ARMY bid-ask spread and liquidity

Tema International Defense ETF
ThemesTema$12m net assets0.68% fee
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As of Oct 22, 2026, ARMY’s median bid-ask spread over 30 days was 0.48%.

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Answers cite the figures on this page.

OverviewHoldingsTradingFlowsCompare

IQ Liquidity Score

2 of 6 measured · Oct 22, 2026
·
Not scored
0 · Hard to trade100 · Trades like a giant

The IQ Liquidity Score: 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 trades, not whether to own it. Method →

One dealer
Cost to trade
0.48% median spread, 30 days to Oct 22, 2026
31.0
Capacity
Not measured · 39.1% of its long weight could be measured; the largest part not measured is foreign
·
Price fidelity
Not measured · 6 days of closing premium are held, under the 20 needed
·
Primary market
2 active dealers of 2; largest 94% of creations and redemptions, N-CEN to Feb 28, 2026
30.0
Bad-day behaviour
Not measured · 0 of the 10 worst days and 6 other days are held, under the 5 and 60 needed
·
Depth
Not measured · needs trade and quote data (Phase 2)
·

Cost for your order

One way, half its 30-day median spread; sizes above $10,000 are estimates
ARMY: cost for your order at each size, round trip
OrderDollarsPercentBasis
$1,000$2.400.24%spread
$10,000$240.24%spread

Spread 0.48% median, 30 days to Oct 22, 2026. Above $10,000 the cost adds an estimate of market impact that grows with the order against the holdings’ capacity; a patient limit pays less.

Premium or discount to value

Daily, 6 days to Oct 22, 2026 · the ±1% band marked
ARMY premium or discount to NAV, 6 days+1%0−1%Sep 11, 2026Oct 22, 2026
Latest close, Oct 22
+0.43%
95% of days within
±0.85%
Days more than 1% from NAV
0 of 6
Widest
+0.85%, Oct 16, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

Capacity

What the holdings can absorb a day

Not measured: 39.1% of its long weight could be measured; the largest part not measured is foreign.

Dealers

Authorized participants · N-CEN, the year to Feb 28, 2026
Active dealers
2
of 2 authorized
Largest
94%
of creations and redemptions
One dealer
No
2 active

2 of 2 authorized participants created or redeemed ARMY shares in the year to Feb 28, 2026. From the fund’s Form N-CEN, filed May 14, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (94.5%), J.P. Morgan Securities LLC (5.5%).

How to trade ARMY

To buy or to sell, up to $100,000
Order type
Limit: midpoint + 6¢ to buy, midpoint − 6¢ to sell.At the Oct 22 close of $23.14, that’s $23.20 to buy and $23.08 to sell.
When
Its holdings trade on markets that close before New York, so its price can drift from their value later in the day.
Watch
The premium. On 95% of days it is within ±0.85%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.
Phase 2 · drawn now, filled when trade data arrives
Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Share of volume at the ask against at the bid.

Retail flow, estimatedComing with trade data

Sub-penny prints as a share of volume.

Large tradesComing with trade data

Prints above $500k, count and share.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

What is ARMY’s bid-ask spread?

0.48% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 6¢ a share at the Oct 22 close.

Does ARMY trade at a premium or discount to NAV?

It closed +0.43% from its NAV on Oct 22, 2026. On 95% of the 6 days to then it was within ±0.85%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for ARMY?

ARMY’s latest Form N-CEN, for the period ending Feb 28, 2026, lists 2 authorized participants (APs), and 2 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (94.5%), J.P. Morgan Securities LLC (5.5%) of the dollars its APs created and redeemed.

Who is the LMM for ARMY?

ARMY’s lead market maker (LMM) on Nasdaq is Old Mission Capital LLC. Lead market maker per Nasdaq, as of Oct 23, 2026.

What does it cost to trade $10,000 of ARMY?

About $24 one way, 0.24%: half its 30-day median spread. In and out costs twice that.

How do I place a limit order for ARMY?

Set the limit at the midpoint + 6¢ to buy, or the midpoint − 6¢ to sell, in your broker’s quote. At the Oct 22 close of $23.14, that’s $23.20 to buy and $23.08 to sell.
Sources and dates
SpreadTema (fund page), 30-day median · to Oct 22, 2026
Premium to NAVETFIQ, close against the issuer’s NAV · Sep 11, 2026 to Oct 22, 2026
DealersForm N-CEN · the year to Feb 28, 2026
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →ARMY fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, ARMY trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/army/trading/

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The score measures trading conditions, not the fund. ETFIQ makes no recommendations.