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PAAAvsMUNCETF Comparison

ETF 1

PAAA

PGIM AAA CLO ETF

This fund is part of

US Corporate IG Bonds

-0.04%

Full PAAA fund page

VS

ETF 2

MUNC

Northern Trust 2045 Tax-Exempt Distributing Ladder ETF

This fund is part of

Municipal Bonds

-0.24%

Full MUNC fund page

PGIM AAA CLO ETF (PAAA) and Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) have similar underlying exposures to countries and sectors. PAAA's top 2 sector exposures are Industrials and Non-Corporate. In contrast, MUNC's top sector exposures are Municipal. PAAA is more expensive with a Total Expense Ratio (TER) of 0.19%, versus 0.18% for MUNC. PAAA is up 3.42% year-to-date (YTD) with +$6.61B in YTD flows. MUNC performs worse with -2.11% YTD performance, and -$2M in YTD flows. Run a side-by-side ETF comparison of PAAA and MUNC 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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PAAA vs MUNC performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 09/14/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	PAAA MUNC	+0.44%-2.27%	+1.27%-3.23%	+3.42%-2.11%	+4.90%-0.61%	+20.32%n/a	n/an/a
Flows	PAAA MUNC	+$1.20B-	+$2.35B-	+$6.61B-$2M	+$8.35B-$2M	+$12.68B-	--

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	PAAA MUNC	+0.28%+2.68%	+0.42%+2.38%	+0.63%n/a	n/an/a
Max drawdown	PAAA MUNC	n/a-3.66%	-0.12%-4.34%	-0.88%n/a	n/an/a
Max drawdown duration	PAAA MUNC	n/a71d	10d198d	22dn/a	n/an/a

Trading data

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	PAAA	MUNC
Last sale 9/15/2026 at 1:30 PM	$51.44	$98.28
Previous close 09/15/2026	$51.44	$98.53
Consolidated volume 09/15/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Main metrics

Last update 9/15/2026 at 1:30 PM

Live

Closed

	PAAA	MUNC
Last price	$51.44	$98.28
1D performance	+0.00%	-0.25%
AuM	$12.83 B	$7.87 M
E/R	0.19%	0.18%

Characteristics

	PAAA	MUNC
Management strategy	Active	Active
Provider	PGIM	FlexShares
Benchmark	-	-
N° of holdings	35	20
Asset class	-	-
Trailing 12m distribution yield	Join	Join
Inception date	July 19, 2023	August 19, 2025
ESG	No	No

More PAAA data on Trackinsight

More MUNC data on Trackinsight

Exposure

Countries

PAAA

USA

16.12%

Other

83.88%

MUNC

USA

15.7%

Other

84.3%

Sectors

PAAA

Industrials

10.64%

Other

89.36%

MUNC

Municipal

15.7%

Other

84.3%

Diversification

PAAA

Total weight of top 15 holdings out of 15

20.68%

MUNC

Total weight of top 15 holdings out of 15

32.28%

Top 15 holdings

Data as of July 31, 2026

PAAA

PGIM Core Government Money Market Fund

5.48%

US149931AC13

1.74%

US758970AL12

1.43%

US001200AQ71

1.14%

US07090BAA98

1.11%

US75900QAN51

1.11%

US05766NAS18

1.11%

US67578VAL62

1.07%

US28623MBL28

1.02%

US67591EBW21

0.94%

US69703LAQ14

0.94%

US973142BC51

0.93%

US12517DAA00

0.89%

US29001BAL71

0.89%

US05875MBD39

0.88%

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%

Frequently asked questions about PAAA and MUNC

How have the PAAA and MUNC ETFs performed in 2026?

As of September 14, 2026, PAAA is up 3.42% year-to-date (YTD), while MUNC has lost -2.11%. That puts PAAA better performer ahead so far this year.

Which ETF is attracting more investor money: PAAA or MUNC?

Year-to-date, the PAAA ETF saw +$6.61B in flows, compared to -$2M for MUNC.

Which ETF is more volatile: PAAA or MUNC?

Over the past year, PAAA had a volatility of 0.42%, while MUNC experienced 2.38%.

Which ETF is bigger: PAAA or MUNC?

As of September 14, 2026, PAAA holds $12.83 B in assets under management (AUM), while MUNC manages $7.87 M.

What sectors do the PAAA and MUNC ETFs invest in?

PAAA leans toward sectors like Industrials. Meanwhile, MUNC focuses on Municipal.

What are the top holdings of the PAAA ETF and MUNC ETF?

PAAA top holdings include PGIM Core Government Money Market Fund, US149931AC13 and US758970AL12. MUNC holds in its top three: Utility Debt Securitization Authority, 5% 15dec2029, USD (2022), US866849W400 and US544532CU63.

PAAAvsMUNCETF Comparison

PGIM AAA CLO ETF

Northern Trust 2045 Tax-Exempt Distributing Ladder ETF

PAAA vs MUNC performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the PAAA and MUNC ETFs performed in 2026?

As of September 14, 2026, PAAA is up 3.42% year-to-date (YTD), while MUNC has lost -2.11%. That puts PAAA better performer ahead so far this year.

Which ETF is attracting more investor money: PAAA or MUNC?

Year-to-date, the PAAA ETF saw +$6.61B in flows, compared to -$2M for MUNC.

Which ETF is more volatile: PAAA or MUNC?

Over the past year, PAAA had a volatility of 0.42%, while MUNC experienced 2.38%.

Which ETF is bigger: PAAA or MUNC?

As of September 14, 2026, PAAA holds $12.83 B in assets under management (AUM), while MUNC manages $7.87 M.

What sectors do the PAAA and MUNC ETFs invest in?

PAAA leans toward sectors like Industrials. Meanwhile, MUNC focuses on Municipal.

What are the top holdings of the PAAA ETF and MUNC ETF?

PAAA top holdings include PGIM Core Government Money Market Fund, US149931AC13 and US758970AL12. MUNC holds in its top three: Utility Debt Securitization Authority, 5% 15dec2029, USD (2022), US866849W400 and US544532CU63.

Which ETF is more diversified: PAAA or MUNC?

PAAA holds 309 securities with 20.68% of its assets in the top 15. MUNC has 152 securities and a top 15 weight of 32.28%.

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