MUNCvsCLOAETF Comparison
ETF 1
MUNC
Northern Trust 2045 Tax-Exempt Distributing Ladder ETF
This fund is part of
Municipal Bonds
+0.15%
VS
Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) and iShares AAA CLO Active ETF (CLOA) have similar underlying exposures to countries and sectors. MUNC's top 1 sector exposures are Municipal. In contrast, CLOA's top sector exposures are Industrials and Non-Corporate. MUNC is less expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.2% for CLOA. MUNC is down -1.87% year-to-date (YTD) with -$2M in YTD flows. CLOA performs better with 3.37% YTD performance, and +$902M in YTD flows. Run a side-by-side ETF comparison of MUNC and CLOA 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 CLOA 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 CLOA | -2.21%+0.48% | -2.88%+1.23% | -1.87%+3.37% | -0.25%+5.00% | n/a+20.19% | n/an/a |
| Flows | MUNC CLOA | -+$10M | -+$99M | -$2M+$902M | -$2M+$1.10B | -+$2.23B | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | MUNC CLOA | +2.67%+0.21% | +2.37%+0.45% | n/a+0.59% | n/an/a |
| Max drawdown | MUNC CLOA | -3.51%n/a | -4.19%-0.11% | n/a-0.75% | n/an/a |
| Max drawdown duration | MUNC CLOA | 67dn/a | 194d4d | n/a21d | n/an/a |
Trading data
MUNC | CLOA | |
Last sale 9/11/2026 at 1:30 PM | $98.56 | $51.87 |
| Previous close 09/10/2026 | $98.42 | $51.85 |
| 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 | CLOA | |
|---|---|---|
| Last price | $98.56 | $51.87 |
| 1D performance | +0.14% | +0.05% |
| AuM | $7.89 M | $2.28 B |
| E/R | 0.18% | 0.2% |
Characteristics
MUNC | CLOA | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | FlexShares | iShares |
| Benchmark | - | - |
| N° of holdings | 20 | 65 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 19, 2025 | January 10, 2023 |
| ESG | No | No |
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Exposure
Countries
MUNC
USA
15.7%
Other
84.3%
CLOA
USA
19.24%
Other
80.76%
Sectors
MUNC
Municipal
15.7%
Other
84.3%
CLOA
Industrials
17.39%
Other
82.61%
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Diversification
MUNC
Total weight of top 15 holdings out of 15
32.28%
CLOA
Total weight of top 15 holdings out of 15
13.75%
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%
CLOA
BlackRock Cash Funds - Treasury
1.85%
US48257WAA62
0.91%
AB BSL CLO 2025-7A, FRN 17jan2039, USD (ABS, A1)
0.91%
US87268VAA35
0.91%
1988 CLO 2023-2A, FRN 15apr2038, USD (ABS, A1R)
0.91%
US29003NAJ46
0.91%
US04018XAN93
0.91%
Bain Capital Credit CLO 2024-1A, FRN 18apr2039, USD (ABS, A1R)
0.91%
US48255UAV61
0.89%
US64754YAA73
0.86%
US143111AY87
0.84%
US003943AA51
0.78%
US03330WAU80
0.73%
US29002AAW45
0.73%
US48254LAN55
0.69%
Frequently asked questions about MUNC and CLOA
How have the MUNC and CLOA ETFs performed in 2026?
As of September 11, 2026, MUNC is down -1.87% year-to-date (YTD), while CLOA has returned 3.37%. That puts CLOA better performer ahead so far this year.
Which ETF is attracting more investor money: MUNC or CLOA?
Year-to-date, the MUNC ETF saw -$2M in flows, compared to +$902M for CLOA.
Which ETF is more volatile: MUNC or CLOA?
Over the past year, MUNC had a volatility of 2.37%, while CLOA experienced 0.45%.
Which ETF is bigger: MUNC or CLOA?
As of September 11, 2026, MUNC holds $7.89 M in assets under management (AUM), while CLOA manages $2.28 B.
What sectors do the MUNC and CLOA ETFs invest in?
MUNC leans toward sectors like Municipal. Meanwhile, CLOA focuses on Industrials.
What are the top holdings of the MUNC ETF and CLOA ETF?
MUNC top holdings include Utility Debt Securitization Authority, 5% 15dec2029, USD (2022), US866849W400 and US544532CU63. CLOA holds in its top three: BlackRock Cash Funds - Treasury, US48257WAA62 and AB BSL CLO 2025-7A, FRN 17jan2039, USD (ABS, A1).
Which ETF is more diversified: MUNC or CLOA?
MUNC holds 152 securities with 32.28% of its assets in the top 15. CLOA has 414 securities and a top 15 weight of 13.75%.
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Latest news about MUNC & CLOA
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
MUNC
Tony's ETF Buyers Guide: Collateralized Loan Obligation (CLO) ETFs
June 27, 2024
CLOA
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