PZAvsFMUNETF Comparison
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Invesco National AMT-Free Municipal Bond ETF (PZA) and Fidelity Systematic Municipal Bond Index ETF (FMUN) belong to the same industry segment: Municipal Bonds. PZA's top 1 sector exposures are Municipal. In contrast, FMUN's top sector exposures are Municipal and Non-Corporate. PZA is more expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.05% for FMUN. PZA is down -5.77% year-to-date (YTD) with +$1.06B in YTD flows. FMUN performs better with -2.47% YTD performance, and +$7M in YTD flows. Run a side-by-side ETF comparison of PZA and FMUN 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 FMUN 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 FMUN | -0.78%-0.39% | -6.25%-3.71% | -5.77%-2.47% | -5.56%-2.04% | +6.07%n/a | -7.44%n/a |
| Flows | PZA FMUN | -$21M-$5M | +$84M-$5M | +$1.06B+$7M | +$954M+$9M | +$2.07B- | +$2.19B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZA FMUN | +7.30%+5.47% | +4.68%+3.47% | +5.53%n/a | +5.45%n/a |
| Max drawdown | PZA FMUN | -8.91%-6.21% | -9.83%-6.93% | -9.83%n/a | -18.28%n/a |
| Max drawdown duration | PZA FMUN | 92d92d | 229d229d | 229dn/a | 1747dn/a |
Trading data
PZA | FMUN | |
Last sale 10/16/2026 at 1:30 PM | $21.64 | $47.82 |
| Previous close 10/16/2026 | $21.59 | $47.88 |
| 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 September 30, 2026
1-year trailing difference
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PZA | FMUN | |
|---|---|---|
| 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 | FMUN | |
|---|---|---|
| Last price | $21.64 | $47.82 |
| 1D performance | +0.23% | -0.11% |
| AuM | $4.08 B | $169.28 M |
| E/R | 0.28% | 0.05% |
Characteristics
PZA | FMUN | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | Fidelity |
| Benchmark | ICE BofA National Long-Term Core Plus Municipal Securities Index | Fidelity Systematic U.S. Municipal Bond Index |
| N° of holdings | 3395 | 732 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | April 8, 2025 |
| ESG | No | No |
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Exposure
Countries
PZA
USA
59.27%
Other
40.73%
FMUN
USA
58.42%
Other
41.58%
Sectors
PZA
Municipal
59.27%
Other
40.73%
FMUN
Municipal
58.22%
Other
41.78%
Diversification
PZA
Total weight of top 15 holdings out of 15
1.51%
FMUN
Total weight of top 15 holdings out of 15
9.69%
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%
FMUN
California Community Choice Financing Authority, 5% 1jan2055, USD (2024B)
2.24%
US74440DFN93
0.89%
US79574CBW29
0.83%
US91412HSH74
0.61%
US56035DDX75
0.56%
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.53%
Pennsylvania Turnpike Commission, 5% 1dec2040, USD (2024)
0.50%
California, 5% 1aug2035, USD
0.50%
Southeast Energy Authority, 5.25% 1mar2055, USD (2025B)
0.48%
Triborough Bridge and Tunnel Authority, 4% 15may2046, USD (2021A)
0.47%
US452153JU45
0.46%
New York Transportation Development Corp., 5.375% 30jun2060, USD (2023)
0.44%
US56035DGT37
0.41%
Black Belt Energy Gas District, 5% 1may2055, USD (2024)
0.39%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.38%
Frequently asked questions about PZA and FMUN
How have the PZA and FMUN ETFs performed in 2026?
As of October 16, 2026, PZA is down -5.77% year-to-date (YTD), while FMUN has lost -2.47%. That puts FMUN better performer ahead so far this year.
Which ETF is attracting more investor money: PZA or FMUN?
Year-to-date, the PZA ETF saw +$1.06B in flows, compared to +$7M for FMUN.
Which ETF is more volatile: PZA or FMUN?
Over the past year, PZA had a volatility of 4.68%, while FMUN experienced 3.47%.
Which ETF is bigger: PZA or FMUN?
As of October 16, 2026, PZA holds $4.08 B in assets under management (AUM), while FMUN manages $169.28 M.
What sectors do the PZA and FMUN ETFs invest in?
PZA leans toward sectors like Municipal. Meanwhile, FMUN focuses on Municipal.
What are the top holdings of the PZA ETF and FMUN 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). FMUN holds in its top three: California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29.
Which ETF is more diversified: PZA or FMUN?
PZA holds 7121 securities with 1.51% of its assets in the top 15. FMUN has 1169 securities and a top 15 weight of 9.69%.
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