FLMI vs PZA
Franklin Dynamic Municipal Bond ETF against Invesco National AMT-Free Municipal Bond ETF: cost, size, returns, what they hold and how much of it is the same.
Overlap by weight
1%
37 shared positions
Fee gap
2 bp
PZA is cheaper
1-year return gap
2.6 pts
FLMI is ahead
Larger fund
PZA
$4.1B
Side by side
| FLMI | PZA | |
|---|---|---|
| Fund | Franklin Dynamic Municipal Bond ETF | Invesco National AMT-Free Municipal Bond ETF |
| Issuer | Franklin Templeton | Invesco |
| Category | National Muni | National Muni |
| Expense ratio | 0.30% | 0.28% |
| Assets | $2.3B | $4.1B |
| Average daily dollar volume | $50M | $100M |
| Listed | Aug 31, 2017 | Oct 11, 2007 |
| FrenzyCap score | 73 | 80 |
| 1-month return | −0.8% | −1.5% |
| 3-month return | −3.7% | −5.5% |
| Year to date | −4.8% | −6.9% |
| 1-year return | −5.1% | −7.7% |
| 30-day volatility | 7.1% | 8.8% |
| Worst drawdown, 1 year | −9.1% | −10.4% |
| Trailing 12-month yield | 4.19% | 4.10% |
| Holdings | 1,453 | 6,664 |
| Top 10 weight | 18.0% | 1.0% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$405M thru Jun 2026 | +$400M thru May 2026 |
| 30-day implied volatility | — | 9.4% |
| Holdings as of | as of Oct 20, 2026issuer data | as of May 31, 2026SEC filing |
Returns are price returns and exclude distributions. Flows are each fund's own latest reported months and may not cover the same period.
Largest shared holdings
7% of FLMI · 1% of PZA| Holding | FLMI | PZA |
|---|---|---|
| MET TRANSPRTN-C-1 5 11/50, due Nov 15, 2050 | 0.27% | 0.07% |
| MET TRANSPRTN- 4.75 11/45, due Nov 15, 2045 | 0.13% | 0.06% |
| CHICAGO BOE 5.75 4/48, due Apr 1, 2048 | 0.40% | 0.05% |
| MET PIER & EXPOSI 4 12/42, due Dec 15, 2042 | 1.20% | 0.05% |
| ILLINOIS ST 5.5 3/47, due Mar 1, 2047 | 0.24% | 0.05% |
| CT ST HLTH -A 5.5 7/51, due Jul 1, 2051 | 0.20% | 0.04% |
| ILLINOIS ST-B 5.25 5/47, due May 1, 2047 | 0.14% | 0.04% |
| ILLINOIS ST-A 5 3/46, due Mar 1, 2046 | 0.28% | 0.04% |
| SC JOBS ECON DE 4.25 2/48, due Feb 1, 2048 | 0.04% | 0.03% |
| BREVARD HLTH FACS- 5 4/47, due Apr 1, 2047 | 0.17% | 0.03% |
| NEW YORK C-1 5.25 9/46, due Sep 1, 2046 | 0.22% | 0.03% |
| WA HLTH CARE FA 5.25 9/50, due Sep 1, 2050 | 0.06% | 0.03% |
| TARRANT CO CULTUR 5 11/44, due Nov 15, 2044 | 0.09% | 0.03% |
| VA SMALL BUSINE 4.5 12/44, due Dec 1, 2044 | 0.13% | 0.02% |
| GRAND FORKS-REF 3 12/46, due Dec 1, 2046 | 0.02% | 0.03% |
| W VA HOSP FIN A 4.25 6/47, due Jun 1, 2047 | 0.08% | 0.01% |
| ILLINOIS ST-B 5.25 5/48, due May 1, 2048 | 0.35% | 0.01% |
| CO ST HLTH FACS AU 4 8/44, due Aug 1, 2044 | 0.02% | 0.01% |
| EL PASO CO HOSP 5.5 2/50, due Feb 15, 2050 | 0.71% | 0.01% |
| IL FIN AUTH 5.5 4/51, due Apr 1, 2051 | 0.23% | 0.01% |
| ORLANDO 5.5 11/50, due Nov 1, 2050 | 0.11% | 0.01% |
| ILLINOIS ST-B 5.25 5/44, due May 1, 2044 | 0.01% | 0.01% |
| MICHIGAN FIN AUT 5.5 2/49, due Feb 28, 2049 | 0.39% | 0.01% |
| ILLINOIS ST 5.5 3/42, due Mar 1, 2042 | 0.01% | 0.04% |
| MONTGOMERY HGR EDU 5 5/47, due May 1, 2047 | 0.07% | 0.01% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · FLMI holdings · PZA holdings
Fund data comes from each fund's SEC filings and issuer disclosures and is shown with the date it is as of. SEC portfolio and flow filings become public about 60 days after the period they cover. Nothing here is investment advice; see Terms.