USFIvsPZTETF Comparison
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BrandywineGLOBAL - U.S. Fixed Income ETF (USFI) belongs to the US Aggregate Bonds segment. Invesco New York AMT-Free Municipal Bond ETF (PZT) is part of the Municipal Bonds segment. USFI's top 3 sector exposures are Sovereign, Industrials and Finance. In contrast, PZT's top sector exposures are Municipal. USFI is more expensive with a Total Expense Ratio (TER) of 0.39%, versus 0.28% for PZT. USFI is down -2.88% year-to-date (YTD) with -$4M in YTD flows. PZT performs worse with -5.78% YTD performance, and +$6M in YTD flows. Run a side-by-side ETF comparison of USFI and PZT 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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USFI vs PZT performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | USFI PZT | -0.42%-0.53% | -2.52%-6.24% | -2.88%-5.78% | -3.79%-5.69% | +13.01%+6.62% | n/a-7.53% |
| Flows | USFI PZT | --$1M | -+$239K | -$4M+$6M | -$2M+$2M | -$2M+$52M | -+$41M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | USFI PZT | +3.22%+7.43% | +2.76%+4.89% | +6.27%+5.83% | n/a+5.75% |
| Max drawdown | USFI PZT | -3.48%-8.98% | -4.97%-10.03% | -6.44%-10.03% | n/a-18.68% |
| Max drawdown duration | USFI PZT | 89d92d | 359d229d | 216d229d | n/a1747d |
Trading data
USFI | PZT | |
Last sale 10/19/2026 at 5:20 PM | $20.76 | |
| Previous close 10/16/2026 | $20.90 | |
| Consolidated volume 10/16/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 19, 2026
1-year trailing difference
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USFI
is actively managed and doesn’t replicate an indexUSFI | PZT | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/19/2026 at 5:20 PM
Live
Closed
USFI | PZT | |
|---|---|---|
| Last price | – | $20.76 |
| 1D performance | – | -0.67% |
| AuM | $9.52 M | $130.87 M |
| E/R | 0.39% | 0.28% |
Characteristics
USFI | PZT | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Franklin Templeton | Invesco |
| Benchmark | - | ICE BofA New York Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 34 | 767 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | July 25, 2023 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
USFI
USA
67.92%
Other
32.08%
PZT
USA
69.78%
Other
30.22%
Sectors
USFI
Sovereign
45.96%
Industrials
17.4%
Other
36.64%
PZT
Municipal
69.78%
Other
30.22%
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Diversification
USFI
Total weight of top 15 holdings out of 15
74.98%
PZT
Total weight of top 15 holdings out of 15
11.73%
Top 15 holdings
Data as of August 31, 2026
USFI
USA, TIPS 1.25% 15apr2031, USD (X-2031)
22.86%
USA, Notes FRN 30apr2028, USD (BB-2028)
9.53%
USA, Notes 4.25% 15aug2035, USD (E-2035)
5.45%
US91282CRF04
4.85%
USA, TIPS 2.375% 15feb2056, USD
4.85%
US36180AAG85
3.41%
G2 MB0873, 6% 20jan2056, USD (ABS)
3.41%
USA, Notes FRN 31jul2028, USD (BF-2028)
3.28%
US3618N5VR78
2.85%
US3618N5RF86
2.79%
G2 MA9780, 6% 20jul2054, USD (ABS)
2.72%
US912810UW61
2.52%
G2 MA9669, 6% 20may2054, USD (ABS)
2.30%
US102104AA49
2.10%
US36179YKT00
2.08%
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%
Frequently asked questions about USFI and PZT
How have the USFI and PZT ETFs performed in 2026?
As of October 16, 2026, USFI is down -2.88% year-to-date (YTD), while PZT has lost -5.78%. That puts USFI better performer ahead so far this year.
Which ETF is attracting more investor money: USFI or PZT?
Year-to-date, the USFI ETF saw -$4M in flows, compared to +$6M for PZT.
Which ETF is more volatile: USFI or PZT?
Over the past year, USFI had a volatility of 2.76%, while PZT experienced 4.89%.
Which ETF is bigger: USFI or PZT?
As of October 16, 2026, USFI holds $9.52 M in assets under management (AUM), while PZT manages $130.87 M.
What sectors do the USFI and PZT ETFs invest in?
USFI leans toward sectors like Sovereign and Industrials. Meanwhile, PZT focuses on Municipal.
What are the top holdings of the USFI ETF and PZT ETF?
USFI top holdings include USA, TIPS 1.25% 15apr2031, USD (X-2031), USA, Notes FRN 30apr2028, USD (BB-2028) and USA, Notes 4.25% 15aug2035, USD (E-2035). PZT holds in its top three: 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).
Which ETF is more diversified: USFI or PZT?
USFI holds 59 securities with 74.98% of its assets in the top 15. PZT has 1312 securities and a top 15 weight of 11.73%.
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