# AVNM Bid-Ask Spread, Liquidity and NAV Premium

> As of Nov 11, 2026, AVNM’s median bid-ask spread over 30 days was 0.12%. A $10,000 order costs about $6.00 one way.

Data as of Nov 11, 2026. Rebuilt every trading night.

As of Nov 11, 2026. Rebuilt every trading night.

## AVNM bid-ask spread and liquidity

As of Nov 11, 2026, AVNM’s median bid-ask spread over 30 days was 0.12%.

### IQ Liquidity Score

Not scored, 3 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, 61.1 0.12% median spread, 30 days to Nov 11, 2026 Capacity, 17.7 Holdings can absorb $3.4m a day, Nov 11, 2026 Price fidelity Not measured: 2 days of closing premium are held, under the 20 needed Primary market, 65.0 3 active dealers of 14; largest 72% of creations and redemptions, N-CEN to Aug 31, 2024 Bad-day behaviour Not measured: 0 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)

### Cost for your order

| Order | Dollars | Percent | Basis |
| --- | --- | --- | --- |
| $1,000 | $0.60 | 0.06% | spread |
| $10,000 | $6.00 | 0.06% | spread |
| $100,000 | $246 | 0.25% | estimate |
| $1,000,000 | $6,493 | 0.65% | estimate |

### Premium or discount to NAV

- Latest close, Nov 11, 2026: +0.11%

- 95% of days within: ±0.11%

- Days more than 1% from NAV: 0 of 2

- Widest: +0.11%, Nov 11, 2026

Close against the NAV its issuer struck the same day, 2 days from Nov 10, 2026 to Nov 11, 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 $3.4m a day, measured on its own holdings, as of Nov 11, 2026. The holding that sets the limit is AVANTIS INTERNATIONAL LARGE CA AVANTIS INTL LRG CAP VAL ETF (AVIV), 20.86% of the fund.

### Dealers

3 active of 14 authorized participants; the largest did 72% of creations and redemptions, in the year to Aug 31, 2024 (Form N-CEN filed Nov 12, 2024).

The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (72.5%), BofA Securities, Inc. (25.6%), Virtu Americas LLC (1.9%). 11 more were listed and created or redeemed nothing.

### How to trade AVNM

Order type Limit: midpoint + 5¢ to buy, midpoint − 5¢ to sell. At the Nov 11 close of $81.00, that’s $81.05 to buy and $80.95 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. Size Up to $33,848 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 ±0.11%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

### What retail orders paid

In Sep 2026, retail market orders in AVNM paid $2.57 one way on $10,000, against $5.97 at the quote. 84% of shares filled better than the quote.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $2.57 |
| Vanguard customers | $0.14 |
| Fidelity customers | $1.43 |
| Schwab customers | $1.76 |
| Robinhood customers | $2.51 |

| Month | One way on $10,000 |
| --- | --- |
| Aug 2025 (old format) | $2.32 |
| Sep 2025 (old format) | $1.54 |
| Oct 2025 (old format) | $1.50 |
| Nov 2025 (old format) | $0.44 |
| Dec 2025 (old format) | $0.40 |
| Jan 2026 (old format) | $1.39 |
| Feb 2026 (old format) | $1.26 |
| Mar 2026 (old format) | $1.96 |
| Apr 2026 (old format) | $3.54 |
| May 2026 (old format) | $2.40 |
| Jun 2026 (old format) | $1.94 |
| Jul 2026 (old format) | $2.02 |
| Aug 2026 | $0.84 |
| Sep 2026 | $2.57 |

AVNM ranked 958th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0072% of the market-order dollars in 4 retail brokers’ reports. Retail activity ranking

### Where it trades

In Q2 2026, 71% of AVNM’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 14.4% 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

What is AVNM’s bid-ask spread? 0.12% of the midpoint, the median over the 30 days to Nov 11, 2026, as its issuer states it. Half of it is about 5¢ a share at the Nov 11 close. Does AVNM trade at a premium or discount to NAV? It closed +0.11% from its NAV on Nov 11, 2026. On 95% of the 2 days to then it was within ±0.11%, and it closed more than 1% from NAV on 0 of them. Who is the AP for AVNM? AVNM’s latest Form N-CEN, for the period ending Aug 31, 2024, lists 14 authorized participants (APs), and 3 created or redeemed shares. The largest were J.P. Morgan Securities LLC (72.5%), BofA Securities, Inc. (25.6%), Virtu Americas LLC (1.9%) of the dollars its APs created and redeemed. Who is the LMM for AVNM? AVNM is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange’s own program, so this does not mean it has no LMM. What does it cost to trade $10,000 of AVNM? About $6.00 one way, 0.06%: half its 30-day median spread. In and out costs twice that. How do I place a limit order for AVNM? Set the limit at the midpoint + 5¢ to buy, or the midpoint − 5¢ to sell, in your broker’s quote. At the Nov 11 close of $81.00, that’s $81.05 to buy and $80.95 to sell.

### Sources and dates

- Spread: Avantis (fund page), 30 days to Nov 11, 2026 ( the issuer’s page ).

- Premium: ETFIQ, close against the issuer’s NAV, Nov 10, 2026 to Nov 11, 2026.

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 11, 2026.

- Dealers: Form N-CEN, the year to Aug 31, 2024, accession 0001145549-24-068816.

- 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

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, AVNM trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/avnm/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/avnm/trading/