{"url":"https://etfiq.com/funds/fmub/trading/","section":"funds","title":"FMUB Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"FMUB trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Apr 13, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/fmub/trading/#data","name":"FMUB trading costs and liquidity","description":"FMUB trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/fmub/trading/","dateModified":"2026-04-13","creator":{"@id":"https://etfiq.com/#org"},"license":"https://etfiq.com/license/","isAccessibleForFree":true,"creditText":"ETFIQ (etfiq.com)","variableMeasured":["30-day median bid-ask spread","Premium or discount to NAV","Capacity","Active authorized participants","IQ Liquidity Score","Cost to trade by order size"],"distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/trading-score.json"}],"publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published"},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Who is the AP for FMUB?","acceptedAnswer":{"@type":"Answer","text":"FMUB\u2019s latest Form N-CEN, for the period ending Jan 31, 2026, lists 24 authorized participants (APs), and 5 created or redeemed shares. The largest were Jane Street Capital, LLC (70.0%), BofA Securities, Inc. (14.3%), Goldman Sachs & Co. LLC (11.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for FMUB?","acceptedAnswer":{"@type":"Answer","text":"FMUB\u2019s lead market maker (LMM) on Nasdaq is Jane Street Capital, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/fmub#fund","name":"Fidelity Municipal Bond Opportunities ETF","alternateName":"FMUB","url":"https://etfiq.com/funds/fmub","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"FMUB"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/fmub#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"FMUB","item":"https://etfiq.com/funds/fmub"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/fmub/trading/"}]},{"@type":"WebPage","name":"FMUB Bid-Ask Spread, Liquidity and NAV Premium","description":"FMUB trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/fmub/trading/","dateModified":"2026-04-13","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3424,"truncated":false,"content":"ETFIQ / FMUB / Trading \n \n As of Apr 13, 2026. Rebuilt every trading night.\n FMUB bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 1 of 6 measured.\n A fixed 0 to 100 scale of trading conditions, the same anchors for every fund; 100 is the easiest to trade. It measures how cheaply and reliably the fund can be bought and sold, not whether to own it. How the score is built \n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: its holdings are bonds, which have no volume source here Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 5 active dealers of 24; largest 70% of creations and redemptions, N-CEN to Jan 31, 2026 Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2) \n Capacity\n Not measured: its holdings are bonds, which have no volume source here.\n Dealers\n 5 active of 24 authorized participants; the largest did 70% of creations and redemptions, in the year to Jan 31, 2026 (Form N-CEN filed Apr 13, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (70.0%), BofA Securities, Inc. (14.3%), Goldman Sachs & Co. LLC (11.6%), Virtu Americas LLC (3.1%), J.P. Morgan Securities LLC (1.0%). 19 more were listed and created or redeemed nothing.\n How to trade FMUB\n When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund\u2019s own day once it has trade data. Coming with trade data\n Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n Who is the AP for FMUB? FMUB\u2019s latest Form N-CEN, for the period ending Jan 31, 2026, lists 24 authorized participants (APs), and 5 created or redeemed shares. The largest were Jane Street Capital, LLC (70.0%), BofA Securities, Inc. (14.3%), Goldman Sachs & Co. LLC (11.6%) of the dollars its APs created and redeemed. Who is the LMM for FMUB? FMUB\u2019s lead market maker (LMM) on Nasdaq is Jane Street Capital, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Jan 31, 2026, accession 0000035402-26-002198.\n Where to next\n FMUB fund page ETF trading costs and liquidity Limit orders vs market orders for ETFs Why low volume does not mean illiquid How the IQ Liquidity Score is built Compare FMUB with another fund The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources \n Cite this page. ETFIQ, FMUB trading: cost, capacity, premium and dealers, data as of Apr 13, 2026. https://etfiq.com/funds/fmub/trading/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, FMUB trading: cost, capacity, premium and dealers, data as of Apr 13, 2026. https://etfiq.com/funds/fmub/trading/ APA ETFIQ. (Apr 13, 2026). FMUB trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/fmub/trading/ Markdown [FMUB trading: cost, capacity, premium and dealers (ETFIQ, Apr 13, 2026)](https://etfiq.com/funds/fmub/trading/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, FMUB trading: cost, capacity, premium and dealers, data as of Apr 13, 2026. https://etfiq.com/funds/fmub/trading/"}