PZAvsBRTRETF Comparison
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Invesco National AMT-Free Municipal Bond ETF (PZA) belongs to the Municipal Bonds segment. iShares Total Return Active ETF (BRTR) is part of the US Aggregate Bonds segment. PZA's top 1 sector exposures are Municipal. In contrast, BRTR's top sector exposures are Sovereign, Industrials and Finance. PZA is less expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.41% for BRTR. PZA is down -5.77% year-to-date (YTD) with +$1.06B in YTD flows. BRTR performs better with -1.88% YTD performance, and +$348M in YTD flows. Run a side-by-side ETF comparison of PZA and BRTR 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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PZA vs BRTR performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PZA BRTR | -0.78%-0.37% | -6.25%-2.16% | -5.77%-1.88% | -5.56%-1.77% | +6.07%n/a | -7.44%n/a |
| Flows | PZA BRTR | -$21M+$60M | +$84M+$119M | +$1.06B+$348M | +$954M+$597M | +$2.07B- | +$2.19B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZA BRTR | +7.30%+4.33% | +4.68%+3.97% | +5.53%n/a | +5.45%n/a |
| Max drawdown | PZA BRTR | -8.91%-3.54% | -9.83%-4.97% | -9.83%n/a | -18.28%n/a |
| Max drawdown duration | PZA BRTR | 92d52d | 229d229d | 229dn/a | 1747dn/a |
Trading data
PZA | BRTR | |
Last sale 10/16/2026 at 1:30 PM | $21.64 | $48.08 |
| Previous close 10/16/2026 | $21.59 | $48.07 |
| 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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BRTR
is actively managed and doesn’t replicate an indexPZA | BRTR | |
|---|---|---|
| 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
PZA | BRTR | |
|---|---|---|
| Last price | $21.64 | $48.08 |
| 1D performance | +0.23% | +0.02% |
| AuM | $4.08 B | $820.05 M |
| E/R | 0.28% | 0.41% |
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Exposure
Countries
PZA
USA
59.27%
Other
40.73%
BRTR
Data will be available soon
Sectors
PZA
Municipal
59.27%
Other
40.73%
BRTR
Data will be available soon
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Diversification
PZA
Total weight of top 15 holdings out of 15
1.51%
BRTR
Data will be available soon
Top 15 holdings
Data as of August 31, 2026
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%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.10%
Salt River Project Agricultural Improvement and Power District, 5.25% 1jan2055, USD (2025)
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%
US160853VA29
0.09%
US6133408D38
0.09%
US67756AH960
0.09%
US43233KAE47
0.09%
BRTR
Data will be available soon
Frequently asked questions about PZA and BRTR
How have the PZA and BRTR ETFs performed in 2026?
As of October 16, 2026, PZA is down -5.77% year-to-date (YTD), while BRTR has lost -1.88%. That puts BRTR better performer ahead so far this year.
Which ETF is attracting more investor money: PZA or BRTR?
Year-to-date, the PZA ETF saw +$1.06B in flows, compared to +$348M for BRTR.
Which ETF is more volatile: PZA or BRTR?
Over the past year, PZA had a volatility of 4.68%, while BRTR experienced 3.97%.
Which ETF is bigger: PZA or BRTR?
As of October 16, 2026, PZA holds $4.08 B in assets under management (AUM), while BRTR manages $820.05 M.
What sectors do the PZA and BRTR ETFs invest in?
PZA leans toward sectors like Municipal. Meanwhile, BRTR focuses on Sovereign and Industrials.
What are the top holdings of the PZA ETF and BRTR ETF?
PZA top holdings include 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). BRTR holds in its top three: US01F0526982, BlackRock Cash Funds - Institutional and USA, Bonds 4.75% 15nov2043, USD.
Which ETF is more diversified: PZA or BRTR?
PZA holds 7121 securities with 1.51% of its assets in the top 15. BRTR has 9316 securities and a top 15 weight of 41.49%.
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