Invesco California AMT-Free Municipal Bond ETF (PWZ) Straddle

Trading a PWZ straddle lets you take a pure volatility position on Invesco California AMT-Free Municipal Bond ETF without committing to a direction. Invesco California AMT-Free Municipal Bond ETF's straddle involves buying (or selling) a call and a put at the same strike and expiration, profiting when the stock moves more (or less) than the combined premium implies. Use our scanner to evaluate PWZ straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on PWZ profits from large moves in either direction and is a classic play into binary events like earnings, product announcements, or macro releases. A short straddle profits when Invesco California AMT-Free Municipal Bond ETF stays range-bound and implied volatility contracts. The breakeven points are simple: strike plus total premium on the upside, strike minus total premium on the downside. Comparing the PWZ straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

The Invesco California AMT-Free Municipal Bond ETF (Fund) is based on the ICE BofAML California Long-Term Core Plus Municipal Securities Index (Index). The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Index and that also are exempt from the federal alternative minimum tax. The Index is composed of US dollar-denominated, investment grade, tax-exempt debt publicly issued by California or any US territory, or their political subdivisions, in the US domestic market with a term of at least 15 years remaining to final maturity. The Index is adjusted monthly and its constituents are capitalization-weighted based on their current amount outstanding.

The Fund and the Index are rebalanced and reconstituted monthly.

Earnings, product cycles, macro prints — any time volatility itself is the trade, the PWZ straddle is the cleanest expression of that view. Our scanner prices every PWZ straddle against historical realized moves, flags expirations where the market is overpaying or underpaying for vol, and ranks setups by breakeven width and IV rank. Whether you're long a PWZ straddle into a catalyst or short a PWZ straddle to harvest decay, the options straddle setups that matter are all in one place.