BSMUvsPZAETF Comparison
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Invesco BulletShares 2030 Municipal Bond ETF (BSMU) 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. BSMU is less expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.28% for PZA. BSMU is down -1.4% year-to-date (YTD) with +$66M 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 BSMU 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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BSMU 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. | BSMU PZA | -0.11%-0.78% | -2.07%-6.25% | -1.40%-5.77% | -0.82%-5.56% | +10.72%+6.07% | -4.08%-7.44% |
| Flows | BSMU PZA | +$4M-$21M | +$22M+$84M | +$66M+$1.06B | +$103M+$954M | +$230M+$2.07B | +$285M+$2.19B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | BSMU PZA | +4.07%+7.30% | +2.45%+4.68% | +3.35%+5.53% | +4.17%+5.45% |
| Max drawdown | BSMU PZA | -4.42%-8.91% | -5.35%-9.83% | -5.35%-9.83% | -18.36%-18.28% |
| Max drawdown duration | BSMU PZA | 64d92d | 229d229d | 229d229d | 1747d1747d |
Trading data
BSMU | PZA | |
Last sale 10/16/2026 at 1:30 PM | $21.17 | $21.64 |
| Previous close 10/15/2026 | $21.22 | $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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BSMU | 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
BSMU | PZA | |
|---|---|---|
| Last price | $21.17 | $21.64 |
| 1D performance | -0.24% | +0.23% |
| AuM | $281.96 M | $4.08 B |
| E/R | 0.18% | 0.28% |
Characteristics
BSMU | PZA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | Invesco |
| Benchmark | ICE BulletShares Municipal Bond 2030 Index | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 870 | 3395 |
| Asset class | Fixed Income | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 16, 2020 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
BSMU
USA
61.43%
Other
38.57%
PZA
USA
59.27%
Other
40.73%
Sectors
BSMU
Municipal
61.43%
Other
38.57%
PZA
Municipal
59.27%
Other
40.73%
Diversification
BSMU
Total weight of top 15 holdings out of 15
6.08%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
BSMU
Los Angeles Unified School District, 4% 1jul2044, USD
0.61%
New York Metropolitan Transportation Authority, 4.75% 15nov2045, USD (2020C)
0.57%
New York Metropolitan Transportation Authority, 5.25% 15nov2055, USD (2020C)
0.54%
California, 4% 1mar2036, USD
0.51%
California, 5% 1nov2030, USD
0.42%
Triborough Bridge and Tunnel Authority, 5% 15nov2049, USD (2020A)
0.42%
California, 5% 1mar2035, USD
0.39%
US544532QE75
0.38%
New York Metropolitan Transportation Authority, 5% 15nov2050, USD (2020C)
0.37%
New York Urban Development Corp., 5% 15mar2047, USD (2020C)
0.37%
US89602HFT95
0.34%
US91412HWB58
0.30%
City of New York, 5% 1aug2030, USD
0.30%
New Jersey Transportation Trust Fund Authority, 5% 15jun2045, USD
0.29%
Miracosta Community College District, 4% 1aug2045, USD
0.28%
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 BSMU and PZA
How have the BSMU and PZA ETFs performed in 2026?
As of October 16, 2026, BSMU is down -1.4% year-to-date (YTD), while PZA has lost -5.77%. That puts BSMU better performer ahead so far this year.
Which ETF is attracting more investor money: BSMU or PZA?
Year-to-date, the BSMU ETF saw +$66M in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: BSMU or PZA?
Over the past year, BSMU had a volatility of 2.45%, while PZA experienced 4.68%.
Which ETF is bigger: BSMU or PZA?
As of October 16, 2026, BSMU holds $281.96 M in assets under management (AUM), while PZA manages $4.08 B.
What sectors do the BSMU and PZA ETFs invest in?
BSMU leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the BSMU ETF and PZA ETF?
BSMU top holdings include Los Angeles Unified School District, 4% 1jul2044, USD, New York Metropolitan Transportation Authority, 4.75% 15nov2045, USD (2020C) and New York Metropolitan Transportation Authority, 5.25% 15nov2055, USD (2020C). 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: BSMU or PZA?
BSMU holds 1798 securities with 6.08% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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