The PWV ETF, known as PWZ, is primarily focused on investing in components of the Underlying Index, with a commitment to allocate at least 80% of its assets accordingly. This index is meticulously compiled and managed by ICE Data Indices, LLC, exclusively comprising U.S. dollar-denominated, tax-exempt municipal debt issued by California or any U.S. territory and their political subdivisions, meeting stringent criteria such as exemption from the federal alternative minimum tax and possessing investment-grade ratings from major credit rating agencies. As of October 31, 2023, the Underlying Index consisted of 1,070 constituents. Despite not acquiring all securities within the Index, PWZ adopts a sampling methodology to pursue its investment objectives. Classified as non-diversified under the Investment Company Act of 1940, PWZ is exempt from certain diversification requirements. Regarding its concentration policy, PWZ only concentrates its investments in specific industries if the Underlying Index reflects such concentration, otherwise maintaining a diversified portfolio across industries.
PWZ Dividend, part of the INVESCO ETF family, is designed to provide investors with exposure to dividend-paying securities while maintaining a focus on the components of the Underlying Index. With a commitment to investing at least 80% of its total assets in these components, PWZ Dividend offers a strategic approach to capturing dividends within the municipal bond market. Managed by ICE Data Indices, LLC, the Underlying Index comprises U.S. dollar-denominated, tax-exempt municipal debt issued primarily by California or any U.S. territory and their political subdivisions. These securities, exempt from the federal alternative minimum tax and considered investment grade by major rating agencies, form the bedrock of PWZ Dividend's portfolio. Utilizing a sampling methodology to achieve its investment objectives, the fund provides investors with the potential for income generation while adhering to its concentration policy and regulatory requirements, offering a balanced approach to dividend investing within the municipal bond space.
PWZ Tracking, an integral component of the INVESCO ETF lineup, aims to closely mirror the performance of its benchmark, the Underlying Index. With a commitment to investing at least 80% of its total assets in the components of this index, PWZ Tracking utilizes meticulous tracking methodologies overseen by ICE Data Indices, LLC, the Index Provider. The Underlying Index comprises U.S. dollar-denominated, tax-exempt municipal debt issued by California or any U.S. territory and their political subdivisions, meeting stringent criteria such as exemption from the federal alternative minimum tax and possessing investment-grade ratings from major credit rating agencies. This focus on tracking the index allows PWZ Tracking to offer investors a transparent and efficient way to gain exposure to the municipal bond market while aiming to replicate the performance of the benchmark index with precision. Through its adherence to tracking strategies and comprehensive oversight, PWZ Tracking provides investors with a reliable vehicle to participate in the municipal bond market's movements while maintaining a clear alignment with its benchmark's performance.
PWZ Correlation, a key offering within the INVESCO ETF suite, is tailored to provide investors with a nuanced perspective on market correlations. By investing at least 80% of its total assets in the components of the Underlying Index, PWZ Correlation offers exposure to a carefully curated selection of U.S. dollar-denominated, tax-exempt municipal debt issued by California or any U.S. territory and their political subdivisions. Managed by ICE Data Indices, LLC, the Index Provider, the Underlying Index mandates securities that are exempt from the federal alternative minimum tax and maintain investment-grade ratings from major credit rating agencies. Through diligent tracking methodologies, PWZ Correlation aims to elucidate correlations within the municipal bond market, providing investors with valuable insights into how these securities move in relation to broader market trends. With a focus on enhancing investors' understanding of correlation dynamics, PWZ Correlation offers a unique perspective on portfolio diversification and risk management within the municipal bond space.
PWZ Sector, a pivotal offering within the INVESCO ETF family, is engineered to provide investors with targeted exposure to specific sectors within the municipal bond market. Committed to investing at least 80% of its total assets in the components of the Underlying Index, PWZ Sector focuses on U.S. dollar-denominated, tax-exempt municipal debt issued by California or any U.S. territory and their political subdivisions. This carefully curated selection of securities, overseen by ICE Data Indices, LLC, the Index Provider, adheres to stringent criteria including exemption from the federal alternative minimum tax and maintenance of investment-grade ratings from major credit rating agencies. By utilizing sector-specific tracking methodologies, PWZ Sector allows investors to hone in on particular segments of the municipal bond market, enabling targeted exposure and strategic allocation within their portfolios. With a keen emphasis on sector diversification and risk management, PWZ Sector offers investors a tailored approach to navigating the complexities of the municipal bond market while capitalizing on sector-specific opportunities for potential returns.
PWZ Exposure, an integral component of the INVESCO ETF lineup, is meticulously designed to offer investors broad exposure to the municipal bond market. With a steadfast commitment to investing at least 80% of its total assets in the components of the Underlying Index, PWZ Exposure provides access to a diverse array of U.S. dollar-denominated, tax-exempt municipal debt issued by California or any U.S. territory and their political subdivisions. This comprehensive selection of securities, managed by ICE Data Indices, LLC, the Index Provider, meets rigorous criteria, including exemption from the federal alternative minimum tax and maintenance of investment-grade ratings from major credit rating agencies. Through sophisticated tracking methodologies, PWZ Exposure aims to mirror the performance of its benchmark index, offering investors a transparent and efficient means of gaining exposure to the municipal bond market while facilitating potential opportunities for income generation and capital appreciation. With its focus on broad market exposure and strategic diversification, PWZ Exposure provides investors with a robust foundation for building well-rounded investment portfolios aligned with their long-term financial objectives.
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