PWZvsBSMSETF Comparison
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Invesco California AMT-Free Municipal Bond ETF (PWZ) and Invesco BulletShares 2028 Municipal Bond ETF (BSMS) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. PWZ is more expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.18% for BSMS. PWZ is down -5.64% year-to-date (YTD) with +$142M in YTD flows. BSMS performs better with -1.1% YTD performance, and +$98M in YTD flows. Run a side-by-side ETF comparison of PWZ and BSMS below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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PWZ vs BSMS performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PWZ BSMS | -0.98%-0.16% | -6.27%-1.24% | -5.64%-1.10% | -5.26%-0.57% | +5.72%+9.50% | -6.62%-1.27% |
| Flows | PWZ BSMS | -$19M+$14M | +$81M+$37M | +$142M+$98M | +$138M+$117M | +$318M+$275M | +$737M+$330M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PWZ BSMS | +6.85%+2.60% | +4.44%+1.58% | +5.28%+2.28% | +5.21%+2.93% |
| Max drawdown | PWZ BSMS | -8.65%-2.72% | -9.53%-3.43% | -9.53%-3.43% | -17.07%-14.28% |
| Max drawdown duration | PWZ BSMS | 92d92d | 102d236d | 102d236d | 1747d1748d |
Trading data
PWZ | BSMS | |
Last sale 10/16/2026 at 1:30 PM | $22.73 | $23.05 |
| Previous close 10/15/2026 | $22.70 | $23.08 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 18, 2026
1-year trailing difference
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PWZ | BSMS | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
PWZ | BSMS | |
|---|---|---|
| Last price | $22.73 | $23.05 |
| 1D performance | +0.13% | -0.11% |
| AuM | $1.16 B | $342.62 M |
| E/R | 0.28% | 0.18% |
Characteristics
PWZ | BSMS | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | Invesco |
| Benchmark | ICE BofA California Long-Term Core Plus Municipal Securities Index | ICE BulletShares USD Municipal Bond 2028 Index |
| N° of holdings | 671 | 1194 |
| Asset class | Fixed Income | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | September 13, 2019 |
| ESG | No | No |
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Exposure
Countries
PWZ
USA
68.28%
Other
31.72%
BSMS
USA
63.9%
Other
36.1%
Sectors
PWZ
Municipal
68.28%
Other
31.72%
BSMS
Municipal
63.9%
Other
36.1%
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Diversification
PWZ
Total weight of top 15 holdings out of 15
7.38%
BSMS
Total weight of top 15 holdings out of 15
4.82%
Top 15 holdings
Data as of August 31, 2026
PWZ
California Health Facilities Financing Authority, 4% 1nov2044, USD
0.88%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.62%
University of California Medical Center, 5% 15may2047, USD (2022)
0.61%
University of California Medical Center, 4% 15may2053, USD
0.54%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.51%
California Educational Facilities Authority, 5% 1may2049, USD
0.50%
San Diego Community College District, 5% 1aug2055, USD (2024)
0.46%
University of California, 5% 15may2053, USD (2025)
0.46%
Los Angeles Unified School District, 4% 1jul2044, USD
0.45%
US13032U7V45
0.44%
Foothill/Eastern Transportation Corridor Agency, 4% 15jan2046, USD (2021A)
0.40%
University of California, 5% 15may2052, USD (2022)
0.38%
California Educational Facilities Authority, 5% 1may2045, USD
0.38%
San Francisco Public Utilities Commission, 5% 1oct2054, USD (2024)
0.38%
San Francisco Bay Area Rapid Transit District, 4.25% 1aug2052, USD (2016)
0.37%
BSMS
Illinois, 5% 1nov2028, USD (2017D)
0.49%
Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2025A)
0.48%
Texas Water Development Board, 5% 15apr2049, USD (2018B)
0.48%
North Texas Tollway Authority, 5% 1jan2043, USD (2017A)
0.39%
New Jersey, 5% 1jun2028, USD
0.38%
Los Angeles Department of Water and Power, 5% 1jul2028, USD (2025)
0.34%
Triborough Bridge and Tunnel Authority, 5% 1mar2028, USD (2025A)
0.30%
Los Angeles Unified School District, 5.25% 1jul2042, USD
0.29%
Los Angeles Metropolitan Transportation Authority, 5% 1jul2044, USD (2019-A)
0.28%
County of Clark (NV), 5% 1may2048, USD
0.25%
Grand Parkway Transportation Corp., 5% 1oct2048, USD (2018A)
0.24%
New Jersey Economic Development Authority, 5% 1mar2028, USD (2023)
0.23%
Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A)
0.23%
Las Vegas Convention and Visitors Authority, 5% 1jul2043, USD
0.22%
New York Dormitory Authority, 5% 15mar2048, USD (2018)
0.22%
Frequently asked questions about PWZ and BSMS
How have the PWZ and BSMS ETFs performed in 2026?
As of October 16, 2026, PWZ is down -5.64% year-to-date (YTD), while BSMS has lost -1.1%. That puts BSMS better performer ahead so far this year.
Which ETF is attracting more investor money: PWZ or BSMS?
Year-to-date, the PWZ ETF saw +$142M in flows, compared to +$98M for BSMS.
Which ETF is more volatile: PWZ or BSMS?
Over the past year, PWZ had a volatility of 4.44%, while BSMS experienced 1.58%.
Which ETF is bigger: PWZ or BSMS?
As of October 16, 2026, PWZ holds $1.16 B in assets under management (AUM), while BSMS manages $342.62 M.
What sectors do the PWZ and BSMS ETFs invest in?
PWZ leans toward sectors like Municipal. Meanwhile, BSMS focuses on Municipal.
What are the top holdings of the PWZ ETF and BSMS ETF?
PWZ top holdings include California Health Facilities Financing Authority, 4% 1nov2044, USD, California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A) and University of California Medical Center, 5% 15may2047, USD (2022). BSMS holds in its top three: Illinois, 5% 1nov2028, USD (2017D), Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2025A) and Texas Water Development Board, 5% 15apr2049, USD (2018B).
Which ETF is more diversified: PWZ or BSMS?
PWZ holds 1237 securities with 7.38% of its assets in the top 15. BSMS has 2335 securities and a top 15 weight of 4.82%.
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