MUNGvsPZAETF Comparison
ETF 1
MUNG
Northern Trust 2046 Tax-Exempt Distributing Ladder ETF
This fund is part of
Municipal Bonds
+0.05%
VS
Northern Trust 2046 Tax-Exempt Distributing Ladder ETF (MUNG) and Invesco National AMT-Free Municipal Bond ETF (PZA) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. MUNG is less expensive with a Total Expense Ratio (TER) of 0.1%, versus 0.28% for PZA. Run a side-by-side ETF comparison of MUNG and PZA 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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MUNG vs PZA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/12/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | MUNG PZA | -1.53%-4.07% | n/a-8.48% | n/a-7.58% | n/a-6.42% | n/a+4.85% | n/a-9.18% |
| Flows | MUNG PZA | -+$36M | -+$152M | -+$1.10B | -+$1.00B | -+$2.13B | -+$2.25B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | MUNG PZA | n/a+6.64% | n/a+4.50% | n/a+5.54% | n/a+5.42% |
| Max drawdown | MUNG PZA | n/a-9.34% | n/a-9.83% | n/a-9.83% | n/a-18.28% |
| Max drawdown duration | MUNG PZA | n/a92d | n/a222d | n/a222d | n/a1740d |
Trading data
MUNG | PZA | |
Last sale 10/13/2026 at 1:46 PM | $96.27 | $21.46 |
| Previous close 10/12/2026 | $96.26 | $21.31 |
| Consolidated volume 10/12/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 13, 2026
1-year trailing difference
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MUNG
is actively managed and doesn’t replicate an indexMUNG | PZA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/13/2026 at 1:46 PM
Live
Closed
MUNG | PZA | |
|---|---|---|
| Last price | $96.27 | $21.46 |
| 1D performance | +0.01% | +0.70% |
| AuM | $9.63 M | $4.05 B |
| E/R | 0.1% | 0.28% |
Characteristics
MUNG | PZA | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Northern Trust | Invesco |
| Benchmark | - | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| N° of holdings | 24 | 3395 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 26, 2026 | October 11, 2007 |
| ESG | No | No |
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Exposure
Countries
MUNG
USA
9.46%
Other
90.54%
PZA
USA
59.27%
Other
40.73%
Sectors
MUNG
Municipal
9.46%
Other
90.54%
PZA
Municipal
59.27%
Other
40.73%
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Diversification
MUNG
Total weight of top 15 holdings out of 15
25.07%
PZA
Total weight of top 15 holdings out of 15
1.51%
Top 15 holdings
Data as of August 31, 2026
MUNG
US45115PDP36
2.41%
US783244PZ33
2.30%
US145317BV45
2.13%
State of Washington, 5% 1feb2029, USD
2.10%
US452227UF66
2.01%
US491552W684
1.76%
US45506EPG25
1.59%
US387460QM34
1.57%
US790415BV49
1.52%
US790415CC58
1.43%
US79467BHS79
1.29%
US66440AUA23
1.27%
US570799JE77
1.24%
Chicago O'Hare International Airport, 5% 1jan2037, USD (2025A)
1.22%
US667826GW53
1.22%
PZA
California Health Facilities Financing Authority, 4% 1nov2044, USD
0.13%
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.12%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.10%
County of Jefferson (AL), 5.5% 1oct2053, USD (2024)
0.10%
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
0.10%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.10%
Salt River Project Agricultural Improvement and Power District, 5.25% 1jan2055, USD (2025)
0.10%
University of California Medical Center, 5% 15may2047, USD (2022)
0.10%
County of Jefferson (AL), 5.25% 1oct2049, USD (2024)
0.10%
Orange Health Facilities Authority, 5.25% 1oct2056, USD (2025A)
0.09%
US818200VF19
0.09%
US67756AH960
0.09%
US160853VA29
0.09%
US6133408D38
0.09%
US43233KAE47
0.09%
Frequently asked questions about MUNG and PZA
Which ETF is bigger: MUNG or PZA?
As of October 12, 2026, MUNG holds $9.63 M in assets under management (AUM), while PZA manages $4.05 B.
What sectors do the MUNG and PZA ETFs invest in?
MUNG leans toward sectors like Municipal. Meanwhile, PZA focuses on Municipal.
What are the top holdings of the MUNG ETF and PZA ETF?
MUNG top holdings include US45115PDP36, US783244PZ33 and US145317BV45. PZA holds in its top three: California Health Facilities Financing Authority, 4% 1nov2044, USD, New York Dormitory Authority, 5.5% 1jul2054, USD (2024A) and New York Dormitory Authority, 4% 15feb2047, USD (2019D).
Which ETF is more diversified: MUNG or PZA?
MUNG holds 182 securities with 25.07% of its assets in the top 15. PZA has 7121 securities and a top 15 weight of 1.51%.
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