PZTvsBSMSETF Comparison
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Invesco New York AMT-Free Municipal Bond ETF (PZT) and Invesco BulletShares 2028 Municipal Bond ETF (BSMS) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. PZT is more expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.18% for BSMS. PZT is down -5.78% year-to-date (YTD) with +$6M in YTD flows. BSMS performs better with -1.1% YTD performance, and +$98M in YTD flows. Run a side-by-side ETF comparison of PZT and BSMS 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 BSMS 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 BSMS | -0.53%-0.16% | -6.24%-1.24% | -5.78%-1.10% | -5.69%-0.57% | +6.62%+9.50% | -7.53%-1.27% |
| Flows | PZT BSMS | -$1M+$14M | +$239K+$37M | +$6M+$98M | +$2M+$117M | +$52M+$275M | +$41M+$330M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZT BSMS | +7.43%+2.60% | +4.89%+1.58% | +5.83%+2.28% | +5.75%+2.93% |
| Max drawdown | PZT BSMS | -8.98%-2.72% | -10.03%-3.43% | -10.03%-3.43% | -18.68%-14.28% |
| Max drawdown duration | PZT BSMS | 92d92d | 229d236d | 229d236d | 1747d1748d |
Trading data
PZT | BSMS | |
Last sale 10/16/2026 at 1:30 PM | $20.90 | $23.05 |
| Previous close 10/15/2026 | $20.82 | $23.08 |
| 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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PZT | BSMS | |
|---|---|---|
| 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 | BSMS | |
|---|---|---|
| Last price | $20.90 | $23.05 |
| 1D performance | +0.38% | -0.11% |
| AuM | $130.87 M | $342.62 M |
| E/R | 0.28% | 0.18% |
Characteristics
PZT | BSMS | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | Invesco |
| Benchmark | ICE BofA New York Long-Term Core Plus Municipal Securities Index | ICE BulletShares USD Municipal Bond 2028 Index |
| N° of holdings | 767 | 1194 |
| Asset class | Bonds | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | September 13, 2019 |
| ESG | No | No |
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Exposure
Countries
PZT
USA
69.78%
Other
30.22%
BSMS
USA
63.9%
Other
36.1%
Sectors
PZT
Municipal
69.78%
Other
30.22%
BSMS
Municipal
63.9%
Other
36.1%
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Diversification
PZT
Total weight of top 15 holdings out of 15
11.73%
BSMS
Total weight of top 15 holdings out of 15
4.82%
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%
BSMS
Illinois, 5% 1nov2028, USD (2017D)
0.49%
Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2025A)
0.48%
Texas Water Development Board, 5% 15apr2049, USD (2018B)
0.48%
North Texas Tollway Authority, 5% 1jan2043, USD (2017A)
0.39%
New Jersey, 5% 1jun2028, USD
0.38%
Los Angeles Department of Water and Power, 5% 1jul2028, USD (2025)
0.34%
Triborough Bridge and Tunnel Authority, 5% 1mar2028, USD (2025A)
0.30%
Los Angeles Unified School District, 5.25% 1jul2042, USD
0.29%
Los Angeles Metropolitan Transportation Authority, 5% 1jul2044, USD (2019-A)
0.28%
County of Clark (NV), 5% 1may2048, USD
0.25%
Grand Parkway Transportation Corp., 5% 1oct2048, USD (2018A)
0.24%
New Jersey Economic Development Authority, 5% 1mar2028, USD (2023)
0.23%
Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A)
0.23%
Las Vegas Convention and Visitors Authority, 5% 1jul2043, USD
0.22%
New York Dormitory Authority, 5% 15mar2048, USD (2018)
0.22%
Frequently asked questions about PZT and BSMS
How have the PZT and BSMS ETFs performed in 2026?
As of October 16, 2026, PZT is down -5.78% year-to-date (YTD), while BSMS has lost -1.1%. That puts BSMS better performer ahead so far this year.
Which ETF is attracting more investor money: PZT or BSMS?
Year-to-date, the PZT ETF saw +$6M in flows, compared to +$98M for BSMS.
Which ETF is more volatile: PZT or BSMS?
Over the past year, PZT had a volatility of 4.89%, while BSMS experienced 1.58%.
Which ETF is bigger: PZT or BSMS?
As of October 16, 2026, PZT holds $130.87 M in assets under management (AUM), while BSMS manages $342.62 M.
What sectors do the PZT and BSMS ETFs invest in?
PZT leans toward sectors like Municipal. Meanwhile, BSMS focuses on Municipal.
What are the top holdings of the PZT ETF and BSMS 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). BSMS holds in its top three: Illinois, 5% 1nov2028, USD (2017D), Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2025A) and Texas Water Development Board, 5% 15apr2049, USD (2018B).
Which ETF is more diversified: PZT or BSMS?
PZT holds 1312 securities with 11.73% of its assets in the top 15. BSMS has 2335 securities and a top 15 weight of 4.82%.
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