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ETF comparison

MUB vs PZA

Both US Municipal Bond.

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

Holdings overlap

Weighted by ISIN/CUSIP
17.5 %

1,584 positions appear in both funds. Buying equal dollars of MUB and PZA would leave roughly 17.5% of each dollar exposed to the same underlying securities.

MUB only 82.0% Shared 17.5% PZA only 79.3%
In MUB only
4,680 positions
Shared
1,584 positions
In PZA only
4,482 positions

Side by side

MUB

iShares National Muni Bond ETF

iShares · US Municipal Bond

97 composite / 100
Expense ratio
0.050%
Net assets
$45.82B
TTM yield
3.19%
Top-10 conc.
2.0%
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

95
Cost
72
93
Tax efficiency
93
100
Liquidity
84
100
Concentration
100
—
Tracking quality
—
MUB sub-score PZA

Tracking quality isn't part of the composite — see what we don't score for why.

Cost difference

MUB is 23 bps cheaper than PZA. On a $100,000 position that's about $230/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 MUB vs PZA.

Top shared holdings

1,584 shared in total
# Holding In MUB In PZA Overlap
1 New York State Dormitory Authority 0.14% 0.12% 0.12%
2 California Educational Facilities Authority 0.10% 0.10% 0.10%
3 Empire State Development Corp. 0.10% 0.10% 0.10%
4 Triborough Bridge & Tunnel Authority 0.09% 0.11% 0.09%
5 Texas Water Development Board 0.08% 0.09% 0.08%
6 New York State Dormitory Authority 0.08% 0.15% 0.08%
7 County of Jefferson 0.08% 0.08% 0.08%
8 Northwest Independent School District 0.16% 0.08% 0.08%
9 New Jersey Educational Facilities Authority 0.08% 0.08% 0.08%
10 State of California 0.09% 0.07% 0.07%
11 Monroe County Industrial Development Corp. 0.07% 0.11% 0.07%
12 Oklahoma Turnpike Authority 0.07% 0.10% 0.07%

Only in MUB

4,680 total
  • BlackRock Liquidity Funds 0.56%
  • Board of Regents of the University of Texas System 0.21%
  • Connecticut State Health & Educational Facilities Authority 0.20%
  • City of Atlanta Water & Wastewater 0.19%
  • Houston Higher Education Finance Corp. 0.15%
  • Ohio State University (The) 0.14%
  • State of California 0.13%
  • State of New Jersey 0.13%
  • State of Washington 0.13%
  • Pennsylvania Turnpike Commission 0.12%

Only in PZA

4,482 total
  • California (State of) Health Facilities Financing Authority (Kaiser Permanente) 0.14%
  • Dallas (City of), TX Independent School District 0.12%
  • Salt River Project Agricultural Improvement & Power District 0.11%
  • Regents of the University of California Medical Center 0.11%
  • Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) 0.10%
  • Hays Consolidated Independent School District 0.10%
  • California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center) 0.10%
  • Lower Alabama Gas District (The) 0.10%
  • Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group) 0.09%
  • San Francisco (City & County of), CA Airport Commission (San Francisco International Airport) 0.09%

Open MUB 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.