{"url":"https://etfiq.com/funds/fdat/trading/","section":"funds","title":"FDAT Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"FDAT trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 4, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/fdat/trading/#data","name":"FDAT trading costs and liquidity","description":"FDAT 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/fdat/trading/","dateModified":"2026-11-04","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 FDAT?","acceptedAnswer":{"@type":"Answer","text":"FDAT\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Jane Street Capital, LLC (73.2%), Virtu Americas LLC (17.6%), Goldman Sachs & Co. LLC (9.1%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for FDAT?","acceptedAnswer":{"@type":"Answer","text":"FDAT 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\u2019s own program, so this does not mean it has no LMM."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/fdat#fund","name":"Tactical Advantage ETF","alternateName":"FDAT","url":"https://etfiq.com/funds/fdat","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"FDAT"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/fdat#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"FDAT","item":"https://etfiq.com/funds/fdat"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/fdat/trading/"}]},{"@type":"WebPage","name":"FDAT Bid-Ask Spread, Liquidity and NAV Premium","description":"FDAT 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/fdat/trading/","dateModified":"2026-11-04","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3786,"truncated":false,"content":"ETFIQ / FDAT / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n FDAT bid-ask spread and liquidity\n As of Nov 4, 2026, FDAT\u2019s holdings can absorb $71m a day.\n IQ Liquidity Score\n Not scored, 2 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, 61.8 Holdings can absorb $71m a day, Nov 4, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 3 active dealers of 3; largest 73% of creations and redemptions, N-CEN to Mar 31, 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 Its holdings can absorb $71m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is Vanguard Mid-Cap Growth ETF (VOT), 7.96% of the fund.\n Dealers\n 3 active of 3 authorized participants; the largest did 73% of creations and redemptions, in the year to Mar 31, 2026 (Form N-CEN filed Jun 9, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (73.2%), Virtu Americas LLC (17.6%), Goldman Sachs & Co. LLC (9.1%).\n How to trade FDAT\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. Size Up to $714,067 is 1% of what its holdings can absorb in a day, for a buy or a sell. Where it trades\n In Q2 2026, odd lots were 7.8% of FDAT\u2019s exchange volume.\n 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 FDAT? FDAT\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Jane Street Capital, LLC (73.2%), Virtu Americas LLC (17.6%), Goldman Sachs & Co. LLC (9.1%) of the dollars its APs created and redeemed. Who is the LMM for FDAT? FDAT 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\u2019s own program, so this does not mean it has no LMM. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 4, 2026.\n Dealers: Form N-CEN, the year to Mar 31, 2026, accession 0000894189-26-017700.\n Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n FDAT 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 FDAT 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, FDAT trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/fdat/trading/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, FDAT trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/fdat/trading/ APA ETFIQ. (Nov 4, 2026). FDAT trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/fdat/trading/ Markdown [FDAT trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/fdat/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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, FDAT trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/fdat/trading/"}