IQ
FDTS
First Trust Developed Markets ex-US Small Cap AlphaDEX Fund
Category StocksIssuer First TrustNet assets $13mFee 0.80%

FDTS bid-ask spread and liquidity

See what FDTS costs to trade and how closely it tracks its value.

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Not scored

IQ Liquidity Score

· 2 of 6 measured · Nov 11, 2026
$27
one way, a $10,000 order
+0.48%
latest close, Nov 11
±0.48%
95% of days within
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

Cost to trade
0.54% median spread, 30 days to Nov 10, 2026
28.4
Capacity
Not measured · 4.2% of its long weight could be measured; the largest part not measured is unresolved
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Price fidelity
Not measured · 2 days of closing premium are held, under the 20 needed
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Primary market
0 active dealers of 24, N-CEN to Dec 31, 2025
0.0
Bad-day behaviour
Not measured · 0 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
·

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 →

FDTS is not scored: its spread is not read, so it has no point on this chart. 680 scored Stocks ETFs are plotted for comparison, Nov 12, 2026.

Spread against score

FDTS among Stocks ETFs

Cheaper to trade sits left, easier to trade sits up.

680 scored
Hard to tradeThinLiquid with careLiquidTrades like a giantNov 12, 2026

What a trade costs

One way, half its 30-day median spread; sizes above $10,000 are estimates
FDTS: cost for your order at each size, one way
OrderDollarsPercentBasis
$1,000$2.700.27%spread
$10,000$270.27%spread
Spread 0.54%, the median over the 30 days to Nov 10, 2026. A round trip costs twice this. Above $10,000 it adds an estimate of price impact.
Premium or discount to valueDaily, 2 days to Nov 11, 2026 · the ±1% band marked

Above zero: a premium. Below: a discount.

FDTS premium or discount to NAV, 2 days+1%0−1%Nov 10, 2026Nov 11, 2026
Latest close, Nov 11
+0.48%
95% of days within
±0.48%
Days more than 1% from NAV
0 of 2
Widest
+0.48%, Nov 11, 2026

Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

CapacityWhat the holdings can absorb a day

Not measured: 4.2% of its long weight could be measured; the largest part not measured is unresolved.

Who makes the market

Authorized participants · N-CEN, the year to Dec 31, 2025
Active dealers
0
of 24 authorized
One dealer
No
0 active

0 of 24 authorized participants created or redeemed FDTS shares in the year to Dec 31, 2025. From the fund’s Form N-CEN, filed Mar 13, 2026.

APs create and redeem shares. Every AP →

What retail orders paid

One way on $10,000, Sep 2026
All wholesalers read
$9.27

In Sep 2026, retail market orders in FDTS paid $9.27 one way on $10,000, against $27 at the quote.

84% of shares filled better than the quote.

Aug 2025Grey: old format, orders of 100 to 9,999 sharesSep 2026

Where it trades

Q2 2026, 62 trading days
Off exchange
81%
Odd lots, of exchange volume
25.9%

In Q2 2026, 81% of FDTS’s shares traded off exchange on the median day.

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 + 19¢ to buy, midpoint − 19¢ to sell.At the Nov 11 close of $67.34, that’s $67.53 to buy and $67.15 to sell.
When
Its holdings trade on markets that close before New York, so its price can drift from their value later in the day.
Watch
The premium to NAV, charted above: a buyer pays more, and a seller gets less, when it is wide.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Retail flow, estimated

Trades priced in fractions of a cent, a sign of retail orders.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

What is FDTS’s bid-ask spread?

0.54% of the midpoint, the median over the 30 days to Nov 10, 2026, as its issuer states it. Half of it is about 19¢ a share at the Nov 11 close.

Does FDTS trade at a premium or discount to NAV?

It closed +0.48% from its NAV on Nov 11, 2026. On 95% of the 2 days to then it was within ±0.48%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for FDTS?

FDTS’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 24 authorized participants (APs), and 0 created or redeemed shares.

Who is the LMM for FDTS?

FDTS 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’s own program, so this does not mean it has no LMM.

What does it cost to trade $10,000 of FDTS?

About $27 one way, 0.27%: half its 30-day median spread. In and out costs twice that.

How do I place a limit order for FDTS?

Set the limit at the midpoint + 19¢ to buy, or the midpoint − 19¢ to sell, in your broker’s quote. At the Nov 11 close of $67.34, that’s $67.53 to buy and $67.15 to sell.
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →FDTS fund page→
Sources and dates
SpreadFirst Trust (fund page), 30-day median · to Nov 10, 2026
Premium to NAVETFIQ, close against the issuer’s NAV · Nov 10, 2026 to Nov 11, 2026
DealersForm N-CEN · the year to Dec 31, 2025
Retail ordersSEC Rule 605 reports · Sep 2026
Where it tradesSEC MIDAS · Q2 2026

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.

Cite this pageCitation, APA and Markdown

ETFIQ, FDTS trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/fdts/trading/

Open data →

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.