PSQAvsMUNCETF Comparison
VS
ETF 2
MUNC
Northern Trust 2045 Tax-Exempt Distributing Ladder ETF
This fund is part of
Municipal Bonds
+0.01%
Palmer Square CLO Senior Debt ETF (PSQA) and Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) have similar underlying exposures to countries and sectors. PSQA's top 1 sector exposures are Industrials. In contrast, MUNC's top sector exposures are Municipal. PSQA is more expensive with a Total Expense Ratio (TER) of 0.21%, versus 0.18% for MUNC. PSQA is up 3.4% year-to-date (YTD) with +$136M in YTD flows. MUNC performs worse with -0.89% YTD performance, and -$2M in YTD flows. Run a side-by-side ETF comparison of PSQA 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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PSQA vs MUNC performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/03/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PSQA MUNC | +0.43%-0.68% | +1.23%-2.01% | +3.40%-0.89% | +5.21%+2.78% | n/an/a | n/an/a |
| Flows | PSQA MUNC | +$32M- | +$70M- | +$136M-$2M | +$166M-$2M | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PSQA MUNC | +0.22%+2.31% | +0.45%+2.41% | n/an/a | n/an/a |
| Max drawdown | PSQA MUNC | n/a-2.46% | -0.24%-3.15% | n/an/a | n/an/a |
| Max drawdown duration | PSQA MUNC | n/a59d | 20d186d | n/an/a | n/an/a |
Trading data
PSQA | MUNC | |
Last sale 9/4/2026 at 1:30 PM | $20.70 | $99.52 |
| Previous close 09/03/2026 | $20.70 | $99.54 |
| Consolidated volume 09/03/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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MUNC
is actively managed and doesn’t replicate an indexPSQA | MUNC | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/4/2026 at 1:30 PM
Live
Closed
PSQA | MUNC | |
|---|---|---|
| Last price | $20.70 | $99.52 |
| 1D performance | -0.02% | -0.02% |
| AuM | $209.61 M | $7.97 M |
| E/R | 0.21% | 0.18% |
Characteristics
PSQA | MUNC | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Palmer Square | FlexShares |
| Benchmark | Palmer Square CLO Senior Debt Index | - |
| N° of holdings | 18 | 20 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 11, 2024 | August 19, 2025 |
| ESG | No | No |
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Exposure
Countries
PSQA
USA
16.83%
Other
83.17%
MUNC
USA
15.7%
Other
84.3%
Sectors
PSQA
Industrials
16.83%
Other
83.17%
MUNC
Municipal
15.7%
Other
84.3%
Diversification
PSQA
Total weight of top 15 holdings out of 15
24.88%
MUNC
Total weight of top 15 holdings out of 15
32.28%
Top 15 holdings
Data as of July 31, 2026
PSQA
Elmwood CLO 2025-1A, FRN 22apr2038, USD (ABS, A)
2.38%
US75884YAK47
2.26%
US12553DAS62
1.70%
US03768UAG40
1.70%
US64132TAU79
1.70%
US74971CAU71
1.70%
Magnetite CLO 2019-23A, FRN 25jan2035, USD (ABS, AR)
1.70%
Invesco US CLO 2023-1A, FRN 22apr2037, USD (ABS, AR2)
1.70%
US75884EAN22
1.70%
US675949AQ45
1.56%
US67402CBU99
1.42%
US03990HAA68
1.41%
AIMCO CLO 2026-27A, FRN 20apr2039, USD (ABS, A1)
1.41%
Octagon Investment Partners 2019-1A, FRN 22jan2035, USD (ABS, A1R)
1.30%
US381929AN88
1.26%
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 PSQA and MUNC
How have the PSQA and MUNC ETFs performed in 2026?
As of September 3, 2026, PSQA is up 3.4% year-to-date (YTD), while MUNC has lost -0.89%. That puts PSQA better performer ahead so far this year.
Which ETF is attracting more investor money: PSQA or MUNC?
Year-to-date, the PSQA ETF saw +$136M in flows, compared to -$2M for MUNC.
Which ETF is more volatile: PSQA or MUNC?
Over the past year, PSQA had a volatility of 0.45%, while MUNC experienced 2.41%.
Which ETF is bigger: PSQA or MUNC?
As of September 3, 2026, PSQA holds $209.61 M in assets under management (AUM), while MUNC manages $7.97 M.
What sectors do the PSQA and MUNC ETFs invest in?
PSQA leans toward sectors like Industrials. Meanwhile, MUNC focuses on Municipal.
What are the top holdings of the PSQA ETF and MUNC ETF?
PSQA top holdings include Elmwood CLO 2025-1A, FRN 22apr2038, USD (ABS, A), US75884YAK47 and US12553DAS62. MUNC holds in its top three: Utility Debt Securitization Authority, 5% 15dec2029, USD (2022), US866849W400 and US544532CU63.
Which ETF is more diversified: PSQA or MUNC?
PSQA holds 125 securities with 24.88% of its assets in the top 15. MUNC has 152 securities and a top 15 weight of 32.28%.
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Latest news about PSQA & MUNC
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
MUNC
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