{"url":"https://etfiq.com/funds/aavm/trading/","section":"funds","title":"AAVM Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Nov 5, 2026, AAVM closed +0.09% from its NAV, and on 95% of the 4 days to then it was within \u00b10.17%. No fund is recommended.","as_of":"Nov 5, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/aavm/trading/#data","name":"AAVM trading costs and liquidity","description":"As of Nov 5, 2026, AAVM closed +0.09% from its NAV, and on 95% of the 4 days to then it was within \u00b10.17%. No fund is recommended.","url":"https://etfiq.com/funds/aavm/trading/","dateModified":"2026-11-05","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":"Does AAVM trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.09% from its NAV on Nov 5, 2026. On 95% of the 4 days to then it was within \u00b10.17%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for AAVM?","acceptedAnswer":{"@type":"Answer","text":"AAVM\u2019s latest Form N-CEN, for the period ending Sep 30, 2024, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (44.2%), RBC Capital Markets, LLC (36.7%), Virtu Americas LLC (11.0%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for AAVM?","acceptedAnswer":{"@type":"Answer","text":"AAVM\u2019s lead market maker (LMM) on Nasdaq is RBC Capital Markets, LLC. Lead market maker per Nasdaq, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/aavm#fund","name":"Alpha Architect Global Factor Equity ETF","alternateName":"AAVM","url":"https://etfiq.com/funds/aavm","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"AAVM"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/aavm#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"AAVM","item":"https://etfiq.com/funds/aavm"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/aavm/trading/"}]},{"@type":"WebPage","name":"AAVM Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Nov 5, 2026, AAVM closed +0.09% from its NAV, and on 95% of the 4 days to then it was within \u00b10.17%. No fund is recommended.","url":"https://etfiq.com/funds/aavm/trading/","dateModified":"2026-11-05","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":5240,"truncated":false,"content":"ETFIQ / AAVM / Trading \n \n As of Nov 5, 2026. Rebuilt every trading night.\n AAVM bid-ask spread and liquidity\n As of Nov 5, 2026, AAVM closed +0.09% from its NAV, and on 95% of the 4 days to then it was within \u00b10.17%.\n IQ Liquidity Score\n Not scored, 2 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, 0.0 Holdings can absorb $156,233 a day, Nov 5, 2026 Price fidelity Not measured: 4 days of closing premium are held, under the 20 needed Primary market, 85.0 5 active dealers of 5; largest 44% of creations and redemptions, N-CEN to Sep 30, 2024 Bad-day behaviour Not measured: 2 of the 10 worst days and 2 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Nov 5, 2026: +0.09%\n 95% of days within: \u00b10.17%\n Days more than 1% from NAV: 0 of 4\n Widest: +0.17%, Nov 3, 2026\n Close against the NAV its issuer struck the same day, 4 days from Oct 30, 2026 to Nov 5, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Its holdings can absorb $156,233 a day, measured on its own holdings, as of Nov 5, 2026. The holding that sets the limit is Alpha Architect International Quantitative Value ETF (IVAL), 26.79% of the fund.\n Dealers\n 5 active of 5 authorized participants; the largest did 44% of creations and redemptions, in the year to Sep 30, 2024 (Form N-CEN filed Dec 13, 2024).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (44.2%), RBC Capital Markets, LLC (36.7%), Virtu Americas LLC (11.0%), Goldman Sachs & Co. LLC (6.0%), Jane Street Capital, LLC (2.2%).\n How to trade AAVM\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. Size Up to $1,562 is 1% of what its holdings can absorb in a day, for a buy or a sell. Watch The premium. On 95% of days it is within \u00b10.17%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. What retail orders paid\n AAVM ranked 693rd of 797 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0001% of the market-order dollars in 4 retail brokers\u2019 reports. Retail activity ranking \n Where it trades\n In Q2 2026, 77% of AAVM\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 3.7% of its exchange volume.\n Coming with trade data\n Spread through the day, buyers against sellers, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n Does AAVM trade at a premium or discount to NAV? It closed +0.09% from its NAV on Nov 5, 2026. On 95% of the 4 days to then it was within \u00b10.17%, and it closed more than 1% from NAV on 0 of them. Who is the AP for AAVM? AAVM\u2019s latest Form N-CEN, for the period ending Sep 30, 2024, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (44.2%), RBC Capital Markets, LLC (36.7%), Virtu Americas LLC (11.0%) of the dollars its APs created and redeemed. Who is the LMM for AAVM? AAVM\u2019s lead market maker (LMM) on Nasdaq is RBC Capital Markets, LLC. Lead market maker per Nasdaq, as of Nov 1, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 30, 2026 to Nov 5, 2026.\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 5, 2026.\n Dealers: Form N-CEN, the year to Sep 30, 2024, accession 0001145549-24-078631.\n 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\u2019s request, so its orders are not counted.\n Where it trades: SEC MIDAS, Q2 2026, against the fund\u2019s daily volume from Tiingo.\n Where to next\n AAVM 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 AAVM 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, AAVM trading: cost, capacity, premium and dealers, data as of Nov 5, 2026. https://etfiq.com/funds/aavm/trading/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, AAVM trading: cost, capacity, premium and dealers, data as of Nov 5, 2026. https://etfiq.com/funds/aavm/trading/ APA ETFIQ. (Nov 5, 2026). AAVM trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/aavm/trading/ Markdown [AAVM trading: cost, capacity, premium and dealers (ETFIQ, Nov 5, 2026)](https://etfiq.com/funds/aavm/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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, AAVM trading: cost, capacity, premium and dealers, data as of Nov 5, 2026. https://etfiq.com/funds/aavm/trading/"}