PWZvsFLCBETF Comparison
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Invesco California AMT-Free Municipal Bond ETF (PWZ) belongs to the Municipal Bonds segment. Franklin U.S. Core Bond ETF (FLCB) is part of the US Aggregate Bonds segment. PWZ's top 1 sector exposures are Municipal. In contrast, FLCB's top sector exposures are Sovereign, Finance and Industrials. PWZ is more expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.15% for FLCB. PWZ is down -5.64% year-to-date (YTD) with +$142M in YTD flows. FLCB performs better with -4.12% YTD performance, and +$486M in YTD flows. Run a side-by-side ETF comparison of PWZ and FLCB 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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PWZ vs FLCB performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PWZ FLCB | -0.98%-0.55% | -6.27%-2.98% | -5.64%-4.12% | -5.26%-4.99% | +5.72%+10.13% | -6.62%-9.82% |
| Flows | PWZ FLCB | -$19M+$103M | +$81M+$182M | +$142M+$486M | +$138M+$496M | +$318M+$1.57B | +$737M+$1.82B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PWZ FLCB | +6.85%+4.39% | +4.44%+4.03% | +5.28%+5.00% | +5.21%+5.82% |
| Max drawdown | PWZ FLCB | -8.65%-4.34% | -9.53%-7.20% | -9.53%-7.20% | -17.07%-19.92% |
| Max drawdown duration | PWZ FLCB | 92d89d | 102d229d | 102d229d | 1747d1802d |
Trading data
PWZ | FLCB | |
Last sale 10/16/2026 at 1:30 PM | $22.73 | $20.59 |
| Previous close 10/15/2026 | $22.70 | $20.58 |
| 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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FLCB
is actively managed and doesn’t replicate an indexPWZ | FLCB | |
|---|---|---|
| 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
PWZ | FLCB | |
|---|---|---|
| Last price | $22.73 | $20.59 |
| 1D performance | +0.13% | +0.05% |
| AuM | $1.16 B | $3.12 B |
| E/R | 0.28% | 0.15% |
Characteristics
PWZ | FLCB | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | Franklin Templeton |
| Benchmark | ICE BofA California Long-Term Core Plus Municipal Securities Index | - |
| N° of holdings | 671 | 828 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | September 17, 2019 |
| ESG | No | No |
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Exposure
Countries
PWZ
USA
68.28%
Other
31.72%
FLCB
USA
59.09%
Other
40.91%
Sectors
PWZ
Municipal
68.28%
Other
31.72%
FLCB
Sovereign
28.18%
Finance
9.96%
Industrials
8.51%
Other
53.35%
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Diversification
PWZ
Total weight of top 15 holdings out of 15
7.38%
FLCB
Total weight of top 15 holdings out of 15
19.26%
Top 15 holdings
Data as of August 31, 2026
PWZ
California Health Facilities Financing Authority, 4% 1nov2044, USD
0.88%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.62%
University of California Medical Center, 5% 15may2047, USD (2022)
0.61%
University of California Medical Center, 4% 15may2053, USD
0.54%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.51%
California Educational Facilities Authority, 5% 1may2049, USD
0.50%
San Diego Community College District, 5% 1aug2055, USD (2024)
0.46%
University of California, 5% 15may2053, USD (2025)
0.46%
Los Angeles Unified School District, 4% 1jul2044, USD
0.45%
US13032U7V45
0.44%
Foothill/Eastern Transportation Corridor Agency, 4% 15jan2046, USD (2021A)
0.40%
University of California, 5% 15may2052, USD (2022)
0.38%
California Educational Facilities Authority, 5% 1may2045, USD
0.38%
San Francisco Public Utilities Commission, 5% 1oct2054, USD (2024)
0.38%
San Francisco Bay Area Rapid Transit District, 4.25% 1aug2052, USD (2016)
0.37%
FLCB
USA, Notes 3.25% 30jun2027, USD (AA-2027)
2.82%
USA, Notes 4.125% 15jul2029, USD (AQ-2029)
2.07%
USA, Notes 1.375% 31dec2028, USD (T-2028)
1.82%
USA, Notes 4.125% 31jul2028, USD (AB-2028)
1.71%
USA, Notes 4.125% 30apr2033, USD (K-2033)
1.53%
USA, Notes 4.25% 30jun2033, USD (M-2033)
1.15%
USA, Bonds 1.375% 15aug2050, USD
1.12%
USA, Notes 4% 31oct2029, USD (R-2029)
1.07%
USA, Bonds 4.75% 15aug2055, USD
0.98%
USA, Notes 0.5% 30jun2027, USD (M-2027)
0.96%
USA, Notes 1.25% 31may2028, USD (L-2028)
0.83%
USA, Bonds 3% 15nov2044, USD
0.82%
USA, Bonds 2% 15nov2041, USD
0.81%
USA, Bonds 3% 15feb2049, USD
0.79%
USA, Notes 4.375% 15may2036, USD (C-2036)
0.77%
Frequently asked questions about PWZ and FLCB
How have the PWZ and FLCB ETFs performed in 2026?
As of October 16, 2026, PWZ is down -5.64% year-to-date (YTD), while FLCB has lost -4.12%. That puts FLCB better performer ahead so far this year.
Which ETF is attracting more investor money: PWZ or FLCB?
Year-to-date, the PWZ ETF saw +$142M in flows, compared to +$486M for FLCB.
Which ETF is more volatile: PWZ or FLCB?
Over the past year, PWZ had a volatility of 4.44%, while FLCB experienced 4.03%.
Which ETF is bigger: PWZ or FLCB?
As of October 16, 2026, PWZ holds $1.16 B in assets under management (AUM), while FLCB manages $3.12 B.
What sectors do the PWZ and FLCB ETFs invest in?
PWZ leans toward sectors like Municipal. Meanwhile, FLCB focuses on Sovereign, Finance and Industrials.
What are the top holdings of the PWZ ETF and FLCB ETF?
PWZ top holdings include California Health Facilities Financing Authority, 4% 1nov2044, USD, California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A) and University of California Medical Center, 5% 15may2047, USD (2022). FLCB holds in its top three: USA, Notes 3.25% 30jun2027, USD (AA-2027), USA, Notes 4.125% 15jul2029, USD (AQ-2029) and USA, Notes 1.375% 31dec2028, USD (T-2028).
Which ETF is more diversified: PWZ or FLCB?
PWZ holds 1237 securities with 7.38% of its assets in the top 15. FLCB has 1037 securities and a top 15 weight of 19.26%.
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