Quick Read Invesco California Municipal Bond ETF (PWZ) yields 3.8% exempt from federal and California state taxes. PWZ’s tax exemption doubles after-tax returns for California residents in the 50%+ tax bracket. Osaic Holdings increased its position in PWZ by 382.7% during 2025. Investors rethink 'hands off' investing and decide to start making real money High-income California residents face a combined federal and state tax rate exceeding 50%, which fundamentally changes bond investment economics ...