Which returned more over the last year, FLMI or PZA?

In the year to Oct 9, 2026, with distributions reinvested, FLMI returned −1.9% and PZA −4.4%.

Which is cheaper, FLMI or PZA?

PZA is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.

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FLMI vs PZA: Differences, Returns & Fees

FLMI's duration was 6.8 years on Jun 30, 2026 and PZA's 8.6 on May 31, 2026; PZA charges 0.28% to FLMI's 0.30%. Net assets on Oct 9, 2026: $2.3bn for Franklin Dynamic Municipal Bond ETF and $4.0bn for Invesco National AMT-Free Municipal Bond ETF.

PZA costs 0.02 points a year less; their one-year returns differ by 2.5 points; PZA is 1.8 times larger.

	FLMI	PZA
Expense ratio	0.30%	0.28%
Net assets	$2.3bn	$4.0bn
Total return, 1 year	−1.9%	−4.4%
What it tracks	No index, actively managed	not read by ETFIQ
Holdings in common	1%
Below its high	6.3%, high on Jul 2, 2026	8.7%, high on Jul 19, 2021

Holdings in common uses holdings dated May 31, 2026 and Jun 30, 2026.

−1.9%

FLMI total return, 1 year

−4.4%

PZA total return, 1 year

0.30%

FLMI expense ratio

0.28%

PZA expense ratio

What they hold in common

By the books each fund has filed, FLMI and PZA hold 1% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026 and Jun 30, 2026.

50%

half

1% in common

Positions both hold, largest shared weight first

Holding FLMI PZA

NY MTATRN 5 11/15/2050, due Nov 15, 2050 0.29% 0.07%

NY MTATRN 4.75 11/15/2045, due Nov 15, 2045 0.11% 0.06%

IL CHIEDU 5.75 04/01/2048, due Apr 1, 2048 0.42% 0.05%

IL MPNFAC 4 12/15/2042, due Dec 15, 2042 1.34% 0.05%

IL ILS 5.5 03/01/2047, due Mar 1, 2047 0.25% 0.05%

DC DCTTRN 5.25 07/15/2050, due Jul 15, 2050 0.16% 0.04%

WA ENEPWR 4 07/01/2042, due Jul 1, 2042 0.24% 0.04%

CT CTSHGR 5.5 07/01/2051, due Jul 1, 2051 0.45% 0.04%

IL ILS 5.25 05/01/2047, due May 1, 2047 0.16% 0.04%

IL ILS 5 03/01/2046, due Mar 1, 2046 0.31% 0.04%

FL BREMED 5 04/01/2047, due Apr 1, 2047 0.16% 0.03%

ND GRAMED 3 12/01/2046, due Dec 1, 2046 0.03% 0.03%

Only in FLMI

AL SEEPWR 5 11/01/2035, due Nov 1, 2035 1.78%

KY KYSPWR 5 05/01/2036, due May 1, 2036 1.74%

KY KYSPWR 5 12/01/2033, due Dec 1, 2033 1.60%

CA CCEDEV 5 03/01/2036, due Mar 1, 2036 1.47%

TN TNSUTL 5 12/01/2035, due Dec 1, 2035 1.42%

AL SEEPWR 01/01/2056, due Jan 1, 2056 1.34%

AL BBEUTL 11/01/2056, due Nov 1, 2056 1.32%

AL BBEUTL 5 10/01/2035, due Oct 1, 2035 1.27%

Only in PZA

California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, due Nov 1, 2044 0.13%

New York (State of) Dormitory Authority, Series 2024 A, Ref. RB, due Jul 1, 2054 0.12%

New York (State of) Dormitory Authority, Series 2020 D, Ref. RB, due Feb 15, 2047 0.11%

Salt River Project Agricultural Improvement & Power District, Series 2025 C, RB, due Jan 1, 2055 0.10%

Texas Water Development Board, Series 2025, RB, due Oct 15, 2055 0.10%

Regents of the University of California Medical Center, Series 2022 P, RB, due May 15, 2047 0.10%

Regents of the University of California Medical Center, Series 2022 P, RB, due May 15, 2053 0.10%

Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, Ref. RB, due Oct 1, 2056 0.10%

Check overlap with more funds →

On the same fields

FLMI

Franklin Dynamic Municipal Bond ETF

PZA

Invesco National AMT-Free Municipal Bond ETF

Where it sits Bond ETF Bond ETF

Issuer Franklin Invesco

What it is Actively managed Tracks an index

Total return, 1 year −1.9% −4.4%

S&P 500 over the same days +17.3% +17.3%

Gap to the S&P 500 −19.2 pts −21.6 pts

Expense ratio 0.30% 0.28%

Holdings 1336 7334

Net assets $2.3bn $4.0bn

FLMI and PZA on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

FLMI in plain words

FLMI is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned −1.9% with distributions reinvested. The prospectus expense ratio is 0.30% a year. It sat 6.3% below its high of Jul 2, 2026 on Oct 9, 2026.

PZA in plain words

PZA tracks an index. Over the year to Oct 9, 2026 it returned −4.4% with distributions reinvested. The prospectus expense ratio is 0.28% a year. It sat 8.7% below its high of Jul 19, 2021 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, FLMI or PZA?: In the year to Oct 9, 2026, with distributions reinvested, FLMI returned −1.9% and PZA −4.4%.
Which is cheaper, FLMI or PZA?: PZA is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

FLMI vs TFI FLMI vs LMUB FLMI vs TAFM FLMI vs MUB PZA vs VCRM FMB vs PZA PZA vs TFI PZA vs SCMB

FLMI on its own →PZA on its own →Hold both: look the portfolio through →Rankings →Standards and sources →

Where these figures came from

FLMI filings on SEC EDGAR ↗FLMI prospectus with the expense ratio (SEC) ↗Franklin website ↗PZA filings on SEC EDGAR ↗PZA prospectus with the expense ratio (SEC) ↗Invesco page for PZA ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, FLMI against PZA, data as of Oct 9, 2026. https://etfiq.com/compare/any/flmi-vs-pza

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.