{"url":"https://etfiq.com/funds/munc/trading/","section":"funds","title":"MUNC Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"MUNC trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Mar 16, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/munc/trading/#data","name":"MUNC trading costs and liquidity","description":"MUNC 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/munc/trading/","dateModified":"2026-03-16","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 MUNC?","acceptedAnswer":{"@type":"Answer","text":"MUNC\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 6 authorized participants (APs), and 5 created or redeemed shares. The largest were BofA Securities, Inc. (20.0%), Goldman Sachs & Co. LLC (20.0%), J.P. Morgan Securities LLC (20.0%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for MUNC?","acceptedAnswer":{"@type":"Answer","text":"MUNC\u2019s lead market maker (LMM) on NYSE Arca is Old Mission Capital LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/munc#fund","name":"Northern Trust 2045 Tax-Exempt Distributing Ladder ETF","alternateName":"MUNC","url":"https://etfiq.com/funds/munc","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"MUNC"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/munc#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"MUNC","item":"https://etfiq.com/funds/munc"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/munc/trading/"}]},{"@type":"WebPage","name":"MUNC Bid-Ask Spread, Liquidity and NAV Premium","description":"MUNC 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/munc/trading/","dateModified":"2026-03-16","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3437,"truncated":false,"content":"ETFIQ / MUNC / Trading \n \n As of Mar 16, 2026. Rebuilt every trading night.\n MUNC 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 6; largest 20% of creations and redemptions, N-CEN to Dec 31, 2025 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 6 authorized participants; the largest did 20% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 16, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: BofA Securities, Inc. (20.0%), Goldman Sachs & Co. LLC (20.0%), J.P. Morgan Securities LLC (20.0%), Morgan Stanley & Co. LLC (20.0%), Wells Fargo Securities, LLC (20.0%). 1 more was listed and created or redeemed nothing.\n How to trade MUNC\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 MUNC? MUNC\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 6 authorized participants (APs), and 5 created or redeemed shares. The largest were BofA Securities, Inc. (20.0%), Goldman Sachs & Co. LLC (20.0%), J.P. Morgan Securities LLC (20.0%) of the dollars its APs created and redeemed. Who is the LMM for MUNC? MUNC\u2019s lead market maker (LMM) on NYSE Arca is Old Mission Capital LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0002071691-26-005535.\n Where to next\n MUNC 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 MUNC 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, MUNC trading: cost, capacity, premium and dealers, data as of Mar 16, 2026. https://etfiq.com/funds/munc/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, MUNC trading: cost, capacity, premium and dealers, data as of Mar 16, 2026. https://etfiq.com/funds/munc/trading/ APA ETFIQ. (Mar 16, 2026). MUNC trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/munc/trading/ Markdown [MUNC trading: cost, capacity, premium and dealers (ETFIQ, Mar 16, 2026)](https://etfiq.com/funds/munc/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, MUNC trading: cost, capacity, premium and dealers, data as of Mar 16, 2026. https://etfiq.com/funds/munc/trading/"}