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PZA vs TAFM: Differences, Returns & Fees

On May 31, 2026 PZA's duration was 8.6 years and TAFM's 6.4; both charge 0.28%. Net assets: $4.0bn on Oct 9, 2026 for Invesco National AMT-Free Municipal Bond ETF, and $1.0bn on Oct 8, 2026 for AB Tax-Aware Intermediate Municipal ETF.

Both cost 0.28% a year; their one-year returns differ by 2.3 points; PZA is 3.9 times larger.

Points (pts) are percentage points.

PZATAFM
Expense ratio0.28%0.28%
Net assets, as of Oct 8, 2026$4.0bn$1.0bn
Total return, 1 year−4.4%−2.1%
What it tracksnot read by ETFIQNo index, actively managed
Holdings in common2%
Below its high8.7%, high on Jul 19, 20215.6%, high on Jul 6, 2026

Holdings in common uses holdings dated May 31, 2026.

−4.4%
PZA total return, 1 year
−2.1%
TAFM total return, 1 year
0.28%
PZA expense ratio
0.28%
TAFM expense ratio

What they hold in common

By the books each fund has filed, PZA and TAFM hold 2% 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.

half

2% in common

Positions both hold, largest shared weight first
Holding PZA TAFM
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB, due Jun 15, 2050 0.08% 0.16%
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB, due May 15, 2064 0.08% 0.17%
Board of Regents of the University of Texas System, Series 2019 B, RB, due Aug 15, 2049 0.08% 0.18%
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB, due Jun 15, 2050 0.08% 0.33%
County of Miami-Dade FL Water & Sewer System Revenue, Series 2025 A, RB, due Oct 1, 2055 0.07% 0.34%
Triborough Bridge & Tunnel Authority, Series 2022 C, RB, due May 15, 2052 0.07% 0.26%
Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB, due Dec 1, 2049 0.07% 0.59%
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds), Series 2015, RB, due Jul 1, 2044 0.07% 0.08%
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB, due Nov 15, 2045 0.06% 0.07%
Commonwealth of Massachusetts, Series 2025 A, GO Bonds, due Apr 1, 2055 0.06% 0.25%
Grand Parkway Transportation Corp., Series 2020, Ref. RB, due Oct 1, 2045 0.05% 0.39%
City of Houston TX Hotel Occupancy Tax & Special Revenue, Series 2026, RB, due Sep 1, 2058 0.05% 0.35%
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%
Only in TAFM
MARYLAND ST ECON DEV CORP PRIV ACTIVITY REVENUE, due Jun 30, 2055 0.74%
BROWARD CNTY FL SCH DIST, due Jun 25, 2026 0.69%
KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE, due May 1, 2036 0.61%
PUBLIC FIN AUTH WI TOLL REVENUE, due Jun 30, 2060 0.57%
CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE, due Aug 1, 2055 0.54%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE, due Jun 30, 2059 0.52%
FEDERAL HOME LOAN MTGE CORP MF VARIABLE RATE CTFS, due Aug 25, 2041 0.49%
BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE, due Oct 1, 2055 0.47%

Check overlap with more funds →

On the same fields

PZA
Invesco National AMT-Free Municipal Bond ETF
TAFM
AB Tax-Aware Intermediate Municipal ETF
Where it sits Bond ETF Bond ETF
Issuer Invesco AllianceBernstein
What it is Tracks an index Actively managed
Total return, 1 year −4.4% −2.1%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −21.6 pts −19.4 pts
Expense ratio 0.28% 0.28%
Holdings 7334 564
Net assets, PZA as of Oct 9, 2026 and TAFM as of Oct 8, 2026 $4.0bn $1.0bn

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

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.

TAFM in plain words

TAFM is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned −2.1% with distributions reinvested. It sat 5.6% below its high of Jul 6, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, PZA or TAFM?
In the year to Oct 9, 2026, with distributions reinvested, PZA returned −4.4% and TAFM −2.1%.
Which is cheaper, PZA or TAFM?
Neither: PZA and TAFM both charge 0.28% a year. Fees come from each fund's prospectus.
Other comparisons
FLMI vs PZAPZA vs SCMBJMUB vs PZAPZA vs VTEBTAFM vs TFIFLMI vs TAFMTAFM vs VCRMFMB vs TAFM
PZA on its own →TAFM on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
PZA filings on SEC EDGAR ↗PZA prospectus with the expense ratio (SEC) ↗Invesco page for PZA ↗TAFM filings on SEC EDGAR ↗TAFM prospectus with the expense ratio (SEC) ↗

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

Open data

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