CGMU vs PZA

Capital Group Municipal Income ETF against Invesco National AMT-Free Municipal Bond ETF: cost, size, returns, what they hold and how much of it is the same.

Overlap by weight

137 shared positions

Fee gap

1 bp

CGMU is cheaper

1-year return gap

4.0 pts

CGMU is ahead

Larger fund

CGMU

$7.2B

Side by side

	CGMU	PZA
Fund	Capital Group Municipal Income ETF	Invesco National AMT-Free Municipal Bond ETF
Issuer	Capital Group	Invesco
Category	National Muni	National Muni
Expense ratio	0.27%	0.28%
Assets	$7.2B	$4.1B
Average daily dollar volume	$95M	$100M
Listed	Oct 25, 2022	Oct 11, 2007
FrenzyCap score	82	80
1-month return	−0.4%	−2.0%
3-month return	−3.0%	−6.6%
Year to date	−3.8%	−7.2%
1-year return	−4.0%	−8.0%
30-day volatility	5.7%	8.9%
Worst drawdown, 1 year	−7.7%	−10.4%
Trailing 12-month yield	3.51%	4.11%
Holdings	2,629	6,664
Top 10 weight	5.9%	1.0%
Look-through P/E	—	—
Holdings vs fair value	—	—
Holdings above 200-day average	—	—
Net flow, latest 3 reported months	+$690M thru Jun 2026	+$400M thru May 2026
30-day implied volatility	—	21.5%
Holdings as of	as of Oct 19, 2026issuer data	as of May 31, 2026SEC filing

Returns are price returns and exclude distributions. Flows are each fund's own latest reported months and may not cover the same period.

Largest shared holdings

5% of CGMU · 2% of PZA

Holding	CGMU	PZA
CHICAGO IL BRD OF EDU DEDICATE CHIEDU 04/46 FIXED OID 6, due Apr 15, 2046	0.08%	0.09%
MET PIER EXPOSITION AUTH IL MPNFAC 12/42 FIXED 4, due Dec 15, 2042	0.06%	0.05%
UTAH ST TRANSIT AUTH SALES TAX UTSTRN 12/44 FIXED 5, due Dec 15, 2044	0.25%	0.03%
ILLINOIS ST FIN AUTH REVENUE ILSGEN 11/45 FIXED 5, due Nov 15, 2045	0.11%	0.03%
TRIBOROUGH NY BRIDGE TUNNEL TRBTRN 11/42 FIXED 5, due Nov 15, 2042	0.03%	0.04%
GEISINGER PA AUTH HLTH SYS REV GEIMED 02/45 FIXED 5, due Feb 15, 2045	0.07%	0.03%
NEW YORK CITY NY MUNI WTR FIN NYCUTL 06/43 FIXED 5, due Jun 15, 2043	0.03%	0.04%
BUTLER CNTY OH HOSP FACS BUTMED 11/45 FIXED 5, due Nov 15, 2045	0.04%	0.03%
TEXAS ST TRANSPRTN FIN CORP SH TTFTRN 10/45 FIXED 5, due Oct 15, 2045	0.03%	0.04%
NEW YORK ST URBAN DEV CORP SAL NYSFAC 03/43 FIXED 4, due Mar 15, 2043	0.05%	0.03%
HUDSON YARDS INFRASTRUCTURE CO HUYGEN 02/42 FIXED 5, due Feb 15, 2042	0.03%	0.06%
GRAND PARKWAY TRANSPRTN CORP T GPTTRN 10/43 FIXED 5, due Oct 15, 2043	0.03%	0.05%
ILLINOIS ST ILS 04/45 FIXED 5.25, due Apr 15, 2045	0.14%	0.03%
NEW YORK CITY NY TRANSITIONAL NYCGEN 11/41 FIXED 5, due Nov 15, 2041	0.03%	0.03%
ILLINOIS ST FIN AUTH REVENUE ILSGEN 07/42 FIXED 5, due Jul 15, 2042	0.04%	0.03%
CALIFORNIA ST HLTH FACS FING A CASMED 11/44 FIXED 4, due Nov 15, 2044	0.02%	0.13%
ILLINOIS ST ILS 05/43 FIXED 5.25, due May 15, 2043	0.03%	0.02%
IOWA ST FIN AUTH MIDWSTRN DISA IASGEN 08/42 FIXED 4.75, due Aug 15, 2042	0.05%	0.02%
CLARK CNTY NV CLA 06/43 FIXED 5, due Jun 15, 2043	0.02%	0.04%
NEW YORK CITY NY TRANSITIONAL NYCGEN 11/46 FIXED 5, due Nov 15, 2046	0.06%	0.02%
TARRANT CNTY TX CULTURAL EDU F TAREDU 02/47 FIXED 5, due Feb 15, 2047	0.03%	0.02%
LOS ANGELES CA DEPT OF WTR P LOSUTL 07/44 FIXED 5, due Jul 15, 2044	0.06%	0.02%
LANSING MICH BRD WTR LT UTIL LANUTL 07/49 FIXED 5, due Jul 15, 2049	0.02%	0.03%
NEW YORK CITY NY TRANSITIONAL NYCGEN 02/43 FIXED 5, due Feb 15, 2043	0.02%	0.03%
TARRANT CNTY TX CULTURAL EDU F TAREDU 11/44 FIXED 5, due Nov 15, 2044	0.02%	0.03%

Sector mix of the stock holdings

No sector breakdown: these funds hold few classified stocks.

More: full overlap table · CGMU holdings · PZA holdings

Fund data comes from each fund's SEC filings and issuer disclosures and is shown with the date it is as of. SEC portfolio and flow filings become public about 60 days after the period they cover. Nothing here is investment advice; see Terms.