# FDIF Bid-Ask Spread, Liquidity and NAV Premium > FDIF trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Aug 12, 2026. Rebuilt every trading night. As of Aug 12, 2026. Rebuilt every trading night. ## FDIF bid-ask spread and liquidity In the year to May 31, 2026, 1 of FDIF’s 25 authorized participants created or redeemed shares. ### IQ Liquidity Score Not scored, 1 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 Flags: One dealer. Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: 0.0% of its long weight could be measured; the largest part not measured is unresolved Price fidelity Not measured: no closing premium is held for this fund Primary market, 25.0 1 active dealer of 25; largest 100% of creations and redemptions, N-CEN to May 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) ### Capacity Not measured: 0.0% of its long weight could be measured; the largest part not measured is unresolved. ### Dealers 1 active of 25 authorized participants; the largest did 100% of creations and redemptions, in the year to May 31, 2026 (Form N-CEN filed Aug 12, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (100.0%). 24 more were listed and created or redeemed nothing. ### How to trade FDIF 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. ### What retail orders paid In Sep 2026, retail market orders in FDIF paid $0.33 one way on $10,000, against $9.44 at the quote. 80% of shares filled better than the quote. | Orders | One way on $10,000 | | --- | --- | | All wholesalers read | $0.33 | | Fidelity customers | $3.96 | | Schwab customers | $5.75 | ### Where it trades In Q2 2026, odd lots were 21.3% of FDIF’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 Who is the AP for FDIF? FDIF’s latest Form N-CEN, for the period ending May 31, 2026, lists 25 authorized participants (APs), and 1 created or redeemed shares. The only active AP was Jane Street Capital, LLC. Who is the LMM for FDIF? FDIF’s lead market maker (LMM) on Nasdaq is Jane Street Capital, LLC. Lead market maker per Nasdaq, as of Nov 1, 2026. ### Sources and dates - Dealers: Form N-CEN, the year to May 31, 2026, accession 0000035402-26-004841. - 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 --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, FDIF trading: cost, capacity, premium and dealers, data as of Aug 12, 2026. https://etfiq.com/funds/fdif/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/fdif/trading/