated 13F filings for Q4 2025.