# AADR Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 30, 2026, AADR closed −0.04% from its NAV, and on 95% of the 1 days to then it was within ±0.04%. No fund is recommended. Data as of Nov 4, 2026. Rebuilt every trading night. As of Nov 4, 2026. Rebuilt every trading night. ## AADR bid-ask spread and liquidity As of Oct 30, 2026, AADR closed −0.04% from its NAV, and on 95% of the 1 days to then it was within ±0.04%. ### IQ Liquidity Score Not scored, 1 of 6 measured. 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 Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Holdings can absorb up to $12m a day; part of the book has no volume data Price fidelity Not measured: 1 days of closing premium are held, under the 20 needed Primary market, 65.0 4 active dealers of 23; largest 53% of creations and redemptions, N-CEN to Jun 30, 2026 Bad-day behaviour Not measured: 1 of the 10 worst days and 0 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) ### Premium or discount to NAV - Latest close, Oct 30, 2026: −0.04% - 95% of days within: ±0.04% - Days more than 1% from NAV: 0 of 1 - Widest: −0.04%, Oct 30, 2026 Close against the NAV its issuer struck the same day, 1 days from Oct 30, 2026 to Oct 30, 2026. Source: ETFIQ from the issuer’s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then. ### Capacity Its holdings can absorb up to $12m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is E.ON SE (EONGY), 2.66% of the fund. ### Dealers 4 active of 23 authorized participants; the largest did 53% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 10, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (52.9%), Jane Street Capital, LLC (28.7%), BofA Securities, Inc. (11.8%), J.P. Morgan Securities LLC (6.7%). 19 more were listed and created or redeemed nothing. ### How to trade AADR When Its holdings trade on markets that close before New York, so its price can drift from their value later in the day. Size Part of its book has no volume data, so the room for a large order is an upper bound. Watch The premium. On 95% of days it is within ±0.04%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. ### What retail orders paid AADR ranked 590th of 628 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0001% of the market-order dollars in 4 retail brokers’ reports. Retail activity ranking ### Where it trades In Q2 2026, 83% of AADR’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 28.9% of its exchange volume. ### Coming with trade data Spread through the day, buyers against sellers, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### Questions people ask Does AADR trade at a premium or discount to NAV? It closed −0.04% from its NAV on Oct 30, 2026. On 95% of the 1 days to then it was within ±0.04%, and it closed more than 1% from NAV on 0 of them. Who is the AP for AADR? AADR’s latest Form N-CEN, for the period ending Jun 30, 2026, lists 23 authorized participants (APs), and 4 created or redeemed shares. The largest were Virtu Americas LLC (52.9%), Jane Street Capital, LLC (28.7%), BofA Securities, Inc. (11.8%) of the dollars its APs created and redeemed. Who is the LMM for AADR? AADR’s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Nov 1, 2026. ### Sources and dates - Premium: ETFIQ, close against the issuer’s NAV, Oct 30, 2026 to Oct 30, 2026. - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 4, 2026. - Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0000940400-26-036367. - Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ’s request, so its orders are not counted. - Where it trades: SEC MIDAS, Q2 2026, against the fund’s daily volume from Tiingo. ### Where to next The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, AADR trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/aadr/trading/ Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/aadr/trading/