FNDA bid-ask spread and liquidity

Schwab Fundamental U.S. Small Company ETF
StocksSchwab$8.9bn net assets0.25% fee
Share

Ask IQ about this page

Ask IQ about FNDA bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewHoldingsDividendsTradingFlowsCompare

IQ Liquidity Score

2 of 6 measured · Oct 19, 2026
·
Not scored
0 · Hard to trade100 · Trades like a giant

The IQ Liquidity Score: 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 trades, not whether to own it. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
·
Capacity
Holdings can absorb $76m a day, Oct 19, 2026
62.7
Price fidelity
Not measured · no closing premium is held for this fund
·
Primary market
10 active dealers of 30; largest 36% of creations and redemptions, N-CEN to Feb 28, 2026
100.0
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

What the holdings can absorb a day, at 10% of each one’s volume
Holdings can absorb
$76m

FNDA’s holdings can absorb $76m a day, measured on its own holdings, as of Oct 19, 2026. A $1m order is 1.31% of a day’s capacity.

The holding that sets the limit: iHeartMedia Inc (IHRT), 0.16% of the fund, $1m a day traded, the median of 20 days to Oct 22, 2026. Capacity is the least of the holding-level ratios over the holdings making up 95% of the weight.

Dealers

Authorized participants · N-CEN, the year to Feb 28, 2026
Active dealers
10
of 30 authorized
Largest
36%
of creations and redemptions
One dealer
No
10 active

10 of 30 authorized participants created or redeemed FNDA shares in the year to Feb 28, 2026. From the fund’s Form N-CEN, filed May 12, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: Macquarie Capital (USA) Inc. (35.7%), Merrill Lynch Professional Clearing Corp. (15.7%), Barclays Capital Inc. (15.5%), Virtu Americas LLC (9.6%), Citadel Securities LLC (8.0%), Jane Street Capital, LLC (5.3%), J.P. Morgan Securities LLC (4.3%), Goldman Sachs & Co. LLC (3.4%), RBC Capital Markets, LLC (2.1%), ABN AMRO Clearing USA LLC (0.4%). 20 more were listed and created or redeemed nothing.

How to trade FNDA

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Size
Up to $762,394 is 1% of what its holdings can absorb in a day, for a buy or a sell.
Phase 2 · drawn now, filled when trade data arrives
Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Share of volume at the ask against at the bid.

Retail flow, estimatedComing with trade data

Sub-penny prints as a share of volume.

Large tradesComing with trade data

Prints above $500k, count and share.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

Who is the AP for FNDA?

FNDA’s latest Form N-CEN, for the period ending Feb 28, 2026, lists 30 authorized participants (APs), and 10 created or redeemed shares. The largest were Macquarie Capital (USA) Inc. (35.7%), Merrill Lynch Professional Clearing Corp. (15.7%), Barclays Capital Inc. (15.5%) of the dollars its APs created and redeemed.

Who is the LMM for FNDA?

FNDA’s lead market maker (LMM) on NYSE Arca is Susquehanna Securities, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026.
Sources and dates
CapacityETFIQ, each holding’s 20-day median dollar volume · to Oct 19, 2026
DealersForm N-CEN · the year to Feb 28, 2026
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 →FNDA fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, FNDA trading: cost, capacity, premium and dealers, data as of Oct 19, 2026. https://etfiq.com/funds/fnda/trading/

Open data →

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