LTAXvsPZTETF Comparison
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Nomura Tax-Free USA ETF (LTAX) and Invesco New York AMT-Free Municipal Bond ETF (PZT) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. LTAX is more expensive with a Total Expense Ratio (TER) of 0.39%, versus 0.28% for PZT. Run a side-by-side ETF comparison of LTAX 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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LTAX vs PZT performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | LTAX PZT | -1.14%-0.53% | -5.08%-6.24% | n/a-5.78% | n/a-5.69% | n/a+6.62% | n/a-7.53% |
| Flows | LTAX PZT | +$1M-$1M | +$1M+$239K | -+$6M | -+$2M | -+$52M | -+$41M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | LTAX PZT | +6.72%+7.43% | n/a+4.89% | n/a+5.83% | n/a+5.75% |
| Max drawdown | LTAX PZT | -7.51%-8.98% | n/a-10.03% | n/a-10.03% | n/a-18.68% |
| Max drawdown duration | LTAX PZT | 92d92d | n/a229d | n/a229d | n/a1747d |
Trading data
LTAX | PZT | |
Last sale 10/19/2026 at 1:30 PM | $23.59 | $20.70 |
| Previous close 10/16/2026 | $23.55 | $20.90 |
| 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 19, 2026
1-year trailing difference
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LTAX
is actively managed and doesn’t replicate an indexLTAX | 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 10/19/2026 at 1:30 PM
Live
Closed
LTAX | PZT | |
|---|---|---|
| Last price | $23.59 | $20.70 |
| 1D performance | +0.16% | -0.96% |
| AuM | $7.07 M | $130.87 M |
| E/R | 0.39% | 0.28% |
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Exposure
Countries
LTAX
USA
70.75%
Other
29.25%
PZT
USA
69.78%
Other
30.22%
Sectors
LTAX
Municipal
70.75%
Other
29.25%
PZT
Municipal
69.78%
Other
30.22%
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Diversification
LTAX
Total weight of top 15 holdings out of 15
27.79%
PZT
Total weight of top 15 holdings out of 15
11.73%
Top 15 holdings
Data as of August 31, 2026
LTAX
New York Transitional Finance Authority, 5% 1feb2053, USD (2026)
2.46%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
2.33%
Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025)
2.09%
Puerto Rico, FRN 1nov2043, USD
1.90%
Massachusetts Development Finance Agency, 5% 15feb2034, USD (2026A)
1.83%
New Jersey Transportation Trust Fund Authority, 5.25% 15jun2041, USD (2024)
1.83%
Minnesota Agricultural and Economic Development Board, 5.25% 1jan2054, USD (2024)
1.73%
US876443WT58
1.72%
Greater Orlando Aviation Authority, 5.25% 1nov2034, USD (2025)
1.72%
US43233KAW45
1.71%
Black Belt Energy Gas District, 5% 1jul2033, USD (2026)
1.70%
US59335KFV44
1.69%
US63607YEY23
1.69%
New York Municipal Water Finance Authority, 5.25% 15jun2056, USD (2026)
1.69%
Colorado Bridge and Tunnel Enterprise, 5.25% 1dec2054, USD (2025A)
1.69%
PZT
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
1.74%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.89%
New York Dormitory Authority, 4.25% 1may2052, USD (2022A)
0.87%
Battery Park City Authority, 5.25% 1nov2055, USD (2025)
0.80%
New York Power Authority, 4% 15nov2050, USD
0.78%
New York Dormitory Authority, 5.25% 1may2054, USD (2024A)
0.73%
New York Power Authority, 4% 15nov2055, USD
0.73%
US649519DW23
0.72%
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
0.69%
New York Liberty Development Corp., 2.45% 15sep2069, USD (2019)
0.68%
Hudson Yards Infrastructure Corp., 4% 15feb2047, USD
0.66%
New York Dormitory Authority, 5% 1may2052, USD (2022A)
0.63%
Hudson Yards Infrastructure Corp., 4% 15feb2044, USD
0.63%
New York Dormitory Authority, 5.5% 1oct2054, USD (2024)
0.60%
New York Power Authority, 4% 15nov2045, USD
0.60%
Frequently asked questions about LTAX and PZT
Which ETF is bigger: LTAX or PZT?
As of October 16, 2026, LTAX holds $7.07 M in assets under management (AUM), while PZT manages $130.87 M.
What sectors do the LTAX and PZT ETFs invest in?
LTAX leans toward sectors like Municipal. Meanwhile, PZT focuses on Municipal.
What are the top holdings of the LTAX ETF and PZT ETF?
LTAX top holdings include New York Transitional Finance Authority, 5% 1feb2053, USD (2026), Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD and Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025). 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: LTAX or PZT?
LTAX holds 86 securities with 27.79% of its assets in the top 15. PZT has 1312 securities and a top 15 weight of 11.73%.
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