FMUN vs PZA
Fidelity Systematic Municipal Bond Index 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
7%
384 shared positions
Fee gap
23 bp
FMUN is cheaper
1-year return gap
1.2 pts
FMUN is ahead
Larger fund
PZA
$4.1B
Side by side
| FMUN | PZA | |
|---|---|---|
| Fund | Fidelity Systematic Municipal Bond Index ETF | Invesco National AMT-Free Municipal Bond ETF |
| Issuer | Fidelity | Invesco |
| Category | National Muni | National Muni |
| Expense ratio | 0.05% | 0.28% |
| Assets | $189M | $4.1B |
| Average daily dollar volume | $1.5M | $83M |
| Listed | Jul 11, 2019 | Oct 11, 2007 |
| FrenzyCap score | 73 | 80 |
| 1-month return | +4.6% | +5.5% |
| 3-month return | −1.2% | −2.6% |
| Year to date | −2.2% | −3.2% |
| 1-year return | −2.2% | −3.4% |
| 30-day volatility | 7.7% | 8.4% |
| Worst drawdown, 1 year | −9.2% | −10.4% |
| Trailing 12-month yield | 3.36% | 3.94% |
| Holdings | 1,235 | 7,123 |
| Top 10 weight | 5.1% | 1.0% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$2.0M thru Jun 2026 | +$213M thru Aug 2026 |
| 30-day implied volatility | — | 7.7% |
| Holdings as of | as of Nov 5, 2026issuer data | as of Aug 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
28% of FMUN · 8% of PZA| Holding | FMUN | PZA |
|---|---|---|
| UNIV CA MED CTR 4% 5/15/53, due May 15, 2053 | 0.12% | 0.09% |
| LOWER ALA GAS D 5% 09/01/46, due Sep 1, 2046 | 0.10% | 0.09% |
| ILL ST TOLL 5% 01/01/45, due Jan 1, 2045 | 0.08% | 0.08% |
| PUBLIC FI S23-1 5.75% 07/01/6, due Jul 1, 2062 | 0.07% | 0.07% |
| NEW YORK AUTH 5.25% 05/01/55, due May 1, 2055 | 0.15% | 0.07% |
| NEW JERSEY ST E 5.25% 3/54, due Mar 1, 2054 | 0.11% | 0.07% |
| NEW YORK ST DR 4% 07/01/43, due Jul 1, 2043 | 0.07% | 0.07% |
| NYC WTR 5.25% 6/15/53, due Jun 15, 2053 | 0.29% | 0.06% |
| NJ TRANSP 4% 06/15/50, due Jun 15, 2050 | 0.09% | 0.06% |
| NJ TPK 5.25% 1/1/52, due Jan 1, 2052 | 0.14% | 0.06% |
| NJ TPK 5.25% 1/1/55, due Jan 1, 2055 | 0.06% | 0.06% |
| NJ TPK 5% 1/1/46, due Jan 1, 2046 | 0.12% | 0.06% |
| NYC NY 5.25% 10/01/47, due Oct 1, 2047 | 0.26% | 0.06% |
| NYC WTR 5% 06/15/51, due Jun 15, 2051 | 0.14% | 0.06% |
| HOUSTON TX HOTS 5.5% 9/1/58, due Sep 1, 2058 | 0.09% | 0.06% |
| CA ST 5% 10/1/42, due Oct 1, 2042 | 0.08% | 0.06% |
| NJ TRANSP 5% 6/15/55, due Jun 15, 2055 | 0.05% | 0.08% |
| MBTA SLS TAX 5.25% 07/01/53, due Jul 1, 2053 | 0.21% | 0.05% |
| NYC NY 5.25% 04/01/54, due Apr 1, 2054 | 0.12% | 0.05% |
| SC JOBS EDA HLT 5.5% 11/01/54, due Nov 1, 2054 | 0.06% | 0.05% |
| CONN ST HEALTH 5.5% 07/01/55, due Jul 1, 2055 | 0.06% | 0.05% |
| NJ TPK 5.25% 1/1/50, due Jan 1, 2050 | 0.23% | 0.05% |
| CHICAGO OHARE 5.25% 01/01/53, due Jan 1, 2053 | 0.08% | 0.05% |
| GRAND PARKWAY T 5% 10/1/48, due Oct 1, 2048 | 0.13% | 0.05% |
| NYC WTR 4% 6/15/52, due Jun 15, 2052 | 0.22% | 0.05% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · FMUN 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.