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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
5.7 %

342 positions appear in both funds. Buying equal dollars of CMF and PZA would leave roughly 5.7% of each dollar exposed to the same underlying securities.

CMF unmatched 93.8% Shared 5.7% PZA unmatched 90.1%

Unmatched is the part of a fund's weight the other fund doesn't match: names only it holds, plus any extra weight it puts in names both funds hold.

In CMF only
1,280 positions
Shared
342 positions
In PZA only
6,322 positions

Side by side

CMF

iShares California Muni Bond ETF

iShares · US Municipal Bond

92 composite / 100
Expense ratio
0.080%
Net assets
$4.75B
TTM yield
3.03%
Top-10 conc.
4.4%
PZA

Invesco National AMT-Free Municipal Bond ETF

Invesco · US Municipal Bond

83 composite / 100
Expense ratio
0.28%
Net assets
$4.02B
TTM yield
4.04%
Top-10 conc.
1.0%

Sub-score comparison

92
Cost
72
93
Tax efficiency
93
86
Liquidity
83
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

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

1,280 total
  • Los Angeles Unified School District 0.50%
  • University of California 0.49%
  • Bay Area Toll Authority 0.46%
  • Los Angeles Unified School District 0.44%
  • Eastern Municipal Water District 0.44%
  • University of California 0.42%
  • Bay Area Toll Authority 0.37%
  • State of California 0.36%
  • Irvine Ranch Water District 0.36%
  • Anaheim Housing & Public Improvements Authority 0.33%

Only in PZA

6,322 total
  • California (State of) Health Facilities Financing Authority (Kaiser Permanente) 0.13%
  • New York (State of) Dormitory Authority 0.12%
  • New York (State of) Dormitory Authority 0.11%
  • Salt River Project Agricultural Improvement & Power District 0.10%
  • Texas Water Development Board 0.10%
  • Regents of the University of California Medical Center 0.10%
  • Regents of the University of California Medical Center 0.10%
  • Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group) 0.10%
  • Texas Transportation Finance Corp. 0.09%
  • Triborough Bridge & Tunnel Authority 0.09%

Related comparisons

More comparisons with CMF

More comparisons with PZA

Percentages are holdings overlap with the named fund.

Open CMF or PZA at a brokerage

Both funds trade commission-free at major US brokerages.

Open at Fidelity

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.