BSMSvsPZAETF Comparison
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Invesco BulletShares 2028 Municipal Bond ETF (BSMS) and Invesco National AMT-Free Municipal Bond ETF (PZA) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. BSMS is less expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.28% for PZA. BSMS is down -1.1% year-to-date (YTD) with +$98M in YTD flows. PZA performs worse with -5.77% YTD performance, and +$1.06B in YTD flows. Run a side-by-side ETF comparison of BSMS and PZA 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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BSMS vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | BSMS PZA | -0.16%-0.78% | -1.24%-6.25% | -1.10%-5.77% | -0.57%-5.56% | +9.50%+6.07% | -1.27%-7.44% |
| Flows | BSMS PZA | +$14M-$21M | +$37M+$84M | +$98M+$1.06B | +$117M+$954M | +$275M+$2.07B | +$330M+$2.19B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | BSMS PZA | +2.60%+7.30% | +1.58%+4.68% | +2.28%+5.53% | +2.93%+5.45% |
| Max drawdown | BSMS PZA | -2.72%-8.91% | -3.43%-9.83% | -3.43%-9.83% | -14.28%-18.28% |
| Max drawdown duration | BSMS PZA | 92d92d | 236d229d | 236d229d | 1748d1747d |
Trading data
BSMS | PZA | |
Last sale 10/16/2026 at 1:30 PM | $23.05 | $21.64 |
| Previous close 10/15/2026 | $23.08 | $21.59 |
| 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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BSMS | PZA | |
|---|---|---|
| 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
BSMS | PZA | |
|---|---|---|
| Last price | $23.05 | $21.64 |
| 1D performance | -0.11% | +0.23% |
| AuM | $342.62 M | $4.08 B |
| E/R | 0.18% | 0.28% |
Characteristics
BSMS | PZA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | Invesco |
| Benchmark | ICE BulletShares USD Municipal Bond 2028 Index | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 1194 | 3395 |
| Asset class | Fixed Income | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 13, 2019 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
BSMS
USA
63.9%
Other
36.1%
PZA
USA
59.27%
Other
40.73%
Sectors
BSMS
Municipal
63.9%
Other
36.1%
PZA
Municipal
59.27%
Other
40.73%
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Diversification
BSMS
Total weight of top 15 holdings out of 15
4.82%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
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%
PZA
California Health Facilities Financing Authority, 4% 1nov2044, USD
0.13%
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.12%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.10%
County of Jefferson (AL), 5.5% 1oct2053, USD (2024)
0.10%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.10%
Salt River Project Agricultural Improvement and Power District, 5.25% 1jan2055, USD (2025)
0.10%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.10%
University of California Medical Center, 5% 15may2047, USD (2022)
0.10%
County of Jefferson (AL), 5.25% 1oct2049, USD (2024)
0.10%
Orange Health Facilities Authority, 5.25% 1oct2056, USD (2025A)
0.09%
US818200VF19
0.09%
US67756AH960
0.09%
US43233KAE47
0.09%
US160853VA29
0.09%
US6133408D38
0.09%
Frequently asked questions about BSMS and PZA
How have the BSMS and PZA ETFs performed in 2026?
As of October 16, 2026, BSMS is down -1.1% year-to-date (YTD), while PZA has lost -5.77%. That puts BSMS better performer ahead so far this year.
Which ETF is attracting more investor money: BSMS or PZA?
Year-to-date, the BSMS ETF saw +$98M in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: BSMS or PZA?
Over the past year, BSMS had a volatility of 1.58%, while PZA experienced 4.68%.
Which ETF is bigger: BSMS or PZA?
As of October 16, 2026, BSMS holds $342.62 M in assets under management (AUM), while PZA manages $4.08 B.
What sectors do the BSMS and PZA ETFs invest in?
BSMS leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the BSMS ETF and PZA ETF?
BSMS top holdings include Illinois, 5% 1nov2028, USD (2017D), Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2025A) and Texas Water Development Board, 5% 15apr2049, USD (2018B). PZA holds in its top three: California Health Facilities Financing Authority, 4% 1nov2044, USD, New York Dormitory Authority, 5.5% 1jul2054, USD (2024A) and New York Dormitory Authority, 4% 15feb2047, USD (2019D).
Which ETF is more diversified: BSMS or PZA?
BSMS holds 2335 securities with 4.82% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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