{"url":"https://etfiq.com/funds/army/trading/","section":"funds","title":"ARMY Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, ARMY\u2019s median bid-ask spread over 30 days was 0.48%. A $10,000 order costs about $24 one way.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/army/trading/#data","name":"ARMY trading costs and liquidity","description":"As of Oct 22, 2026, ARMY\u2019s median bid-ask spread over 30 days was 0.48%. A $10,000 order costs about $24 one way.","url":"https://etfiq.com/funds/army/trading/","dateModified":"2026-10-22","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":"What is ARMY\u2019s bid-ask spread?","acceptedAnswer":{"@type":"Answer","text":"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\u00a2 a share at the Oct 22 close."}},{"@type":"Question","name":"Does ARMY trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.43% from its NAV on Oct 22, 2026. On 95% of the 6 days to then it was within \u00b10.85%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for ARMY?","acceptedAnswer":{"@type":"Answer","text":"ARMY\u2019s 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."}},{"@type":"Question","name":"Who is the LMM for ARMY?","acceptedAnswer":{"@type":"Answer","text":"ARMY\u2019s lead market maker (LMM) on Nasdaq is Old Mission Capital LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}},{"@type":"Question","name":"What does it cost to trade $10,000 of ARMY?","acceptedAnswer":{"@type":"Answer","text":"About $24 one way, 0.24%: half its 30-day median spread. In and out costs twice that."}},{"@type":"Question","name":"How do I place a limit order for ARMY?","acceptedAnswer":{"@type":"Answer","text":"Set the limit at the midpoint + 6\u00a2 to buy, or the midpoint \u2212 6\u00a2 to sell, in your broker\u2019s quote. At the Oct 22 close of $23.14, that\u2019s $23.20 to buy and $23.08 to sell."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/army#fund","name":"Tema International Defense ETF","alternateName":"ARMY","url":"https://etfiq.com/funds/army","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"ARMY"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/army#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ARMY","item":"https://etfiq.com/funds/army"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/army/trading/"}]},{"@type":"WebPage","name":"ARMY Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, ARMY\u2019s median bid-ask spread over 30 days was 0.48%. A $10,000 order costs about $24 one way.","url":"https://etfiq.com/funds/army/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":5185,"truncated":false,"content":"ETFIQ / ARMY / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n ARMY bid-ask spread and liquidity\n As of Oct 22, 2026, ARMY\u2019s median bid-ask spread over 30 days was 0.48%.\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 Flags: One dealer.\n Cost to trade, 31.0 0.48% median spread, 30 days to Oct 22, 2026 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, 30.0 2 active dealers of 2; largest 94% of creations and redemptions, N-CEN to Feb 28, 2026 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) \n Cost for your order\n ARMY one-way cost at each order size: half its 30-day median spread to Oct 22, 2026; sizes above $10,000 add an estimate of market impact. Source: ETFIQ. Order Dollars Percent Basis \n $1,000 $2.40 0.24% spread \n $10,000 $24 0.24% spread \n Premium or discount to NAV\n Latest close, Oct 22, 2026: +0.43%\n 95% of days within: \u00b10.85%\n Days more than 1% from NAV: 0 of 6\n Widest: +0.85%, Oct 16, 2026\n Close against the NAV its issuer struck the same day, 6 days from Sep 11, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.\n Capacity\n Not measured: 39.1% of its long weight could be measured; the largest part not measured is foreign.\n Dealers\n 2 active of 2 authorized participants; the largest did 94% of creations and redemptions, in the year to Feb 28, 2026 (Form N-CEN filed May 14, 2026).\n 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%).\n How to trade ARMY\n Order type Limit: midpoint + 6\u00a2 to buy, midpoint \u2212 6\u00a2 to sell. At the Oct 22 close of $23.14, that\u2019s $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 \u00b10.85%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. 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 What is ARMY\u2019s 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\u00a2 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 \u00b10.85%, and it closed more than 1% from NAV on 0 of them. Who is the AP for ARMY? ARMY\u2019s 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\u2019s 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\u00a2 to buy, or the midpoint \u2212 6\u00a2 to sell, in your broker\u2019s quote. At the Oct 22 close of $23.14, that\u2019s $23.20 to buy and $23.08 to sell. Sources and dates\n Spread: Tema (fund page), 30 days to Oct 22, 2026 ( the issuer\u2019s page ).\n Premium: ETFIQ, close against the issuer\u2019s NAV, Sep 11, 2026 to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Feb 28, 2026, accession 0001193125-26-223851.\n Where to next\n ARMY 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 ARMY 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, ARMY trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/army/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, ARMY trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/army/trading/ APA ETFIQ. (Oct 22, 2026). ARMY trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/army/trading/ Markdown [ARMY trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/army/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, ARMY trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/army/trading/"}