ETF comparison
CMFvsPZA
Both US Municipal Bond.
iShares California Muni Bond ETF · Invesco National AMT-Free Municipal Bond ETF
Holdings overlap
342 positions appear in both funds. Buying equal dollars of CMF and PZA would leave roughly5.7%of each dollar exposed to the same underlying securities.
Side by side
Sub-score comparison
Tracking quality isn't part of the composite — seewhat we don't scorefor why.
Cost difference
CMF is 20 bps cheaper than PZA. On a $100,000 position that's about $200/yr more in fees for PZA.
Fee figure is the annual expense charged on $100,000. To see how the gap compounds over a multi-decade holding period, open thecost calculator pre-filled with CMF vs PZA.
Top shared holdings
342 shared in total| # | Holding | In CMF | In PZA | Overlap |
|---|---|---|---|---|
| 1 | San Diego Unified School District | 0.13% | 0.09% | 0.09% |
| 2 | California Educational Facilities Authority | 0.19% | 0.09% | 0.09% |
| 3 | Foothill-Eastern Transportation Corridor Agency | 0.29% | 0.07% | 0.07% |
| 4 | State of California | 0.38% | 0.07% | 0.07% |
| 5 | University of California | 0.14% | 0.07% | 0.07% |
| 6 | State of California | 0.10% | 0.07% | 0.07% |
| 7 | Los Angeles Unified School District | 0.07% | 0.06% | 0.06% |
| 8 | State of California | 0.30% | 0.06% | 0.06% |
| 9 | State of California | 0.17% | 0.06% | 0.06% |
| 10 | State of California | 0.21% | 0.06% | 0.06% |
| 11 | State of California | 0.24% | 0.06% | 0.06% |
| 12 | San Diego Community College District | 0.12% | 0.06% | 0.06% |
Only in CMF
1,281 total- Los Angeles Unified School District0.50%
- University of California0.49%
- Bay Area Toll Authority0.46%
- Los Angeles Unified School District0.44%
- Eastern Municipal Water District0.44%
- University of California0.42%
- Bay Area Toll Authority0.37%
- State of California0.36%
- Irvine Ranch Water District0.36%
- Anaheim Housing & Public Improvements Authority0.33%
Only in PZA
6,322 total- California (State of) Health Facilities Financing Authority (Kaiser Permanente)0.13%
- New York (State of) Dormitory Authority0.12%
- New York (State of) Dormitory Authority0.11%
- Salt River Project Agricultural Improvement & Power District0.10%
- Texas Water Development Board0.10%
- Regents of the University of California Medical Center0.10%
- Regents of the University of California Medical Center0.10%
- Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group)0.10%
- Texas Transportation Finance Corp.0.09%
- Triborough Bridge & Tunnel Authority0.09%
Open CMF or PZA at a brokerage
Both funds trade commission-free at major US brokerages.
Affiliate links — opening an account through these earns PlainIndex a one-time referral. Scoring is computed before any affiliate consideration; see our methodologyand funding disclosure.
Holdings overlap is the sum of min(weight_a, weight_b) over positions matched on ISIN (CUSIP fallback). Methodology: see/methodology/.
Comparing two funds doesn't endorse swapping one for the other. Tax-lot history, account type, and personal goals matter — PlainIndex publishes data and methodology, not investment advice.