FBDC bid-ask spread and liquidity
As of Nov 3, 2026, FBDC’s median bid-ask spread over 30 days was 0.18%.
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askIQ about FBDC bid-ask spread and liquidity
IQ Liquidity Score
· 3 of 6 measured · Nov 4, 2026How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →
Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →
What a trade costs
One way, half its 30-day median spread; sizes above $10,000 are estimates| Order | Dollars | Percent | Basis |
|---|---|---|---|
| $1,000 | $0.90 | 0.09% | spread |
| $10,000 | $9.00 | 0.09% | spread |
| $100,000 | $218 | 0.22% | estimate |
| $1,000,000 | $4,947 | 0.49% | estimate |
Above zero: a premium. Below: a discount.
FBDC’s holdings can absorb $8.4m a day, measured on its own holdings, as of Nov 4, 2026. A $1m order is 11.93% of a day’s capacity.
Who makes the market
Authorized participants · N-CEN, the year to Nov 30, 20254 of 23 authorized participants created or redeemed FBDC shares in the year to Nov 30, 2025. From the fund’s Form N-CEN, filed Feb 10, 2026.
APs create and redeem shares. Every AP →
Active APs, largest first, by share of dollars created and redeemed: Goldman Sachs & Co. LLC (72.9%), Jane Street Capital, LLC (20.2%), Virtu Americas LLC (4.7%), BofA Securities, Inc. (2.1%). 19 more were listed and created or redeemed nothing.
What retail orders paid
One way on $10,000, Sep 2026In Sep 2026, retail market orders in FBDC paid $0.78 one way on $10,000, against $6.06 at the quote.
90% of shares filled better than the quote.
Where it trades
Q2 2026, 62 trading daysIn Q2 2026, odd lots were 13.1% of FBDC’s exchange volume.
Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.
How to place the order
To buy or to sell, up to $100,000- Order type
- Limit: midpoint + 2¢ to buy, midpoint − 2¢ to sell.At the Nov 3 close of $16.87, that’s $16.89 to buy and $16.85 to sell.
- When
- ETF spreads are usually widest in the first minutes after the open and the last before the close.
- Size
- Up to $83,844 is 1% of what its holdings can absorb in a day, for a buy or a sell.
- Watch
- The premium to NAV, charted above: a buyer pays more, and a seller gets less, when it is wide.
Median spread by half hour, 30 days.
Volume bought at the ask against volume sold at the bid.
Trades priced in fractions of a cent, a sign of retail orders.
Trades above $500k: how many, and their share of volume.
Share of the day’s volume at the close.
Questions people ask
What is FBDC’s bid-ask spread?
Does FBDC trade at a premium or discount to NAV?
Who is the AP for FBDC?
Who is the LMM for FBDC?
What does it cost to trade $10,000 of FBDC?
How do I place a limit order for FBDC?
The score measures trading conditions, not the fund. ETFIQ makes no recommendations.
Cite this pageCitation, APA and Markdown
ETFIQ, FBDC trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/fbdc/trading/
ETFIQ. (Nov 4, 2026). FBDC trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/fbdc/trading/
[FBDC trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/fbdc/trading/)
The score measures trading conditions, not the fund. ETFIQ makes no recommendations.