{"url":"https://etfiq.com/funds/ausm/trading/","section":"funds","title":"AUSM Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"AUSM trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Sep 8, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/ausm/trading/#data","name":"AUSM trading costs and liquidity","description":"AUSM trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/ausm/trading/","dateModified":"2026-09-08","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":"Who is the AP for AUSM?","acceptedAnswer":{"@type":"Answer","text":"AUSM\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 8 authorized participants (APs), and 4 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (43.7%), Citigroup Global Markets Inc. (31.2%), Goldman Sachs & Co. LLC (15.7%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for AUSM?","acceptedAnswer":{"@type":"Answer","text":"AUSM\u2019s lead market maker (LMM) on NYSE Arca is Citadel Securities LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/ausm#fund","name":"Allspring Ultra Short Municipal ETF","alternateName":"AUSM","url":"https://etfiq.com/funds/ausm","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"AUSM"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/ausm#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"AUSM","item":"https://etfiq.com/funds/ausm"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/ausm/trading/"}]},{"@type":"WebPage","name":"AUSM Bid-Ask Spread, Liquidity and NAV Premium","description":"AUSM trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/ausm/trading/","dateModified":"2026-09-08","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3441,"truncated":false,"content":"ETFIQ / AUSM / Trading \n \n As of Sep 8, 2026. Rebuilt every trading night.\n AUSM bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 1 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 Not measured: its holdings are bonds, which have no volume source here Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 4 active dealers of 8; largest 44% of creations and redemptions, N-CEN to Jun 30, 2026 Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2) \n Capacity\n Not measured: its holdings are bonds, which have no volume source here.\n Dealers\n 4 active of 8 authorized participants; the largest did 44% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 8, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (43.7%), Citigroup Global Markets Inc. (31.2%), Goldman Sachs & Co. LLC (15.7%), J.P. Morgan Securities LLC (9.4%). 4 more were listed and created or redeemed nothing.\n How to trade AUSM\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. 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 Who is the AP for AUSM? AUSM\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 8 authorized participants (APs), and 4 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (43.7%), Citigroup Global Markets Inc. (31.2%), Goldman Sachs & Co. LLC (15.7%) of the dollars its APs created and redeemed. Who is the LMM for AUSM? AUSM\u2019s lead market maker (LMM) on NYSE Arca is Citadel Securities LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0001410368-26-090982.\n Where to next\n AUSM 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 AUSM 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, AUSM trading: cost, capacity, premium and dealers, data as of Sep 8, 2026. https://etfiq.com/funds/ausm/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, AUSM trading: cost, capacity, premium and dealers, data as of Sep 8, 2026. https://etfiq.com/funds/ausm/trading/ APA ETFIQ. (Sep 8, 2026). AUSM trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/ausm/trading/ Markdown [AUSM trading: cost, capacity, premium and dealers (ETFIQ, Sep 8, 2026)](https://etfiq.com/funds/ausm/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, AUSM trading: cost, capacity, premium and dealers, data as of Sep 8, 2026. https://etfiq.com/funds/ausm/trading/"}