# FCLD Bid-Ask Spread, Liquidity and NAV Premium > FCLD trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## FCLD bid-ask spread and liquidity ### IQ Liquidity Score Not scored, 2 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 Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 70.8 Holdings can absorb $133m a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 4 active dealers of 25; largest 62% 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) ### Capacity Its holdings can absorb $133m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is KINGSOFT CLOUD HOLDINGS LTD (KC), 0.66% of the fund. ### Dealers 4 active of 25 authorized participants; the largest did 62% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 11, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Macquarie Capital (USA) Inc. (61.8%), Citigroup Global Markets Inc. (18.9%), J.P. Morgan Securities LLC (16.6%), Jane Street Capital, LLC (2.6%). 21 more were listed and created or redeemed nothing. ### How to trade FCLD 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 $1m is 1% of what its holdings can absorb in a day, for a buy or a sell. ### 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 Who is the AP for FCLD? FCLD’s latest Form N-CEN, for the period ending Jun 30, 2026, lists 25 authorized participants (APs), and 4 created or redeemed shares. The largest were Macquarie Capital (USA) Inc. (61.8%), Citigroup Global Markets Inc. (18.9%), J.P. Morgan Securities LLC (16.6%) of the dollars its APs created and redeemed. Who is the LMM for FCLD? FCLD’s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. ### Sources and dates - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 22, 2026. - Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0000035402-26-005676. ### 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 --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, FCLD trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/fcld/trading/ Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/fcld/trading/