MUST vs PZA
Columbia Multi-Sector 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
2%
87 shared positions
Fee gap
5 bp
MUST is cheaper
1-year return gap
1.8 pts
MUST is ahead
Larger fund
PZA
$4.1B
Side by side
| MUST | PZA | |
|---|---|---|
| Fund | Columbia Multi-Sector Municipal Income ETF | Invesco National AMT-Free Municipal Bond ETF |
| Issuer | Columbia | Invesco |
| Category | National Muni | National Muni |
| Expense ratio | 0.23% | 0.28% |
| Assets | $515M | $4.1B |
| Average daily dollar volume | $6.9M | $100M |
| Listed | Oct 10, 2018 | Oct 11, 2007 |
| FrenzyCap score | 68 | 80 |
| 1-month return | +0.1% | −1.5% |
| 3-month return | −3.4% | −5.5% |
| Year to date | −5.3% | −6.9% |
| 1-year return | −5.9% | −7.7% |
| 30-day volatility | 9.2% | 8.8% |
| Worst drawdown, 1 year | −10.2% | −10.4% |
| Trailing 12-month yield | 3.53% | 4.10% |
| Holdings | 645 | 6,664 |
| Top 10 weight | 4.5% | 1.0% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$8.2M thru Jul 2026 | +$400M thru May 2026 |
| 30-day implied volatility | — | 9.4% |
| Holdings as of | as of Jul 31, 2026SEC filing | 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
13% of MUST · 2% of PZA| Holding | MUST | PZA |
|---|---|---|
| Colorado Health Facilities Authority 5%, due Aug 1, 2044 | 0.20% | 0.08% |
| Allegheny County Hospital Development Authority 4%, due Apr 1, 2044 | 0.19% | 0.05% |
| Martin County Health Facilities Authority 4%, due Jan 1, 2046 | 0.13% | 0.05% |
| Wisconsin Health & Educational Facilities Authority 4%, due Aug 15, 2047 | 0.18% | 0.05% |
| New Hope Cultural Education Facilities Finance Corp 5.5%, due Aug 15, 2049 | 0.36% | 0.05% |
| Hillsborough County Industrial Development Authority 5.25%, due Nov 15, 2049 | 0.35% | 0.04% |
| South Broward Hospital District 4%, due May 1, 2048 | 0.15% | 0.04% |
| Michigan Finance Authority 4%, due Feb 15, 2044 | 0.15% | 0.04% |
| City of Rochester MN 4%, due Nov 15, 2048 | 0.12% | 0.04% |
| Colorado Health Facilities Authority 4%, due Aug 1, 2049 | 0.07% | 0.04% |
| Massachusetts Development Finance Agency 5%, due Jul 1, 2046 | 0.17% | 0.03% |
| Tarrant County Cultural Education Facilities Finance Corp 5%, due Jul 1, 2048 | 0.21% | 0.03% |
| Sarasota County Public Hospital District 4%, due Jul 1, 2048 | 0.14% | 0.03% |
| South Carolina Jobs-Economic Development Authority 4.25%, due Feb 1, 2048 | 0.16% | 0.03% |
| Pennsylvania Higher Educational Facilities Authority 5.25%, due Nov 1, 2048 | 0.25% | 0.03% |
| Colorado Health Facilities Authority 4%, due Nov 15, 2043 | 0.12% | 0.03% |
| Fairfax County Industrial Development Authority 4%, due May 15, 2042 | 0.13% | 0.03% |
| South Carolina Jobs-Economic Development Authority 5%, due May 1, 2043 | 0.11% | 0.03% |
| State of Michigan Trunk Line Revenue 5%, due Nov 15, 2046 | 0.35% | 0.03% |
| South Carolina Jobs-Economic Development Authority 4%, due Dec 1, 2044 | 0.15% | 0.03% |
| Medford Hospital Facilities Authority 3%, due Aug 15, 2050 | 0.12% | 0.03% |
| Chicago O'Hare International Airport 5%, due Jan 1, 2048 | 0.38% | 0.03% |
| Washington Health Care Facilities Authority 5.25%, due Sep 1, 2050 | 0.17% | 0.03% |
| New York State Dormitory Authority 4%, due Sep 1, 2050 | 0.14% | 0.03% |
| Illinois Finance Authority 5%, due Aug 15, 2047 | 0.09% | 0.03% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · MUST 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.