PZTvsBSMTETF Comparison
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Invesco New York AMT-Free Municipal Bond ETF (PZT) and Invesco BulletShares 2029 Municipal Bond ETF (BSMT) 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 BSMT. PZT is down -3.23% year-to-date (YTD) with +$11M in YTD flows. BSMT performs better with -1.05% YTD performance, and +$58M in YTD flows. Run a side-by-side ETF comparison of PZT and BSMT 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 BSMT performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PZT BSMT | -1.91%-0.32% | -3.53%-0.74% | -3.23%-1.05% | +2.43%+0.85% | +5.07%+7.52% | -6.05%-3.91% |
| Flows | PZT BSMT | +$6M+$9M | +$11M+$21M | +$11M+$58M | +$8M+$90M | +$57M+$244M | +$43M+$278M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZT BSMT | +4.11%+1.42% | +4.00%+1.44% | +5.71%+2.81% | +5.56%+3.39% |
| Max drawdown | PZT BSMT | -4.74%-1.17% | -4.82%-2.16% | -8.97%-3.52% | -18.68%-16.14% |
| Max drawdown duration | PZT BSMT | 57d57d | 184d191d | 432d156d | 1702d1702d |
Trading data
PZT | BSMT | |
Last sale 9/2/2026 at 1:30 PM | $21.54 | $22.83 |
| Previous close 09/01/2026 | $21.59 | $22.84 |
| Consolidated volume 09/01/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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PZT | BSMT | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/2/2026 at 1:30 PM
Live
Closed
PZT | BSMT | |
|---|---|---|
| Last price | $21.54 | $22.83 |
| 1D performance | -0.24% | -0.04% |
| AuM | $140.28 M | $289.49 M |
| E/R | 0.28% | 0.18% |
Characteristics
PZT | BSMT | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | Invesco |
| Benchmark | ICE BofA New York Long-Term Core Plus Municipal Securities Index | Invesco BulletShares USD Municipal Bond 2029 Index |
| N° of holdings | 734 | 1061 |
| 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
71.26%
Other
28.74%
BSMT
USA
64.48%
Other
35.52%
Sectors
PZT
Municipal
71.26%
Other
28.74%
BSMT
Municipal
64.48%
Other
35.52%
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Diversification
PZT
Total weight of top 15 holdings out of 15
12.03%
BSMT
Total weight of top 15 holdings out of 15
5.22%
Top 15 holdings
Data as of July 31, 2026
PZT
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
1.76%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.94%
New York Dormitory Authority, 4.25% 1may2052, USD (2022A)
0.88%
New York Power Authority, 4% 15nov2050, USD
0.82%
Battery Park City Authority, 5.25% 1nov2055, USD (2025)
0.80%
New York Dormitory Authority, 5.25% 1may2054, USD (2024A)
0.76%
US649519DW23
0.74%
New York Power Authority, 4% 15nov2055, USD
0.74%
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
0.73%
New York Liberty Development Corp., 2.45% 15sep2069, USD (2019)
0.71%
Hudson Yards Infrastructure Corp., 4% 15feb2047, USD
0.68%
New York Dormitory Authority, 5% 1may2052, USD (2022A)
0.64%
New York Dormitory Authority, 5.5% 1oct2054, USD (2024)
0.62%
Hudson Yards Infrastructure Corp., 4% 15feb2044, USD
0.62%
New York Liberty Development Corp., 2.8% 15sep2069, USD (2019)
0.61%
BSMT
Triborough Bridge and Tunnel Authority, 5% 1feb2029, USD (2026A2)
0.52%
New Jersey, 5% 1jun2029, USD
0.50%
US89602HJB42
0.48%
US43233KAG94
0.39%
US19648FXR09
0.34%
Ohio Water Development Authority, 5% 1jun2029, USD (2019A)
0.32%
Nashville and Davidson Health and Educational Facilities, 5% 1jul2029, USD (2024A)
0.32%
US544647HL79
0.32%
US13034A5B23
0.32%
New Jersey Turnpike Authority, 5% 1jan2048, USD
0.31%
Lancaster Hospital Authority, 5% 1nov2051, USD (2021)
0.29%
Pennsylvania Turnpike Commission, 5% 1dec2044, USD
0.29%
US91412HTF00
0.28%
New York Municipal Water Finance Authority, 5% 15jun2040, USD
0.28%
Illinois Toll Highway Authority, 5% 1jan2044, USD
0.26%
Frequently asked questions about PZT and BSMT
How have the PZT and BSMT ETFs performed in 2026?
As of September 1, 2026, PZT is down -3.23% year-to-date (YTD), while BSMT has lost -1.05%. That puts BSMT better performer ahead so far this year.
Which ETF is attracting more investor money: PZT or BSMT?
Year-to-date, the PZT ETF saw +$11M in flows, compared to +$58M for BSMT.
Which ETF is more volatile: PZT or BSMT?
Over the past year, PZT had a volatility of 4%, while BSMT experienced 1.44%.
Which ETF is bigger: PZT or BSMT?
As of September 1, 2026, PZT holds $140.28 M in assets under management (AUM), while BSMT manages $289.49 M.
What sectors do the PZT and BSMT ETFs invest in?
PZT leans toward sectors like Municipal. Meanwhile, BSMT focuses on Municipal.
What are the top holdings of the PZT ETF and BSMT 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). BSMT holds in its top three: Triborough Bridge and Tunnel Authority, 5% 1feb2029, USD (2026A2), New Jersey, 5% 1jun2029, USD and US89602HJB42.
Which ETF is more diversified: PZT or BSMT?
PZT holds 1222 securities with 12.03% of its assets in the top 15. BSMT has 1917 securities and a top 15 weight of 5.22%.
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