PWZvsBSMTETF Comparison
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Invesco California AMT-Free Municipal Bond ETF (PWZ) and Invesco BulletShares 2029 Municipal Bond ETF (BSMT) 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 BSMT. PWZ is down -5.64% year-to-date (YTD) with +$142M in YTD flows. BSMT performs better with -2.12% YTD performance, and +$71M in YTD flows. Run a side-by-side ETF comparison of PWZ and BSMT 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 BSMT 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 BSMT | -0.98%-0.17% | -6.27%-1.99% | -5.64%-2.12% | -5.26%-1.57% | +5.72%+8.94% | -6.62%-3.78% |
| Flows | PWZ BSMT | -$19M+$11M | +$81M+$25M | +$142M+$71M | +$138M+$90M | +$318M+$255M | +$737M+$292M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PWZ BSMT | +6.85%+3.24% | +4.44%+2.00% | +5.28%+2.81% | +5.21%+3.44% |
| Max drawdown | PWZ BSMT | -8.65%-3.83% | -9.53%-5.02% | -9.53%-5.02% | -17.07%-16.14% |
| Max drawdown duration | PWZ BSMT | 92d92d | 102d236d | 102d236d | 1747d1747d |
Trading data
PWZ | BSMT | |
Last sale 10/16/2026 at 1:30 PM | $22.73 | $22.54 |
| Previous close 10/15/2026 | $22.70 | $22.52 |
| 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 | BSMT | |
|---|---|---|
| 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 | BSMT | |
|---|---|---|
| Last price | $22.73 | $22.54 |
| 1D performance | +0.13% | +0.09% |
| AuM | $1.16 B | $299.23 M |
| E/R | 0.28% | 0.18% |
Characteristics
PWZ | BSMT | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | Invesco |
| Benchmark | ICE BofA California Long-Term Core Plus Municipal Securities Index | ICE BulletShares USD Municipal Bond 2029 Index |
| N° of holdings | 671 | 1088 |
| 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%
BSMT
USA
64%
Other
36%
Sectors
PWZ
Municipal
68.28%
Other
31.72%
BSMT
Municipal
64%
Other
36%
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Diversification
PWZ
Total weight of top 15 holdings out of 15
7.38%
BSMT
Total weight of top 15 holdings out of 15
5.27%
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%
BSMT
Triborough Bridge and Tunnel Authority, 5% 1feb2029, USD (2026A2)
0.51%
US89602HJB42
0.51%
New Jersey, 5% 1jun2029, USD
0.49%
US43233KAG94
0.40%
Harris Cultural Education Facilities Finance Corp., 5% 1dec2029, USD (2026A)
0.39%
US19648FXR09
0.36%
Ohio Water Development Authority, 5% 1jun2029, USD (2019A)
0.31%
US544647HL79
0.31%
US13034A5B23
0.31%
New York Municipal Water Finance Authority, 5% 15jun2040, USD
0.30%
New Jersey Turnpike Authority, 5% 1jan2048, USD
0.30%
Lancaster Hospital Authority, 5% 1nov2051, USD (2021)
0.28%
Pennsylvania Turnpike Commission, 5% 1dec2044, USD
0.28%
US91412HTF00
0.27%
Massachusetts School Building Authority, 5% 15feb2044, USD
0.26%
Frequently asked questions about PWZ and BSMT
How have the PWZ and BSMT ETFs performed in 2026?
As of October 16, 2026, PWZ is down -5.64% year-to-date (YTD), while BSMT has lost -2.12%. That puts BSMT better performer ahead so far this year.
Which ETF is attracting more investor money: PWZ or BSMT?
Year-to-date, the PWZ ETF saw +$142M in flows, compared to +$71M for BSMT.
Which ETF is more volatile: PWZ or BSMT?
Over the past year, PWZ had a volatility of 4.44%, while BSMT experienced 2%.
Which ETF is bigger: PWZ or BSMT?
As of October 16, 2026, PWZ holds $1.16 B in assets under management (AUM), while BSMT manages $299.23 M.
What sectors do the PWZ and BSMT ETFs invest in?
PWZ leans toward sectors like Municipal. Meanwhile, BSMT focuses on Municipal.
What are the top holdings of the PWZ ETF and BSMT 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). BSMT holds in its top three: Triborough Bridge and Tunnel Authority, 5% 1feb2029, USD (2026A2), US89602HJB42 and New Jersey, 5% 1jun2029, USD.
Which ETF is more diversified: PWZ or BSMT?
PWZ holds 1237 securities with 7.38% of its assets in the top 15. BSMT has 1992 securities and a top 15 weight of 5.27%.
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