PZTvsFLCBETF Comparison
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Invesco New York AMT-Free Municipal Bond ETF (PZT) belongs to the Municipal Bonds segment. Franklin U.S. Core Bond ETF (FLCB) is part of the US Corporate IG Bonds segment. PZT's top 1 sector exposures are Municipal. In contrast, FLCB's top sector exposures are Sovereign, Finance and Industrials. PZT is more expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.15% for FLCB. PZT is down -2.48% year-to-date (YTD) with +$11M in YTD flows. FLCB performs better with -2.01% YTD performance, and +$366M in YTD flows. Run a side-by-side ETF comparison of PZT and FLCB 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 FLCB performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 08/31/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PZT FLCB | -1.11%-0.04% | -2.78%-1.32% | -2.48%-2.01% | +3.22%-0.77% | +5.93%+8.53% | -5.39%-8.99% |
| Flows | PZT FLCB | +$6M+$41M | +$11M+$208M | +$11M+$366M | +$8M+$468M | +$57M+$1.50B | +$43M+$1.77B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZT FLCB | +3.89%+4.11% | +3.93%+3.86% | +5.69%+5.13% | +5.55%+5.79% |
| Max drawdown | PZT FLCB | -4.00%-2.22% | -4.08%-4.00% | -8.97%-5.10% | -18.68%-20.67% |
| Max drawdown duration | PZT FLCB | 56d63d | 183d183d | 432d89d | 1701d1812d |
Trading data
PZT | FLCB | |
Last sale 9/1/2026 at 1:30 PM | $21.59 | $20.92 |
| Previous close 08/31/2026 | $21.88 | $21.04 |
| Consolidated volume 08/31/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 2, 2026
1-year trailing difference
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FLCB
is actively managed and doesn’t replicate an indexPZT | FLCB | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/1/2026 at 1:30 PM
Live
Closed
PZT | FLCB | |
|---|---|---|
| Last price | $21.59 | $20.92 |
| 1D performance | -1.33% | -0.57% |
| AuM | $141.36 M | $3.07 B |
| E/R | 0.28% | 0.15% |
Characteristics
PZT | FLCB | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | Franklin Templeton |
| Benchmark | ICE BofA New York Long-Term Core Plus Municipal Securities Index | - |
| N° of holdings | 734 | 842 |
| Asset class | Bonds | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 11, 2007 | September 17, 2019 |
| ESG | No | No |
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Exposure
Countries
PZT
USA
71.26%
Other
28.74%
FLCB
USA
58.73%
Other
41.27%
Sectors
PZT
Municipal
71.26%
Other
28.74%
FLCB
Sovereign
26.14%
Finance
10.54%
Industrials
8.67%
Other
54.65%
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Diversification
PZT
Total weight of top 15 holdings out of 15
12.03%
FLCB
Total weight of top 15 holdings out of 15
18.89%
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%
FLCB
USA, Notes 3.25% 30jun2027, USD (AA-2027)
2.83%
USA, Notes 4.125% 30apr2033, USD (K-2033)
2.52%
USA, Notes 1.375% 31dec2028, USD (T-2028)
1.82%
USA, Notes 4.125% 31jul2028, USD (AB-2028)
1.75%
USA, Bonds 1.375% 15aug2050, USD
1.14%
USA, Notes 4% 31oct2029, USD (R-2029)
1.07%
USA, Notes 3.5% 30apr2028, USD (Y-2028)
1.05%
USA, Bonds 4.75% 15aug2055, USD
1.02%
USA, Notes 0.5% 30jun2027, USD (M-2027)
0.97%
USA, Notes 1.25% 31may2028, USD (L-2028)
0.84%
USA, Bonds 3% 15nov2044, USD
0.82%
USA, Bonds 2% 15nov2041, USD
0.81%
USA, Bonds 3% 15feb2049, USD
0.81%
USA, Bonds 1.25% 15may2050, USD
0.72%
USA, Notes 4.125% 31aug2030, USD (P-2030)
0.71%
Frequently asked questions about PZT and FLCB
How have the PZT and FLCB ETFs performed in 2026?
As of August 31, 2026, PZT is down -2.48% year-to-date (YTD), while FLCB has lost -2.01%. That puts FLCB better performer ahead so far this year.
Which ETF is attracting more investor money: PZT or FLCB?
Year-to-date, the PZT ETF saw +$11M in flows, compared to +$366M for FLCB.
Which ETF is more volatile: PZT or FLCB?
Over the past year, PZT had a volatility of 3.93%, while FLCB experienced 3.86%.
Which ETF is bigger: PZT or FLCB?
As of August 31, 2026, PZT holds $141.36 M in assets under management (AUM), while FLCB manages $3.07 B.
What sectors do the PZT and FLCB ETFs invest in?
PZT leans toward sectors like Municipal. Meanwhile, FLCB focuses on Sovereign, Finance and Industrials.
What are the top holdings of the PZT ETF and FLCB 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). FLCB holds in its top three: USA, Notes 3.25% 30jun2027, USD (AA-2027), USA, Notes 4.125% 30apr2033, USD (K-2033) and USA, Notes 1.375% 31dec2028, USD (T-2028).
Which ETF is more diversified: PZT or FLCB?
PZT holds 1222 securities with 12.03% of its assets in the top 15. FLCB has 1008 securities and a top 15 weight of 18.89%.
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