PZA vs TFI
Invesco National AMT-Free Municipal Bond ETF against State Street SPDR Nuveen ICE Municipal Bond ETF: cost, size, returns, what they hold and how much of it is the same.
Overlap by weight
11%
555 shared positions
Fee gap
5 bp
TFI is cheaper
1-year return gap
2.1 pts
TFI is ahead
Larger fund
PZA
$4.1B
Side by side
| PZA | TFI | |
|---|---|---|
| Fund | Invesco National AMT-Free Municipal Bond ETF | State Street SPDR Nuveen ICE Municipal Bond ETF |
| Issuer | Invesco | State Street SPDR |
| Category | National Muni | National Muni |
| Expense ratio | 0.28% | 0.23% |
| Assets | $4.1B | $2.9B |
| Average daily dollar volume | $100M | $73M |
| Listed | Oct 11, 2007 | Sep 11, 2007 |
| FrenzyCap score | 80 | 82 |
| 1-month return | −1.5% | −0.5% |
| 3-month return | −5.5% | −3.3% |
| Year to date | −6.9% | −5.2% |
| 1-year return | −7.7% | −5.6% |
| 30-day volatility | 8.8% | 6.7% |
| Worst drawdown, 1 year | −10.4% | −8.8% |
| Trailing 12-month yield | 4.10% | 3.73% |
| Holdings | 6,664 | 2,026 |
| Top 10 weight | 1.0% | 1.9% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$400M thru May 2026 | +$54M thru Jun 2026 |
| 30-day implied volatility | 9.4% | 6.3% |
| Holdings as of | as of May 31, 2026SEC filing | as of Oct 20, 2026issuer data |
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
13% of PZA · 26% of TFI| Holding | PZA | TFI |
|---|---|---|
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion) 5%, due Jun 15, 2050 | 0.08% | 0.10% |
| Oklahoma (State of) Turnpike Authority 5.5%, due Jan 1, 2053 | 0.08% | 0.08% |
| Regents of the University of California Medical Center 5%, due May 15, 2047 | 0.10% | 0.07% |
| Triborough Bridge & Tunnel Authority 5%, due May 15, 2051 | 0.10% | 0.07% |
| Triborough Bridge & Tunnel Authority 5.25%, due May 15, 2064 | 0.08% | 0.07% |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health) 5%, due Aug 1, 2044 | 0.08% | 0.07% |
| Chicago (City of), IL Transit Authority 5%, due Dec 1, 2049 | 0.07% | 0.07% |
| New York (State of) Dormitory Authority 5%, due May 1, 2052 | 0.06% | 0.07% |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group) 5.25%, due Oct 1, 2056 | 0.10% | 0.06% |
| New York State Urban Development Corp. 4%, due Mar 15, 2049 | 0.09% | 0.06% |
| Northwest Independent School District 5.25%, due Feb 15, 2055 | 0.08% | 0.06% |
| Metropolitan Transportation Authority (Green Bonds) 5%, due Nov 15, 2050 | 0.07% | 0.06% |
| Commonwealth of Massachusetts 5%, due Apr 1, 2055 | 0.06% | 0.07% |
| Chicago (City of), IL 6%, due Jan 1, 2050 | 0.06% | 0.06% |
| New Jersey (State of) Turnpike Authority 5.25%, due Jan 1, 2055 | 0.06% | 0.08% |
| Triborough Bridge & Tunnel Authority 5.25%, due May 15, 2059 | 0.06% | 0.07% |
| New York (State of) Thruway Authority 4%, due Jan 1, 2045 | 0.06% | 0.07% |
| South Carolina Jobs-Economic Development Authority 5.5%, due Nov 1, 2054 | 0.05% | 0.07% |
| University of California 4%, due May 15, 2047 | 0.05% | 0.06% |
| City of Houston TX Hotel Occupancy Tax & Special Revenue 5.5%, due Sep 1, 2058 | 0.05% | 0.09% |
| New York (State of) Dormitory Authority 5%, due Mar 15, 2046 | 0.05% | 0.07% |
| New York City Municipal Water Finance Authority 5.5%, due Jun 15, 2056 | 0.05% | 0.07% |
| California (State of) Health Facilities Financing Authority (Kaiser Permanente) 4%, due Nov 1, 2044 | 0.13% | 0.05% |
| California (State of) Educational Facilities Authority 5%, due Oct 1, 2055 | 0.09% | 0.05% |
| New York (City of), NY Municipal Water Finance Authority 5.25%, due Jun 15, 2053 | 0.07% | 0.05% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · PZA holdings · TFI 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.