ETF comparison
CMF vs PZA
Both US Municipal Bond.
iShares California Muni Bond ETF · Invesco National AMT-Free Municipal Bond ETF
Holdings overlap
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.
Side by side
Sub-score comparison
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.