MUNCvsCAIQETF Comparison
ETF 1
MUNC
Northern Trust 2045 Tax-Exempt Distributing Ladder ETF
This fund is part of
Municipal Bonds
+0.14%
VS
Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) and Calamos Nasdaq Autocallable Income ETF (CAIQ) have similar underlying exposures to countries and sectors. MUNC's top 1 sector exposures are Municipal. In contrast, CAIQ's top sector exposures are Sovereign. MUNC is less expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.86% for CAIQ. MUNC is down -1.87% year-to-date (YTD) with -$2M in YTD flows. CAIQ performs better with 11.24% YTD performance, and +$312M in YTD flows. Run a side-by-side ETF comparison of MUNC and CAIQ below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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MUNC vs CAIQ performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/11/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | MUNC CAIQ | -2.21%-1.30% | -2.88%-0.12% | -1.87%+11.24% | -0.25%n/a | n/an/a | n/an/a |
| Flows | MUNC CAIQ | -+$50M | -+$142M | -$2M+$312M | -$2M- | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | MUNC CAIQ | +2.67%+11.84% | +2.37%n/a | n/an/a | n/an/a |
| Max drawdown | MUNC CAIQ | -3.51%-5.79% | -4.19%n/a | n/an/a | n/an/a |
| Max drawdown duration | MUNC CAIQ | 67d58d | 194dn/a | n/an/a | n/an/a |
Trading data
MUNC | CAIQ | |
Last sale 9/11/2026 at 1:30 PM | $98.56 | $25.40 |
| Previous close 09/10/2026 | $98.42 | $25.20 |
| Consolidated volume 09/10/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 9/11/2026 at 1:30 PM
Live
Closed
MUNC | CAIQ | |
|---|---|---|
| Last price | $98.56 | $25.40 |
| 1D performance | +0.14% | +0.79% |
| AuM | $7.89 M | $343.93 M |
| E/R | 0.18% | 0.86% |
Characteristics
MUNC | CAIQ | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | FlexShares | Calamos Investments |
| Benchmark | - | - |
| N° of holdings | 20 | 2 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 19, 2025 | November 20, 2025 |
| ESG | No | No |
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Exposure
Countries
MUNC
USA
15.7%
Other
84.3%
CAIQ
USA
14.84%
Other
85.16%
Sectors
MUNC
Municipal
15.7%
Other
84.3%
CAIQ
Sovereign
14.84%
Other
85.16%
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Diversification
MUNC
Total weight of top 15 holdings out of 15
32.28%
CAIQ
Total weight of top 2 holdings out of 2
95.89%
Top 15 holdings
Data as of July 31, 2026
MUNC
Utility Debt Securitization Authority, 5% 15dec2029, USD (2022)
3.34%
US866849W400
3.25%
US544532CU63
3.23%
US930864JG97
3.03%
US64613CAZ14
2.62%
US562895XK30
2.54%
US05914GFN34
1.92%
US153480AJ70
1.86%
US315361MP77
1.84%
Greater Chicago Metropolitan Water Reclamation District, 5.25% 1dec2035, USD
1.71%
US216181GE19
1.44%
US812670DV64
1.42%
US779240RF94
1.39%
US749030EE89
1.37%
US79289ABY82
1.35%
CAIQ
US12811T5149
81.06%
USA, Bills 0% 7jan2027, USD (182D)
14.84%
Frequently asked questions about MUNC and CAIQ
How have the MUNC and CAIQ ETFs performed in 2026?
As of September 11, 2026, MUNC is down -1.87% year-to-date (YTD), while CAIQ has returned 11.24%. That puts CAIQ better performer ahead so far this year.
Which ETF is attracting more investor money: MUNC or CAIQ?
Year-to-date, the MUNC ETF saw -$2M in flows, compared to +$312M for CAIQ.
Which ETF is bigger: MUNC or CAIQ?
As of September 11, 2026, MUNC holds $7.89 M in assets under management (AUM), while CAIQ manages $343.93 M.
What sectors do the MUNC and CAIQ ETFs invest in?
MUNC leans toward sectors like Municipal. Meanwhile, CAIQ focuses on Sovereign.
What are the top holdings of the MUNC ETF and CAIQ ETF?
MUNC top holdings include Utility Debt Securitization Authority, 5% 15dec2029, USD (2022), US866849W400 and US544532CU63. CAIQ holds in its top three: US12811T5149 and USA, Bills 0% 7jan2027, USD (182D).
Which ETF is more diversified: MUNC or CAIQ?
MUNC holds 152 securities with 32.28% of its assets in the top 15. CAIQ has 2 securities.
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Latest news about MUNC & CAIQ
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
MUNC
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Autocallables: The Next Generation of Equity Income ETFs
November 20, 2025
CAIQ
Autocallables: The Next Generation of Equity Income ETFs
November 20, 2025
CAIQ
ETF Strategies Explained for Dummies, Part 2 (With Examples)
January 1, 1970
CAIQ
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