# FBDC Bid-Ask Spread, Liquidity and NAV Premium

> As of Nov 3, 2026, FBDC’s median bid-ask spread over 30 days was 0.18%. A $10,000 order costs about $9.00 one way.

Data as of Nov 4, 2026. Rebuilt every trading night.

As of Nov 4, 2026. Rebuilt every trading night.

## FBDC bid-ask spread and liquidity

As of Nov 3, 2026, FBDC’s median bid-ask spread over 30 days was 0.18%.

### 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, 52.3 0.18% median spread, 30 days to Nov 3, 2026 Capacity, 30.8 Holdings can absorb $8.4m a day, Nov 4, 2026 Price fidelity Not measured: 3 days of closing premium are held, under the 20 needed Primary market, 65.0 4 active dealers of 23; largest 73% of creations and redemptions, N-CEN to Nov 30, 2025 Bad-day behaviour Not measured: 1 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 | $0.90 | 0.09% | spread |
| $10,000 | $9.00 | 0.09% | spread |
| $100,000 | $218 | 0.22% | estimate |
| $1,000,000 | $4,947 | 0.49% | estimate |

### Premium or discount to NAV

- Latest close, Nov 3, 2026: 0.00%

- 95% of days within: ±0.12%

- Days more than 1% from NAV: 0 of 3

- Widest: −0.12%, Nov 2, 2026

Close against the NAV its issuer struck the same day, 3 days from Oct 30, 2026 to Nov 3, 2026. Source: ETFIQ from the issuer’s NAV and closing price.

### Capacity

Its holdings can absorb $8.4m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is Barings BDC, Inc. (BBDC), 5.16% of the fund.

### Dealers

4 active of 23 authorized participants; the largest did 73% of creations and redemptions, in the year to Nov 30, 2025 (Form N-CEN filed Feb 10, 2026).

The active authorized participants, largest first, by share of the 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.

### How to trade FBDC

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 minutes before the close. ETFIQ measures this fund’s own day once it has trade data. 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. On 95% of days it is within ±0.12%; 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 FBDC paid $0.78 one way on $10,000, against $6.06 at the quote. 90% of shares filled better than the quote.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $0.78 |
| Fidelity customers | $0.81 |
| Schwab customers | $1.99 |

### Where it trades

In Q2 2026, odd lots were 13.1% of FBDC’s exchange volume.

### Coming with trade data

Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data.

### Questions people ask

What is FBDC’s bid-ask spread? 0.18% of the midpoint, the median over the 30 days to Nov 3, 2026, as its issuer states it. Half of it is about 2¢ a share at the Nov 3 close. Does FBDC trade at a premium or discount to NAV? It closed 0.00% from its NAV on Nov 3, 2026. On 95% of the 3 days to then it was within ±0.12%, and it closed more than 1% from NAV on 0 of them. Who is the AP for FBDC? FBDC’s latest Form N-CEN, for the period ending Nov 30, 2025, lists 23 authorized participants (APs), and 4 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (72.9%), Jane Street Capital, LLC (20.2%), Virtu Americas LLC (4.7%) of the dollars its APs created and redeemed. Who is the LMM for FBDC? FBDC’s lead market maker (LMM) on NYSE Arca is Goldman Sachs & Co. LLC. Lead market maker per NYSE Arca, as of Nov 1, 2026. What does it cost to trade $10,000 of FBDC? About $9.00 one way, 0.09%: half its 30-day median spread. In and out costs twice that. How do I place a limit order for FBDC? Set the limit at the midpoint + 2¢ to buy, or the midpoint − 2¢ to sell, in your broker’s quote. At the Nov 3 close of $16.87, that’s $16.89 to buy and $16.85 to sell.

### Sources and dates

- Spread: First Trust (fund page), 30 days to Nov 3, 2026 ( the issuer’s page ).

- Premium: ETFIQ, close against the issuer’s NAV, Oct 30, 2026 to Nov 3, 2026.

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 4, 2026.

- Dealers: Form N-CEN, the year to Nov 30, 2025, accession 0000940400-26-002996.

- 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.

### 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, FBDC trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/fbdc/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/fbdc/trading/