FMUN

FMUN is a passively managed ETF designed to provide federally tax-exempt income by investing primarily in USD-denominated, investment-grade municipal bonds. The index aims to enhance exposure to municipal securities with superior risk-adjusted return and liquidity compared to traditional benchmarks. Security selection is based on minimum issue and deal sizes, fixed coupon structures, investment-grade credit ratings, and USD-denomination. The index includes instruments like mandatory put and original issue zero-coupon bonds while excluding higher-risk or less transparent securities such as taxable municipals, floating-rate bonds, derivatives, 144A issues, secondarily insured bonds, securities in default, and those tied to commercial paper programs. Index constituents are selected and weighted by market value. The index is rebalanced monthly. FMUN converted from a mutual fund to an ETF, launching with $165.06 million in net assets.