PZTvsLTAXETF Comparison
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Invesco New York AMT-Free Municipal Bond ETF (PZT) and Nomura Tax-Free USA ETF (LTAX) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. PZT is less expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.39% for LTAX. Run a side-by-side ETF comparison of PZT and LTAX 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 LTAX 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 LTAX | -1.91%-1.13% | -3.53%-1.78% | -3.23%n/a | +2.43%n/a | +5.07%n/a | -6.05%n/a |
| Flows | PZT LTAX | +$6M- | +$11M- | +$11M- | +$8M- | +$57M- | +$43M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PZT LTAX | +4.11%+3.53% | +4.00%n/a | +5.71%n/a | +5.56%n/a |
| Max drawdown | PZT LTAX | -4.74%-3.18% | -4.82%n/a | -8.97%n/a | -18.68%n/a |
| Max drawdown duration | PZT LTAX | 57d57d | 184dn/a | 432dn/a | 1702dn/a |
Trading data
PZT | LTAX | |
Last sale 9/2/2026 at 1:30 PM | $21.54 | $24.36 |
| Previous close 09/01/2026 | $21.59 | $24.41 |
| 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 September 3, 2026
1-year trailing difference
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LTAX
is actively managed and doesn’t replicate an indexPZT | LTAX | |
|---|---|---|
| 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 | LTAX | |
|---|---|---|
| Last price | $21.54 | $24.36 |
| 1D performance | -0.24% | -0.18% |
| AuM | $140.28 M | $6.09 M |
| E/R | 0.28% | 0.39% |
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Exposure
Countries
PZT
USA
71.26%
Other
28.74%
LTAX
USA
78.02%
Other
21.98%
Sectors
PZT
Municipal
71.26%
Other
28.74%
LTAX
Municipal
78.02%
Other
21.98%
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Diversification
PZT
Total weight of top 15 holdings out of 15
12.03%
LTAX
Total weight of top 15 holdings out of 15
28.73%
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%
LTAX
State of Washington, 5% 1feb2051, USD (2026C)
2.52%
New York Transitional Finance Authority, 5% 1feb2053, USD (2026)
2.47%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
2.33%
Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025)
2.09%
Puerto Rico, FRN 1nov2043, USD
1.89%
New Jersey Transportation Trust Fund Authority, 5.25% 15jun2041, USD (2024)
1.85%
Massachusetts Development Finance Agency, 5% 15feb2034, USD (2026A)
1.82%
Arizona Transportation Board, 5% 1jul2040, USD (2026)
1.77%
Minnesota Agricultural and Economic Development Board, 5.25% 1jan2054, USD (2024)
1.73%
Texas Transportation Finance Corp., 5.5% 1oct2055, USD (2025A)
1.73%
Greater Orlando Aviation Authority, 5.25% 1nov2034, USD (2025)
1.72%
US43233KAW45
1.71%
New York and New Jersey Port Authority, 5.25% 15aug2056, USD
1.71%
US63607YEY23
1.70%
New York Municipal Water Finance Authority, 5.25% 15jun2056, USD (2026)
1.70%
Frequently asked questions about PZT and LTAX
Which ETF is bigger: PZT or LTAX?
As of September 1, 2026, PZT holds $140.28 M in assets under management (AUM), while LTAX manages $6.09 M.
What sectors do the PZT and LTAX ETFs invest in?
PZT leans toward sectors like Municipal. Meanwhile, LTAX focuses on Municipal.
What are the top holdings of the PZT ETF and LTAX 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). LTAX holds in its top three: State of Washington, 5% 1feb2051, USD (2026C), New York Transitional Finance Authority, 5% 1feb2053, USD (2026) and Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD.
Which ETF is more diversified: PZT or LTAX?
PZT holds 1222 securities with 12.03% of its assets in the top 15. LTAX has 86 securities and a top 15 weight of 28.73%.
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