FMB vs PZA
First Trust Managed Municipal 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%
68 shared positions
Fee gap
11 bp
PZA is cheaper
1-year return gap
2.9 pts
FMB is ahead
Larger fund
PZA
$4.1B
Side by side
| FMB | PZA | |
|---|---|---|
| Fund | First Trust Managed Municipal ETF | Invesco National AMT-Free Municipal Bond ETF |
| Issuer | First Trust | Invesco |
| Category | National Muni | National Muni |
| Expense ratio | 0.39% | 0.28% |
| Assets | $1.9B | $4.1B |
| Average daily dollar volume | $30M | $100M |
| Listed | May 13, 2014 | Oct 11, 2007 |
| FrenzyCap score | 63 | 80 |
| 1-month return | −0.8% | −2.0% |
| 3-month return | −3.9% | −6.6% |
| Year to date | −4.9% | −7.2% |
| 1-year return | −5.1% | −8.0% |
| 30-day volatility | 6.8% | 8.9% |
| Worst drawdown, 1 year | −8.6% | −10.4% |
| Trailing 12-month yield | 3.80% | 4.11% |
| Holdings | 1,252 | 6,664 |
| Top 10 weight | 5.2% | 1.0% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$69M thru Jul 2026 | +$400M thru May 2026 |
| 30-day implied volatility | — | 21.5% |
| Holdings as of | as of Oct 19, 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
8% of FMB · 1% of PZA| Holding | FMB | PZA |
|---|---|---|
| COLORADO ST HLTH FACS AUTH REV 5%, due 08/01/2044 | 0.39% | 0.08% |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH 5.25%, due 06/15/2050 | 0.16% | 0.05% |
| ILLINOIS ST 5.50%, due 03/01/2047 | 0.09% | 0.05% |
| HILLSBOROUGH CNTY FLA INDL DEV AUTH 5.25%, due 11/15/2049 | 0.10% | 0.04% |
| MICHIGAN ST FIN AUTH REVENUE 4%, due 02/15/2044 | 0.10% | 0.04% |
| ILLINOIS ST 5.50%, due 03/01/2042 | 0.18% | 0.04% |
| SALT RIVER AZ PROJ AGRIC IMPT & PWR DIST 5%, due 01/01/2051 | 0.08% | 0.04% |
| COLORADO ST HLTH FACS AUTH REV 4%, due 08/01/2049 | 0.07% | 0.04% |
| GEISINGER PA AUTH HLTH SYS REV 4%, due 02/15/2047 | 0.08% | 0.03% |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH 5.25%, due 06/15/2041 | 0.05% | 0.03% |
| IDAHO ST HSG & FIN ASSN SALES TAX REV 5%, due 08/15/2048 | 0.10% | 0.03% |
| MISSOURI ST HLTH & EDUCTNL FACS AUTH 4%, due 05/15/2048 | 0.07% | 0.03% |
| SAN ANTONIO TX ELEC & GAS REV 5.25%, due 02/01/2049 | 0.06% | 0.03% |
| E BATON ROUGE PARISH LA SWR COMMN REV 4%, due 02/01/2045 | 0.30% | 0.03% |
| TARRANT CNTY TX CULTURAL EDU fACS FIN CORP 5%, due 11/15/2044 | 0.16% | 0.03% |
| VIRGINIA ST SMALL BUSINESS FING AUTH 5%, due 10/01/2041 | 0.10% | 0.03% |
| TROY MI CITY SCH DIST 5%, due 05/01/2047 | 0.20% | 0.03% |
| UNIV OF TEXAS TX UNIV REVENUES 5%, due 08/15/2043 | 0.32% | 0.02% |
| JEFFERSON CNTY AL SWR REVENUE 5.25%, due 10/01/2042 | 0.16% | 0.02% |
| NEW YORK NY 5.25%, due 09/01/2045 | 0.16% | 0.02% |
| CHATTANOOGA TN HLTH EDUCTNL & HSG FAC BRD 5.25%, due 12/01/2049 | 0.21% | 0.01% |
| ROCHESTER MN HLTH CARE FACS REV 5%, due 11/15/2042 | 0.05% | 0.01% |
| SALES TAX SECURITIZATION CORP IL 5.25%, due 01/01/2043 | 0.05% | 0.01% |
| LEXINGTON CNTY SC HLTH SVCS DIST 5%, due 11/01/2041 | 0.05% | 0.01% |
| DISTRICT OF COLUMBIA HOSP REVENUE 4%, due 07/15/2040 | 0.02% | 0.01% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · FMB 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.