FOPCvsPZAETF Comparison
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Frontier Asset Opportunistic Credit ETF (FOPC) belongs to the Intl Aggregate Bonds segment. Invesco National AMT-Free Municipal Bond ETF (PZA) is part of the Municipal Bonds segment. FOPC's top 3 sector exposures are Sovereign, Finance and Industrials. In contrast, PZA's top sector exposures are Municipal. FOPC is more expensive with a Total Expense Ratio (TER) of 0.87%, versus 0.28% for PZA. FOPC is down -1.21% year-to-date (YTD) with -$2M 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 FOPC 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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FOPC vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FOPC PZA | -0.26%-0.78% | -1.76%-6.25% | -1.21%-5.77% | -0.83%-5.56% | n/a+6.07% | n/a-7.44% |
| Flows | FOPC PZA | -$494K-$21M | -$491K+$84M | -$2M+$1.06B | +$52K+$954M | -+$2.07B | -+$2.19B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FOPC PZA | +3.56%+7.30% | +3.15%+4.68% | n/a+5.53% | n/a+5.45% |
| Max drawdown | FOPC PZA | -2.91%-8.91% | -3.54%-9.83% | n/a-9.83% | n/a-18.28% |
| Max drawdown duration | FOPC PZA | 51d92d | 228d229d | n/a229d | n/a1747d |
Trading data
FOPC | PZA | |
Last sale 10/16/2026 at 1:30 PM | $24.54 | $21.64 |
| Previous close 10/15/2026 | $24.54 | $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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FOPC
is actively managed and doesn’t replicate an indexFOPC | 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
FOPC | PZA | |
|---|---|---|
| Last price | $24.54 | $21.64 |
| 1D performance | +0.00% | +0.23% |
| AuM | $31.65 M | $4.08 B |
| E/R | 0.87% | 0.28% |
Characteristics
FOPC | PZA | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Frontier Asset Management | Invesco |
| Benchmark | - | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 3338 | 3395 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | December 19, 2024 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
FOPC
USA
53.09%
Other
46.91%
PZA
USA
59.27%
Other
40.73%
Sectors
FOPC
Sovereign
32.71%
Other
67.29%
PZA
Municipal
59.27%
Other
40.73%
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Diversification
FOPC
Total weight of top 15 holdings out of 15
37.22%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
FOPC
US29287L7001
25.26%
US72201R5853
4.78%
USA, TIPS 1.125% 15oct2030, USD (AE-2030)
0.61%
USA, TIPS 1.25% 15apr2031, USD (X-2031)
0.60%
USA, TIPS 1.625% 15apr2030, USD (X-2030)
0.60%
USA, TIPS 1.625% 15oct2029, USD (AE-2029)
0.59%
USA, TIPS 2.125% 15apr2029, USD (X-2029)
0.57%
USA, TIPS 2.375% 15oct2028, USD (AE-2028)
0.57%
USA, TIPS 1.625% 15oct2027, USD (AE-2027)
0.55%
USA, TIPS 1.25% 15apr2028, USD (X-2028)
0.53%
BlackRock Cash Funds - Institutional
0.53%
USA, TIPS 0.125% 15jul2031, USD (D-2031)
0.52%
USA, TIPS 0.125% 15jan2031, USD (A-2031)
0.52%
USA, TIPS 0.125% 15jul2030, USD (D-2030)
0.50%
USA, TIPS 0.5% 15jan2028, USD (A-2028)
0.49%
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 FOPC and PZA
How have the FOPC and PZA ETFs performed in 2026?
As of October 15, 2026, FOPC is down -1.21% year-to-date (YTD), while PZA has lost -5.77%. That puts FOPC better performer ahead so far this year.
Which ETF is attracting more investor money: FOPC or PZA?
Year-to-date, the FOPC ETF saw -$2M in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: FOPC or PZA?
Over the past year, FOPC had a volatility of 3.15%, while PZA experienced 4.68%.
Which ETF is bigger: FOPC or PZA?
As of October 15, 2026, FOPC holds $31.65 M in assets under management (AUM), while PZA manages $4.08 B.
What sectors do the FOPC and PZA ETFs invest in?
FOPC leans toward sectors like Sovereign. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the FOPC ETF and PZA ETF?
FOPC top holdings include US29287L7001, US72201R5853 and USA, TIPS 1.125% 15oct2030, USD (AE-2030). 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: FOPC or PZA?
FOPC holds 12627 securities with 37.22% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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Latest news about FOPC & PZA
Frontier Asset Management Unveils a Suite of Actively Managed "Fund-of-Funds" ETFs
December 27, 2024
FOPC
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