FTSDvsPZAETF Comparison
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Franklin Short Duration U.S. Government ETF (FTSD) belongs to the US Government Bonds segment. Invesco National AMT-Free Municipal Bond ETF (PZA) is part of the Municipal Bonds segment. FTSD's top 3 sector exposures are Sovereign, Industrials and Non-Corporate. In contrast, PZA's top sector exposures are Municipal. FTSD is less expensive with a Total Expense Ratio (TER) of 0.25%, versus 0.28% for PZA. FTSD is up 1.1% year-to-date (YTD) with +$79M 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 FTSD 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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FTSD 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. | FTSD PZA | +0.10%-0.78% | -0.24%-6.25% | +1.10%-5.77% | +2.15%-5.56% | +14.70%+6.07% | +13.51%-7.44% |
| Flows | FTSD PZA | +$18M-$21M | +$49M+$84M | +$79M+$1.06B | +$113M+$954M | +$178M+$2.07B | -$96M+$2.19B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FTSD PZA | +1.67%+7.30% | +1.21%+4.68% | +1.18%+5.53% | +1.42%+5.45% |
| Max drawdown | FTSD PZA | -1.13%-8.91% | -1.13%-9.83% | -1.13%-9.83% | -4.78%-18.28% |
| Max drawdown duration | FTSD PZA | 52d92d | 52d229d | 52d229d | 768d1747d |
Trading data
FTSD | PZA | |
Last sale 10/19/2026 at 1:30 PM | $88.96 | $21.61 |
| Previous close 10/16/2026 | $89.04 | $21.64 |
| Consolidated volume 10/16/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 20, 2026
1-year trailing difference
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FTSD
is actively managed and doesn’t replicate an indexFTSD | 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 10/19/2026 at 1:30 PM
Live
Closed
FTSD | PZA | |
|---|---|---|
| Last price | $88.96 | $21.61 |
| 1D performance | -0.09% | -0.14% |
| AuM | $344.98 M | $4.08 B |
| E/R | 0.25% | 0.28% |
Characteristics
FTSD | PZA | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Franklin Templeton | Invesco |
| Benchmark | - | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 28 | 3395 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | April 11, 2013 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
FTSD
USA
63.4%
Other
36.6%
PZA
USA
59.27%
Other
40.73%
Sectors
FTSD
Sovereign
48.55%
Industrials
8.46%
Other
42.99%
PZA
Municipal
59.27%
Other
40.73%
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Diversification
FTSD
Total weight of top 15 holdings out of 15
54.71%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
FTSD
USA, Notes 4.25% 31dec2026, USD (BM-2026)
6.08%
Franklin Institutional US Government Money Market Fund
5.58%
USA, Notes 4.125% 31oct2026, USD (BJ-2026)
4.56%
US01F0526982
4.21%
USA, Notes 4.5% 15apr2027, USD (AM-2027)
3.96%
USA, Notes 4.375% 15jul2027, USD (AQ-2027)
3.04%
USA, Notes 4.125% 28feb2027, USD (AY-2027)
3.04%
USA, Notes 4.125% 31jan2027, USD (AW-2027)
3.04%
USA, Notes 4.25% 15jan2028, USD (AJ-2028)
3.03%
USA, Notes 4.125% 30sep2027, USD (AD-2027)
3.03%
USA, Notes 4.125% 31oct2027, USD (AF-2027)
3.03%
USA, Notes 3.875% 31may2027, USD (BC-2027)
3.03%
USA, Notes 4% 15dec2027, USD (AV-2027)
3.03%
USA, Notes 4.125% 30jun2028, USD (BD-2028)
3.03%
USA, Notes 4.125% 31jul2028, USD (AB-2028)
3.02%
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%
US6133408D38
0.09%
US67756AH960
0.09%
US160853VA29
0.09%
US43233KAE47
0.09%
Frequently asked questions about FTSD and PZA
How have the FTSD and PZA ETFs performed in 2026?
As of October 16, 2026, FTSD is up 1.1% year-to-date (YTD), while PZA has lost -5.77%. That puts FTSD better performer ahead so far this year.
Which ETF is attracting more investor money: FTSD or PZA?
Year-to-date, the FTSD ETF saw +$79M in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: FTSD or PZA?
Over the past year, FTSD had a volatility of 1.21%, while PZA experienced 4.68%.
Which ETF is bigger: FTSD or PZA?
As of October 16, 2026, FTSD holds $344.98 M in assets under management (AUM), while PZA manages $4.08 B.
What sectors do the FTSD and PZA ETFs invest in?
FTSD leans toward sectors like Sovereign and Industrials. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the FTSD ETF and PZA ETF?
FTSD top holdings include USA, Notes 4.25% 31dec2026, USD (BM-2026), Franklin Institutional US Government Money Market Fund and USA, Notes 4.125% 31oct2026, USD (BJ-2026). 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: FTSD or PZA?
FTSD holds 337 securities with 54.71% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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