ETF comparison

CMF vs PZA

Both US Municipal Bond.

iShares California Muni Bond ETF · Invesco National AMT-Free Municipal Bond ETF

Holdings overlap

Weighted by ISIN/CUSIP
5.4 %

293 positions appear in both funds. Buying equal dollars of CMF and PZA would leave roughly 5.4% of each dollar exposed to the same underlying securities.

CMF only 94.9% Shared 5.4% PZA only 91.4%
In CMF only
1,232 positions
Shared
293 positions
In PZA only
5,773 positions

Side by side

CMF

iShares California Muni Bond ETF

iShares · US Municipal Bond

92 composite / 100
Expense ratio
0.080%
Net assets
$4.54B
TTM yield
2.96%
Top-10 conc.
4.6%
PZA

Invesco National AMT-Free Municipal Bond ETF

Invesco · US Municipal Bond

83 composite / 100
Expense ratio
0.28%
Net assets
$4.29B
TTM yield
3.67%
Top-10 conc.
1.2%

Sub-score comparison

92
Cost
72
93
Tax efficiency
93
85
Liquidity
84
100
Concentration
100
Tracking quality
CMF sub-score PZA

Tracking quality isn't part of the composite — see what we don't score for 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 the cost calculator pre-filled with CMF vs PZA.

Top shared holdings

293 shared in total
# Holding In CMF In PZA Overlap
1 State of California 0.32% 0.11% 0.11%
2 San Diego Unified School District 0.14% 0.10% 0.10%
3 State of California 0.42% 0.10% 0.10%
4 State of California 0.09% 0.09% 0.09%
5 California Educational Facilities Authority 0.20% 0.09% 0.09%
6 San Diego Community College District 0.13% 0.08% 0.08%
7 San Francisco City & County Public Utilities Commission Wastewater 0.17% 0.08% 0.08%
8 University of California 0.15% 0.07% 0.07%
9 State of California 0.11% 0.07% 0.07%
10 Bay Area Toll Authority 0.11% 0.07% 0.07%
11 State of California 0.18% 0.07% 0.07%
12 Northern California Sanitation Agencies Financing Authority 0.10% 0.07% 0.07%

Only in CMF

1,232 total
  • University of California 0.53%
  • Los Angeles Unified School District 0.53%
  • Los Angeles Unified School District 0.50%
  • University of California 0.46%
  • San Francisco City & County Airport Comm-San Francisco International Airport 0.41%
  • Orange County Water District 0.40%
  • University of California 0.36%
  • State of California 0.36%
  • East County Advanced Water Purification Joint Powers Authority 0.35%
  • Bay Area Toll Authority 0.34%

Only in PZA

5,773 total
  • New York (State of) Dormitory Authority 0.15%
  • California (State of) Health Facilities Financing Authority (Kaiser Permanente) 0.14%
  • Texas Water Development Board 0.13%
  • University of California 0.12%
  • Dallas (City of), TX Independent School District 0.12%
  • New York (State of) Dormitory Authority 0.12%
  • Salt River Project Agricultural Improvement & Power District 0.11%
  • Metropolitan Transportation Authority (Green Bonds) 0.11%
  • Monroe County Industrial Development Corp. (University of Rochester) 0.11%
  • New York (City of), NY Municipal Water Finance Authority 0.11%

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 methodology and 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.