# FMAT Bid-Ask Spread, Liquidity and NAV Premium > FMAT 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. ## FMAT 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, 93.7 Holdings can absorb $647m a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 5 active dealers of 27; largest 51% of creations and redemptions, N-CEN to Jul 31, 2025 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 $647m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is Linde PLC (LIN), 14.95% of the fund. ### Dealers 5 active of 27 authorized participants; the largest did 51% of creations and redemptions, in the year to Jul 31, 2025 (Form N-CEN filed Oct 14, 2025). The active authorized participants, largest first, by share of the dollars created and redeemed: Citadel Securities LLC (50.5%), Merrill Lynch Professional Clearing Corp. (26.1%), Jane Street Capital, LLC (13.5%), Virtu Americas LLC (8.6%), Goldman Sachs & Co. LLC (1.2%). 22 more were listed and created or redeemed nothing. ### How to trade FMAT 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 $6m 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 FMAT? FMAT’s latest Form N-CEN, for the period ending Jul 31, 2025, lists 27 authorized participants (APs), and 5 created or redeemed shares. The largest were Citadel Securities LLC (50.5%), Merrill Lynch Professional Clearing Corp. (26.1%), Jane Street Capital, LLC (13.5%) of the dollars its APs created and redeemed. Who is the LMM for FMAT? FMAT’s lead market maker (LMM) on NYSE Arca is Latour Trading LLC. Lead market maker per NYSE Arca, 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 Jul 31, 2025, accession 0001410368-25-014301. ### 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, FMAT trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/fmat/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/fmat/trading/