FLCBvsPWZETF Comparison
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Franklin U.S. Core Bond ETF (FLCB) belongs to the US Corporate IG Bonds segment. Invesco California AMT-Free Municipal Bond ETF (PWZ) is part of the Municipal Bonds segment. FLCB's top 3 sector exposures are Sovereign, Finance and Industrials. In contrast, PWZ's top sector exposures are Municipal. FLCB is less expensive with a Total Expense Ratio (TER) of 0.15%, versus 0.28% for PWZ. FLCB is down -2.6% year-to-date (YTD) with +$373M in YTD flows. PWZ performs worse with -2.73% YTD performance, and +$150M in YTD flows. Run a side-by-side ETF comparison of FLCB and PWZ 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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FLCB vs PWZ performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FLCB PWZ | -0.46%-1.64% | -1.92%-3.06% | -2.60%-2.73% | -1.38%+3.34% | +8.40%+5.05% | -9.58%-4.58% |
| Flows | FLCB PWZ | +$48M+$76M | +$215M+$120M | +$373M+$150M | +$475M+$220M | +$1.50B+$561M | +$1.78B+$788M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FLCB PWZ | +4.24%+3.82% | +3.90%+3.67% | +5.13%+5.17% | +5.79%+5.04% |
| Max drawdown | FLCB PWZ | -2.67%-4.32% | -4.44%-4.32% | -4.81%-8.29% | -20.67%-17.07% |
| Max drawdown duration | FLCB PWZ | 64d57d | 184d57d | 284d394d | 1813d1702d |
Trading data
FLCB | PWZ | |
Last sale 9/2/2026 at 1:30 PM | $20.93 | $23.45 |
| Previous close 09/01/2026 | $20.92 | $23.50 |
| Consolidated volume 09/01/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 3, 2026
1-year trailing difference
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FLCB
is actively managed and doesn’t replicate an indexFLCB | PWZ | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/2/2026 at 1:30 PM
Live
Closed
FLCB | PWZ | |
|---|---|---|
| Last price | $20.93 | $23.45 |
| 1D performance | +0.05% | -0.21% |
| AuM | $3.06 B | $1.21 B |
| E/R | 0.15% | 0.28% |
Characteristics
FLCB | PWZ | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Franklin Templeton | Invesco |
| Benchmark | - | ICE BofA California Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 842 | 677 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 17, 2019 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
FLCB
USA
58.73%
Other
41.27%
PWZ
USA
69.86%
Other
30.14%
Sectors
FLCB
Sovereign
26.14%
Finance
10.54%
Industrials
8.67%
Other
54.65%
PWZ
Municipal
69.86%
Other
30.14%
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Diversification
FLCB
Total weight of top 15 holdings out of 15
18.89%
PWZ
Total weight of top 15 holdings out of 15
7.32%
Top 15 holdings
Data as of July 31, 2026
FLCB
USA, Notes 3.25% 30jun2027, USD (AA-2027)
2.83%
USA, Notes 4.125% 30apr2033, USD (K-2033)
2.52%
USA, Notes 1.375% 31dec2028, USD (T-2028)
1.82%
USA, Notes 4.125% 31jul2028, USD (AB-2028)
1.75%
USA, Bonds 1.375% 15aug2050, USD
1.14%
USA, Notes 4% 31oct2029, USD (R-2029)
1.07%
USA, Notes 3.5% 30apr2028, USD (Y-2028)
1.05%
USA, Bonds 4.75% 15aug2055, USD
1.02%
USA, Notes 0.5% 30jun2027, USD (M-2027)
0.97%
USA, Notes 1.25% 31may2028, USD (L-2028)
0.84%
USA, Bonds 3% 15nov2044, USD
0.82%
USA, Bonds 2% 15nov2041, USD
0.81%
USA, Bonds 3% 15feb2049, USD
0.81%
USA, Bonds 1.25% 15may2050, USD
0.72%
USA, Notes 4.125% 31aug2030, USD (P-2030)
0.71%
PWZ
California Health Facilities Financing Authority, 4% 1nov2044, USD
0.74%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.65%
University of California Medical Center, 5% 15may2047, USD (2022)
0.62%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.58%
University of California Medical Center, 4% 15may2053, USD
0.55%
California Educational Facilities Authority, 5% 1may2049, USD
0.54%
Los Angeles Unified School District, 4% 1jul2044, USD
0.48%
San Diego Community College District, 5% 1aug2055, USD (2024)
0.43%
Foothill/Eastern Transportation Corridor Agency, 4% 15jan2046, USD (2021A)
0.42%
University of California, 5% 15may2052, USD (2022)
0.40%
San Francisco Public Utilities Commission, 5% 1oct2054, USD (2024)
0.40%
California Educational Facilities Authority, 5% 1may2045, USD
0.39%
San Francisco Public Utilities Commission, 5% 1nov2055, USD (2025)
0.38%
University of California, 5% 15may2053, USD (2025)
0.38%
California Public Works Board, 5% 1apr2049, USD (2024)
0.38%
Frequently asked questions about FLCB and PWZ
How have the FLCB and PWZ ETFs performed in 2026?
As of September 1, 2026, FLCB is down -2.6% year-to-date (YTD), while PWZ has lost -2.73%. That puts FLCB better performer ahead so far this year.
Which ETF is attracting more investor money: FLCB or PWZ?
Year-to-date, the FLCB ETF saw +$373M in flows, compared to +$150M for PWZ.
Which ETF is more volatile: FLCB or PWZ?
Over the past year, FLCB had a volatility of 3.9%, while PWZ experienced 3.67%.
Which ETF is bigger: FLCB or PWZ?
As of September 1, 2026, FLCB holds $3.06 B in assets under management (AUM), while PWZ manages $1.21 B.
What sectors do the FLCB and PWZ ETFs invest in?
FLCB leans toward sectors like Sovereign, Finance and Industrials. Meanwhile, PWZ focuses on Municipal.
What are the top holdings of the FLCB ETF and PWZ ETF?
FLCB top holdings include USA, Notes 3.25% 30jun2027, USD (AA-2027), USA, Notes 4.125% 30apr2033, USD (K-2033) and USA, Notes 1.375% 31dec2028, USD (T-2028). PWZ holds in its top three: California Health Facilities Financing Authority, 4% 1nov2044, USD, California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A) and University of California Medical Center, 5% 15may2047, USD (2022).
Which ETF is more diversified: FLCB or PWZ?
FLCB holds 1008 securities with 18.89% of its assets in the top 15. PWZ has 1206 securities and a top 15 weight of 7.32%.
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