PVIvsFTCAETF Comparison
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Invesco VRDO Tax-Free ETF (PVI) and Franklin California Municipal Income ETF (FTCA) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. PVI is less expensive with a Total Expense Ratio (TER) of 0.25%, versus 0.35% for FTCA. PVI is up 1.24% year-to-date (YTD) with -$3K in YTD flows. FTCA performs worse with -1.86% YTD performance, and -$7M in YTD flows. Run a side-by-side ETF comparison of PVI and FTCA 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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PVI vs FTCA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PVI FTCA | +0.15%-1.27% | +0.53%-2.82% | +1.24%-1.86% | +2.08%n/a | +7.54%n/a | +10.15%n/a |
| Flows | PVI FTCA | -+$9M | +$1M-$30M | -$3K-$7M | -$3K- | -$9M- | -$17M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PVI FTCA | +0.09%+3.56% | +0.15%n/a | +0.13%n/a | +0.14%n/a |
| Max drawdown | PVI FTCA | n/a-3.84% | n/an/a | n/an/a | -0.09%n/a |
| Max drawdown duration | PVI FTCA | n/a63d | n/an/a | n/an/a | 295dn/a |
Trading data
PVI | FTCA | |
Last sale 9/1/2026 at 1:30 PM | $24.84 | $7.15 |
| Previous close 09/01/2026 | $24.92 | $7.14 |
| Consolidated volume 09/01/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 2, 2026
1-year trailing difference
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FTCA
is actively managed and doesn’t replicate an indexPVI | FTCA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/1/2026 at 1:30 PM
Live
Closed
PVI | FTCA | |
|---|---|---|
| Last price | $24.84 | $7.15 |
| 1D performance | -0.32% | +0.14% |
| AuM | $31.03 M | $562.70 M |
| E/R | 0.25% | 0.35% |
Characteristics
PVI | FTCA | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | Franklin Templeton |
| Benchmark | ICE US Municipal AMT-Free VRDO Constrained Index | - |
| N° of holdings | 44 | 62 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2007 | October 24, 2025 |
| ESG | No | No |
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Exposure
Countries
PVI
USA
37.26%
Other
62.74%
FTCA
USA
37.5%
Other
62.5%
Sectors
PVI
Municipal
37.26%
Other
62.74%
FTCA
Municipal
37.5%
Other
62.5%
Diversification
PVI
Total weight of top 15 holdings out of 15
33.32%
FTCA
Total weight of top 15 holdings out of 15
19.62%
Top 15 holdings
Data as of July 31, 2026
PVI
US64972GAS30
4.45%
US64966TAF12
3.89%
Texas, FRN 1jun2046, USD (2015B)
2.95%
US20775HDU41
2.27%
New York Transitional Finance Authority, FRN 1nov2036, USD
2.27%
Florida Keys Aqueduct Authority, FRN 1sep2035, USD (2008)
2.27%
US45200FFS39
2.17%
New York Metropolitan Transportation Authority, FRN 1nov2032, USD (2012G-2)
1.94%
West Palm Beach, FRN 1oct2038, USD (2008C)
1.62%
US405815HE45
1.62%
US44244CN944
1.62%
Texas State University, FRN 1aug2039, USD (2008B)
1.62%
US072024YE64
1.62%
City of New York, 0% 15sep2006, USD (2029-SER, 2738D)
1.56%
US87638QSH38
1.46%
FTCA
California Pollution Control Financing Authority, 5% 21nov2045, USD
1.82%
US30309HAA59
1.70%
Chabot-Las Positas Community College District, 5.25% 1aug2048, USD (2016)
1.38%
California Municipal Finance Authority, 4.2% 1aug2040, USD (2024)
1.34%
San Francisco Public Utilities Commission, 5% 1nov2053, USD (2023)
1.33%
California Community Choice Financing Authority, 5% 1feb2055, USD (2024E)
1.32%
US79728FLL30
1.31%
MSR Energy Authority, 6.5% 1nov2039, USD (2009A)
1.31%
Los Angeles Department of Water and Power, 5% 1jul2046, USD (2022)
1.30%
California Municipal Finance Authority, 3% 15may2051, USD
1.25%
Sweetwater Union High District, 5% 1aug2052, USD (2018)
1.24%
US130493CL10
1.10%
California, 5% 1oct2045, USD
1.09%
US13048VG510
1.07%
Alameda Corridor Transportation Authority, 0% 1oct2049, USD (2022A, 9941D)
1.06%
Frequently asked questions about PVI and FTCA
How have the PVI and FTCA ETFs performed in 2026?
As of September 1, 2026, PVI is up 1.24% year-to-date (YTD), while FTCA has lost -1.86%. That puts PVI better performer ahead so far this year.
Which ETF is attracting more investor money: PVI or FTCA?
Year-to-date, the PVI ETF saw -$3K in flows, compared to -$7M for FTCA.
Which ETF is bigger: PVI or FTCA?
As of September 1, 2026, PVI holds $31.03 M in assets under management (AUM), while FTCA manages $562.70 M.
What sectors do the PVI and FTCA ETFs invest in?
PVI leans toward sectors like Municipal. Meanwhile, FTCA focuses on Municipal.
What are the top holdings of the PVI ETF and FTCA ETF?
PVI top holdings include US64972GAS30, US64966TAF12 and Texas, FRN 1jun2046, USD (2015B). FTCA holds in its top three: California Pollution Control Financing Authority, 5% 21nov2045, USD, US30309HAA59 and Chabot-Las Positas Community College District, 5.25% 1aug2048, USD (2016).
Which ETF is more diversified: PVI or FTCA?
PVI holds 147 securities with 33.32% of its assets in the top 15. FTCA has 282 securities and a top 15 weight of 19.62%.
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