LMUBvsPZAETF Comparison
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iShares Long-Term National Muni Bond ETF (LMUB) and Invesco National AMT-Free Municipal Bond ETF (PZA) belong to the same industry segment: Municipal Bonds. LMUB's top 2 sector exposures are Municipal and Non-Corporate. In contrast, PZA's top sector exposures are Municipal. LMUB is less expensive with a Total Expense Ratio (TER) of 0.09%, versus 0.28% for PZA. LMUB is down -3.54% year-to-date (YTD) with +$1.75B 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 LMUB 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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LMUB 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. | LMUB PZA | -0.62%-0.78% | -5.55%-6.25% | -3.54%-5.77% | -3.10%-5.56% | n/a+6.07% | n/a-7.44% |
| Flows | LMUB PZA | -$139M-$21M | +$76M+$84M | +$1.75B+$1.06B | +$1.75B+$954M | -+$2.07B | -+$2.19B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | LMUB PZA | +7.05%+7.30% | +4.52%+4.68% | n/a+5.53% | n/a+5.45% |
| Max drawdown | LMUB PZA | -8.31%-8.91% | -9.29%-9.83% | n/a-9.83% | n/a-18.28% |
| Max drawdown duration | LMUB PZA | 92d92d | 102d229d | n/a229d | n/a1747d |
Trading data
LMUB | PZA | |
Last sale 10/16/2026 at 1:30 PM | $47.31 | $21.64 |
| Previous close 10/15/2026 | $47.28 | $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 19, 2026
1-year trailing difference
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LMUB | 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
LMUB | PZA | |
|---|---|---|
| Last price | $47.31 | $21.64 |
| 1D performance | +0.06% | +0.23% |
| AuM | $1.67 B | $4.08 B |
| E/R | 0.09% | 0.28% |
Characteristics
LMUB | PZA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | iShares | Invesco |
| Benchmark | ICE Long AMT-Free US National Municipal Index | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 408 | 3395 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 17, 2025 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
LMUB
USA
56.44%
Other
43.56%
PZA
USA
59.27%
Other
40.73%
Sectors
LMUB
Municipal
53.58%
Other
46.42%
PZA
Municipal
59.27%
Other
40.73%
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Diversification
LMUB
Total weight of top 15 holdings out of 15
10.72%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
LMUB
BlackRock Liquidity MuniCash
2.86%
Massachusetts, 5% 1oct2052, USD (2023)
0.86%
US64972JPQ57
0.63%
Oklahoma Capitol Improvement Authority, 5.25% 1jul2050, USD (2025A)
0.63%
US646039ZM26
0.61%
US70914P5R91
0.60%
US882725DA91
0.56%
US452153HP77
0.55%
US64985TGH86
0.53%
US452153PC72
0.52%
US812643C289
0.50%
Triborough Bridge and Tunnel Authority, 5% 15nov2041, USD (2026A-1)
0.48%
City of New York, 5.25% 1feb2050, USD (2025)
0.47%
US882270XW66
0.46%
Clark School District, 5% 15jun2040, USD (2026A)
0.46%
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 LMUB and PZA
How have the LMUB and PZA ETFs performed in 2026?
As of October 16, 2026, LMUB is down -3.54% year-to-date (YTD), while PZA has lost -5.77%. That puts LMUB better performer ahead so far this year.
Which ETF is attracting more investor money: LMUB or PZA?
Year-to-date, the LMUB ETF saw +$1.75B in flows, compared to +$1.06B for PZA.
Which ETF is more volatile: LMUB or PZA?
Over the past year, LMUB had a volatility of 4.52%, while PZA experienced 4.68%.
Which ETF is bigger: LMUB or PZA?
As of October 16, 2026, LMUB holds $1.67 B in assets under management (AUM), while PZA manages $4.08 B.
What sectors do the LMUB and PZA ETFs invest in?
LMUB leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the LMUB ETF and PZA ETF?
LMUB top holdings include BlackRock Liquidity MuniCash, Massachusetts, 5% 1oct2052, USD (2023) and US64972JPQ57. 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: LMUB or PZA?
LMUB holds 804 securities with 10.72% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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