{"url":"https://etfiq.com/funds/ffiu/trading/","section":"funds","title":"FFIU Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"FFIU trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Sep 11, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/ffiu/trading/#data","name":"FFIU trading costs and liquidity","description":"FFIU 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/ffiu/trading/","dateModified":"2026-09-11","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 FFIU?","acceptedAnswer":{"@type":"Answer","text":"FFIU\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were Virtu Americas LLC (53.2%), J.P. Morgan Securities LLC (23.2%), Merrill Lynch Professional Clearing Corp. (17.7%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for FFIU?","acceptedAnswer":{"@type":"Answer","text":"FFIU\u2019s lead market maker (LMM) on NYSE Arca is GTS Securities LLC. Lead market maker per NYSE Arca, as of Nov 9, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/ffiu#fund","name":"UVA Unconstrained Medium-Term Fixed Income ETF","alternateName":"FFIU","url":"https://etfiq.com/funds/ffiu","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"FFIU"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/ffiu#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"FFIU","item":"https://etfiq.com/funds/ffiu"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/ffiu/trading/"}]},{"@type":"WebPage","name":"FFIU Bid-Ask Spread, Liquidity and NAV Premium","description":"FFIU 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/ffiu/trading/","dateModified":"2026-09-11","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3699,"truncated":false,"content":"ETFIQ / FFIU / Trading \n \n As of Sep 11, 2026. Rebuilt every trading night.\n FFIU bid-ask spread and liquidity\n In the year to Jun 30, 2026, 4 of FFIU\u2019s 4 authorized participants created or redeemed shares.\n IQ Liquidity Score\n Not scored, 1 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 Not measured: its holdings are bonds, which have no volume source here Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 4 active dealers of 4; largest 53% 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) \n Capacity\n Not measured: its holdings are bonds, which have no volume source here.\n Dealers\n 4 active of 4 authorized participants; the largest did 53% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 11, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (53.2%), J.P. Morgan Securities LLC (23.2%), Merrill Lynch Professional Clearing Corp. (17.7%), Goldman Sachs & Co. LLC (5.9%).\n How to trade FFIU\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. Where it trades\n In Q2 2026, 86% of FFIU\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 3.5% of its 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 FFIU? FFIU\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were Virtu Americas LLC (53.2%), J.P. Morgan Securities LLC (23.2%), Merrill Lynch Professional Clearing Corp. (17.7%) of the dollars its APs created and redeemed. Who is the LMM for FFIU? FFIU\u2019s lead market maker (LMM) on NYSE Arca is GTS Securities LLC. Lead market maker per NYSE Arca, as of Nov 9, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0001484018-26-000097.\n Where it trades: SEC MIDAS, Q2 2026, against the fund\u2019s daily volume from Tiingo.\n Where to next\n FFIU 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 FFIU 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, FFIU trading: cost, capacity, premium and dealers, data as of Sep 11, 2026. https://etfiq.com/funds/ffiu/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, FFIU trading: cost, capacity, premium and dealers, data as of Sep 11, 2026. https://etfiq.com/funds/ffiu/trading/ APA ETFIQ. (Sep 11, 2026). FFIU trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/ffiu/trading/ Markdown [FFIU trading: cost, capacity, premium and dealers (ETFIQ, Sep 11, 2026)](https://etfiq.com/funds/ffiu/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, FFIU trading: cost, capacity, premium and dealers, data as of Sep 11, 2026. https://etfiq.com/funds/ffiu/trading/"}