FMUNvsPZAETF Comparison
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Fidelity Systematic Municipal Bond Index ETF (FMUN) and Invesco National AMT-Free Municipal Bond ETF (PZA) belong to the same industry segment: Municipal Bonds. FMUN's top 2 sector exposures are Municipal and Non-Corporate. In contrast, PZA's top sector exposures are Municipal. FMUN is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.28% for PZA. FMUN is down -0.55% year-to-date (YTD) with +$12M in YTD flows. PZA performs worse with -3.08% YTD performance, and +$1.05B in YTD flows. Run a side-by-side ETF comparison of FMUN 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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FMUN vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FMUN PZA | -0.76%-1.80% | -1.92%-3.64% | -0.55%-3.08% | +3.64%+2.77% | n/a+5.20% | n/a-5.69% |
| Flows | FMUN PZA | -+$64M | +$3M+$220M | +$12M+$1.05B | +$14M+$1.20B | -+$2.03B | -+$2.23B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FMUN PZA | +2.78%+3.84% | +2.70%+3.76% | n/a+5.37% | n/a+5.26% |
| Max drawdown | FMUN PZA | -2.57%-4.54% | -2.86%-4.54% | n/a-8.59% | n/a-18.28% |
| Max drawdown duration | FMUN PZA | 58d58d | 185d185d | n/a432d | n/a1703d |
Trading data
FMUN | PZA | |
Last sale 9/3/2026 at 5:20 PM | $48.81 | $22.45 |
| Previous close 09/02/2026 | $48.73 | $22.46 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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FMUN | 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 9/3/2026 at 5:20 PM
Live
Closed
FMUN | PZA | |
|---|---|---|
| Last price | $48.81 | $22.45 |
| 1D performance | +0.16% | -0.04% |
| AuM | $178.50 M | $4.20 B |
| E/R | 0.05% | 0.28% |
Characteristics
FMUN | PZA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Fidelity | Invesco |
| Benchmark | Fidelity Systematic U.S. Municipal Bond Index | ICE BofAML National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 739 | 3400 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | April 8, 2025 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
FMUN
USA
58.77%
Other
41.23%
PZA
USA
59.95%
Other
40.05%
Sectors
FMUN
Municipal
58.52%
Other
41.48%
PZA
Municipal
59.95%
Other
40.05%
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Diversification
FMUN
Total weight of top 15 holdings out of 15
9.67%
PZA
Total weight of top 15 holdings out of 15
1.49%
Top 15 holdings
Data as of July 31, 2026
FMUN
California Community Choice Financing Authority, 5% 1jan2055, USD (2024B)
2.23%
US74440DFN93
0.89%
US79574CBW29
0.83%
US91412HSH74
0.60%
US56035DDX75
0.56%
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.52%
Pennsylvania Turnpike Commission, 5% 1dec2040, USD (2024)
0.51%
California, 5% 1aug2035, USD
0.50%
Southeast Energy Authority, 5.25% 1mar2055, USD (2025B)
0.48%
Triborough Bridge and Tunnel Authority, 4% 15may2046, USD (2021A)
0.47%
US452153JU45
0.46%
New York Transportation Development Corp., 5.375% 30jun2060, USD (2023)
0.44%
US56035DGT37
0.41%
Black Belt Energy Gas District, 5% 1may2055, USD (2024)
0.39%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.38%
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)
0.11%
Salt River Project Agricultural Improvement and Power District, 5.25% 1jan2055, USD (2025)
0.10%
University of California Medical Center, 5% 15may2047, USD (2022)
0.10%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.10%
Orange Health Facilities Authority, 5.25% 1oct2056, USD (2025A)
0.10%
Texas Transportation Finance Corp., 5.5% 1oct2055, USD (2025A)
0.10%
Massachusetts Development Finance Agency, 5.5% 1dec2056, USD
0.10%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.10%
San Diego Unified School District, 4% 1jul2047, USD
0.09%
Lower Alabama Gas District, 5% 1sep2046, USD
0.09%
Texas Water Development Board, 4.75% 15oct2055, USD (2025)
0.09%
University of California Medical Center, 4% 15may2053, USD
0.09%
Chicago Board of Education, 6% 1apr2046, USD (2017)
0.09%
Frequently asked questions about FMUN and PZA
How have the FMUN and PZA ETFs performed in 2026?
As of September 2, 2026, FMUN is down -0.55% year-to-date (YTD), while PZA has lost -3.08%. That puts FMUN better performer ahead so far this year.
Which ETF is attracting more investor money: FMUN or PZA?
Year-to-date, the FMUN ETF saw +$12M in flows, compared to +$1.05B for PZA.
Which ETF is more volatile: FMUN or PZA?
Over the past year, FMUN had a volatility of 2.7%, while PZA experienced 3.76%.
Which ETF is bigger: FMUN or PZA?
As of September 2, 2026, FMUN holds $178.50 M in assets under management (AUM), while PZA manages $4.20 B.
What sectors do the FMUN and PZA ETFs invest in?
FMUN leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the FMUN ETF and PZA ETF?
FMUN top holdings include California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29. 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: FMUN or PZA?
FMUN holds 1171 securities with 9.67% of its assets in the top 15. PZA has 7022 securities and a top 15 weight of 1.49%.
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