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PZA vs TFI: Differences, Returns & Fees

PZA's duration was 8.6 years on May 31, 2026 and TFI's 6.0 on Jun 30, 2026; TFI charges 0.23% to PZA's 0.28%. Net assets: $4.0bn on Oct 9, 2026 for Invesco National AMT-Free Municipal Bond ETF, and $2.8bn on Oct 8, 2026 for State Street SPDR Nuveen ICE Municipal Bond ETF.

TFI costs 0.05 points a year less; their one-year returns differ by 1.7 points; PZA is 1.4 times larger.

PZATFI
Expense ratio0.28%0.23%
Net assets, as of Oct 8, 2026$4.0bn$2.8bn
Total return, 1 year−4.4%−2.7%
What it tracksnot read by ETFIQICE 1+ Year AMT-Free Broad Municipal Index ?
Holdings in common10%
Below its high8.7%, high on Jul 19, 20216.2%, high on Jul 19, 2021

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

−4.4%
PZA total return, 1 year
−2.7%
TFI total return, 1 year
0.28%
PZA expense ratio
0.23%
TFI expense ratio

What they hold in common

By the books each fund has filed, PZA and TFI hold 10% 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.

half

10% in common

Positions both hold, largest shared weight first
Holding PZA TFI
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB, due Jun 15, 2050 0.08% 0.10%
Foothill-Eastern Transportation Corridor Agency, Series 2021 A, Ref. RB, due Jan 15, 2046 0.07% 0.10%
New York City Municipal Water Finance Authority, Subseries 2025 AA-1, RB, due Jun 15, 2055 0.08% 0.07%
Regents of the University of California Medical Center, Series 2022 P, RB, due May 15, 2047 0.10% 0.07%
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB, due May 15, 2064 0.08% 0.07%
Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB, due Dec 1, 2049 0.07% 0.07%
Texas Transportation Finance Corp., Series 2025, RB, due Oct 1, 2050 0.07% 0.08%
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB, due Aug 1, 2044 0.08% 0.07%
California (State of), Series 2023, Ref. GO Bonds, due Sep 1, 2043 0.06% 0.14%
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB, due May 1, 2052 0.06% 0.07%
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB, due Nov 15, 2050 0.07% 0.06%
New York State Urban Development Corp., Series 2020 A, RB, due Mar 15, 2049 0.09% 0.06%
Only in PZA
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB, due Feb 15, 2047 0.11%
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, 2053 0.10%
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB, due May 15, 2051 0.09%
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB, due Aug 15, 2048 0.09%
Lower Alabama Gas District (The), Series 2016 A, RB, due Sep 1, 2046 0.09%
New Jersey (State of) Turnpike Authority, Series 2022 B, RB, due Jan 1, 2052 0.09%
Chicago (City of), IL Board of Education, Series 2016, RB, due Apr 1, 2046 0.09%
Only in TFI
CALIFORNIA ST, due Nov 1, 2027 0.23%
NEW YORK NY, due Aug 1, 2031 0.22%
UNIV OF CALIFORNIA CA REVENUES, due May 15, 2040 0.20%
WASHINGTON ST, due Feb 1, 2028 0.20%
TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX, due Nov 15, 2028 0.20%
MADISON WI, due Oct 1, 2032 0.20%
GEORGIA ST, due Jul 1, 2030 0.19%
MARYLAND ST, due Jun 1, 2034 0.19%

Check overlap with more funds →

On the same fields

PZA
Invesco National AMT-Free Municipal Bond ETF
TFI
State Street SPDR Nuveen ICE Municipal Bond ETF
Where it sits Bond ETF Bond ETF
Issuer Invesco State Street
What it is Tracks an index Tracks an index
Total return, 1 year −4.4% −2.7%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −21.6 pts −19.9 pts
Expense ratio 0.28% 0.23%
Holdings 7334 1990
Net assets, PZA as of Oct 9, 2026 and TFI as of Oct 8, 2026 $4.0bn $2.8bn

PZA and TFI 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.

TFI in plain words

TFI tracks an index. Over the year to Oct 9, 2026 it returned −2.7% with distributions reinvested. The prospectus expense ratio is 0.23% a year. It sat 6.2% below its high of Jul 19, 2021 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, PZA or TFI?
In the year to Oct 9, 2026, with distributions reinvested, PZA returned −4.4% and TFI −2.7%.
Which is cheaper, PZA or TFI?
TFI is cheaper, by 0.05 percentage points a year. That is about $5 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
PZA vs TAFMFLMI vs PZAPZA vs VCRMPZA vs SCMBTFI vs VTEBFLMI vs TFITFI vs VCRMFMB vs TFI
PZA on its own →TFI 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 ↗TFI filings on SEC EDGAR ↗TFI prospectus with the expense ratio (SEC) ↗State Street website ↗

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 TFI, data as of Oct 9, 2026. https://etfiq.com/compare/any/pza-vs-tfi

Open data

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