PZTvsBILSETF Comparison
VS
ETF 2
BILS
State Street SPDR Bloomberg 3-12 Month T-Bill ETF
This fund is part of
Money Market Bonds
+0.03%
Invesco New York AMT-Free Municipal Bond ETF (PZT) belongs to the Municipal Bonds segment. State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is part of the Money Market Bonds segment. PZT's top 1 sector exposures are Municipal. In contrast, BILS's top sector exposures are Sovereign. PZT is more expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.1354% for BILS. PZT is down -5.78% year-to-date (YTD) with +$6M in YTD flows. BILS performs better with 2.75% YTD performance, and +$44M in YTD flows. Run a side-by-side ETF comparison of PZT and BILS 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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PZT vs BILS performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PZT BILS | -0.53%+0.35% | -6.24%+0.90% | -5.78%+2.75% | -5.69%+3.61% | +6.62%+14.02% | -7.53%+19.21% |
| Flows | PZT BILS | -$1M+$40M | +$239K+$65M | +$6M+$44M | +$2M+$40M | +$52M+$1.11B | +$41M+$3.89B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZT BILS | +7.43%+0.19% | +4.89%+0.18% | +5.83%+0.22% | +5.75%+0.27% |
| Max drawdown | PZT BILS | -8.98%-0.00% | -10.03%-0.00% | -10.03%-0.00% | -18.68%-0.36% |
| Max drawdown duration | PZT BILS | 92d2d | 229d2d | 229d2d | 1747d342d |
Trading data
PZT | BILS | |
Last sale 10/16/2026 at 1:30 PM | $20.90 | $99.24 |
| Previous close 10/15/2026 | $20.82 | $99.19 |
| 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 September 30, 2026
1-year trailing difference
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PZT | BILS | |
|---|---|---|
| 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
PZT | BILS | |
|---|---|---|
| Last price | $20.90 | $99.24 |
| 1D performance | +0.38% | +0.05% |
| AuM | $130.87 M | $3.90 B |
| E/R | 0.28% | 0.1354% |
Characteristics
PZT | BILS | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | State Street Investment Management |
| Benchmark | ICE BofA New York Long-Term Core Plus Municipal Securities Index | Bloomberg 3–12 Month U.S. Treasury Bill Index |
| N° of holdings | 767 | 18 |
| Asset class | Bonds | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | September 23, 2020 |
| ESG | No | No |
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Exposure
Countries
PZT
USA
69.78%
Other
30.22%
BILS
USA
74.24%
Other
25.76%
Sectors
PZT
Municipal
69.78%
Other
30.22%
BILS
Sovereign
74.24%
Other
25.76%
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Diversification
PZT
Total weight of top 15 holdings out of 15
11.73%
BILS
Total weight of top 15 holdings out of 15
75.05%
Top 15 holdings
Data as of August 31, 2026
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%
BILS
USA, Bills 0% 21jan2027, USD (364D)
7.28%
USA, Bills 0% 18feb2027, USD (364D)
7.10%
USA, Bills 0% 24dec2026, USD (363D)
7.01%
USA, Bills 0% 7jan2027, USD (182D)
4.60%
USA, Bills 0% 14jan2027, USD (182D)
4.60%
USA, Bills 0% 28jan2027, USD (182D)
4.59%
US912797WB95
4.58%
US912797WC78
4.57%
USA, Bills 0% 3dec2026, USD (182D)
4.49%
USA, Bills 0% 10dec2026, USD (182D)
4.48%
USA, Bills 0% 17dec2026, USD (182D)
4.48%
USA, Bills 0% 4feb2027, USD (182D)
4.43%
USA, Bills 0% 31dec2026, USD (182D)
4.43%
US912797WG82
4.20%
US912797WH65
4.20%
Frequently asked questions about PZT and BILS
How have the PZT and BILS ETFs performed in 2026?
As of October 16, 2026, PZT is down -5.78% year-to-date (YTD), while BILS has returned 2.75%. That puts BILS better performer ahead so far this year.
Which ETF is attracting more investor money: PZT or BILS?
Year-to-date, the PZT ETF saw +$6M in flows, compared to +$44M for BILS.
Which ETF is more volatile: PZT or BILS?
Over the past year, PZT had a volatility of 4.89%, while BILS experienced 0.18%.
Which ETF is bigger: PZT or BILS?
As of October 16, 2026, PZT holds $130.87 M in assets under management (AUM), while BILS manages $3.90 B.
What sectors do the PZT and BILS ETFs invest in?
PZT leans toward sectors like Municipal. Meanwhile, BILS focuses on Sovereign.
What are the top holdings of the PZT ETF and BILS ETF?
PZT top holdings include 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). BILS holds in its top three: USA, Bills 0% 21jan2027, USD (364D), USA, Bills 0% 18feb2027, USD (364D) and USA, Bills 0% 24dec2026, USD (363D).
Which ETF is more diversified: PZT or BILS?
PZT holds 1312 securities with 11.73% of its assets in the top 15. BILS has 23 securities and a top 15 weight of 75.05%.
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