{"url":"https://etfiq.com/funds/fmun/trading/","section":"funds","title":"FMUN Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"FMUN trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Sep 11, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/fmun/trading/#data","name":"FMUN trading costs and liquidity","description":"FMUN 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/fmun/trading/","dateModified":"2026-09-11","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 FMUN?","acceptedAnswer":{"@type":"Answer","text":"FMUN\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 25 authorized participants (APs), and 1 created or redeemed shares. The only active AP was Goldman Sachs & Co. LLC."}},{"@type":"Question","name":"Who is the LMM for FMUN?","acceptedAnswer":{"@type":"Answer","text":"FMUN\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/fmun#fund","name":"Fidelity Systematic Municipal Bond Index ETF","alternateName":"FMUN","url":"https://etfiq.com/funds/fmun","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"FMUN"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/fmun#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"FMUN","item":"https://etfiq.com/funds/fmun"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/fmun/trading/"}]},{"@type":"WebPage","name":"FMUN Bid-Ask Spread, Liquidity and NAV Premium","description":"FMUN 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/fmun/trading/","dateModified":"2026-09-11","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3208,"truncated":false,"content":"ETFIQ / FMUN / Trading \n \n As of Sep 11, 2026. Rebuilt every trading night.\n FMUN 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 Flags: One dealer.\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, 25.0 1 active dealer of 25; largest 100% of creations and redemptions, N-CEN to Jun 30, 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 1 active of 25 authorized participants; the largest did 100% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 11, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (100.0%). 24 more were listed and created or redeemed nothing.\n How to trade FMUN\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 FMUN? FMUN\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 25 authorized participants (APs), and 1 created or redeemed shares. The only active AP was Goldman Sachs & Co. LLC. Who is the LMM for FMUN? FMUN\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 Jun 30, 2026, accession 0000035402-26-005673.\n Where to next\n FMUN 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 FMUN 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, FMUN trading: cost, capacity, premium and dealers, data as of Sep 11, 2026. https://etfiq.com/funds/fmun/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, FMUN trading: cost, capacity, premium and dealers, data as of Sep 11, 2026. https://etfiq.com/funds/fmun/trading/ APA ETFIQ. (Sep 11, 2026). FMUN trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/fmun/trading/ Markdown [FMUN trading: cost, capacity, premium and dealers (ETFIQ, Sep 11, 2026)](https://etfiq.com/funds/fmun/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, FMUN trading: cost, capacity, premium and dealers, data as of Sep 11, 2026. https://etfiq.com/funds/fmun/trading/"}