FLCBvsPZTETF Comparison
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Franklin U.S. Core Bond ETF (FLCB) belongs to the US Corporate IG Bonds segment. Invesco New York AMT-Free Municipal Bond ETF (PZT) is part of the Municipal Bonds segment. FLCB's top 3 sector exposures are Sovereign, Finance and Industrials. In contrast, PZT's top sector exposures are Municipal. FLCB is less expensive with a Total Expense Ratio (TER) of 0.15%, versus 0.28% for PZT. FLCB is down -2.42% year-to-date (YTD) with +$373M in YTD flows. PZT performs worse with -3.27% YTD performance, and +$11M in YTD flows. Run a side-by-side ETF comparison of FLCB and PZT 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 PZT performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/03/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FLCB PZT | -0.27%-1.96% | -1.57%-3.86% | -2.42%-3.27% | -1.53%+2.06% | +9.13%+5.02% | -9.33%-6.05% |
| Flows | FLCB PZT | +$48M+$6M | +$188M+$11M | +$373M+$11M | +$473M+$8M | +$1.50B+$57M | +$1.78B+$43M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FLCB PZT | +4.24%+4.05% | +3.87%+3.98% | +5.12%+5.71% | +5.79%+5.56% |
| Max drawdown | FLCB PZT | -2.67%-4.80% | -4.44%-4.89% | -4.81%-8.97% | -20.67%-18.68% |
| Max drawdown duration | FLCB PZT | 66d59d | 186d186d | 284d432d | 1815d1704d |
Trading data
FLCB | PZT | |
Last sale 9/3/2026 at 1:30 PM | $20.95 | $21.44 |
| Previous close 09/03/2026 | $20.93 | $21.54 |
| Consolidated volume 09/03/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 4, 2026
1-year trailing difference
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FLCB
is actively managed and doesn’t replicate an indexFLCB | PZT | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/3/2026 at 1:30 PM
Live
Closed
FLCB | PZT | |
|---|---|---|
| Last price | $20.95 | $21.44 |
| 1D performance | +0.10% | -0.46% |
| AuM | $3.06 B | $140.21 M |
| E/R | 0.15% | 0.28% |
Characteristics
FLCB | PZT | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Franklin Templeton | Invesco |
| Benchmark | - | ICE BofA New York Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 842 | 734 |
| Asset class | - | Bonds |
| 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%
PZT
USA
71.26%
Other
28.74%
Sectors
FLCB
Sovereign
26.14%
Finance
10.54%
Industrials
8.67%
Other
54.65%
PZT
Municipal
71.26%
Other
28.74%
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Diversification
FLCB
Total weight of top 15 holdings out of 15
18.89%
PZT
Total weight of top 15 holdings out of 15
12.03%
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%
PZT
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
1.76%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.94%
New York Dormitory Authority, 4.25% 1may2052, USD (2022A)
0.88%
New York Power Authority, 4% 15nov2050, USD
0.82%
Battery Park City Authority, 5.25% 1nov2055, USD (2025)
0.80%
New York Dormitory Authority, 5.25% 1may2054, USD (2024A)
0.76%
US649519DW23
0.74%
New York Power Authority, 4% 15nov2055, USD
0.74%
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
0.73%
New York Liberty Development Corp., 2.45% 15sep2069, USD (2019)
0.71%
Hudson Yards Infrastructure Corp., 4% 15feb2047, USD
0.68%
New York Dormitory Authority, 5% 1may2052, USD (2022A)
0.64%
New York Dormitory Authority, 5.5% 1oct2054, USD (2024)
0.62%
Hudson Yards Infrastructure Corp., 4% 15feb2044, USD
0.62%
New York Liberty Development Corp., 2.8% 15sep2069, USD (2019)
0.61%
Frequently asked questions about FLCB and PZT
How have the FLCB and PZT ETFs performed in 2026?
As of September 3, 2026, FLCB is down -2.42% year-to-date (YTD), while PZT has lost -3.27%. That puts FLCB better performer ahead so far this year.
Which ETF is attracting more investor money: FLCB or PZT?
Year-to-date, the FLCB ETF saw +$373M in flows, compared to +$11M for PZT.
Which ETF is more volatile: FLCB or PZT?
Over the past year, FLCB had a volatility of 3.87%, while PZT experienced 3.98%.
Which ETF is bigger: FLCB or PZT?
As of September 3, 2026, FLCB holds $3.06 B in assets under management (AUM), while PZT manages $140.21 M.
What sectors do the FLCB and PZT ETFs invest in?
FLCB leans toward sectors like Sovereign, Finance and Industrials. Meanwhile, PZT focuses on Municipal.
What are the top holdings of the FLCB ETF and PZT 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). PZT holds in its top three: New York Dormitory Authority, 5.5% 1jul2054, USD (2024A), Hudson Yards Infrastructure Corp., 5% 15feb2042, USD and New York Dormitory Authority, 4.25% 1may2052, USD (2022A).
Which ETF is more diversified: FLCB or PZT?
FLCB holds 1008 securities with 18.89% of its assets in the top 15. PZT has 1222 securities and a top 15 weight of 12.03%.
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