# FNDA Bid-Ask Spread, Liquidity and NAV Premium > FNDA 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 19, 2026. Rebuilt every trading night. As of Oct 19, 2026. Rebuilt every trading night. ## FNDA 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, 62.7 Holdings can absorb $76m a day, Oct 19, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 100.0 10 active dealers of 30; largest 36% of creations and redemptions, N-CEN to Feb 28, 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 Its holdings can absorb $76m a day, measured on its own holdings, as of Oct 19, 2026. The holding that sets the limit is iHeartMedia Inc (IHRT), 0.16% of the fund. ### Dealers 10 active of 30 authorized participants; the largest did 36% of creations and redemptions, in the year to Feb 28, 2026 (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 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 $762,394 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 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 - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 19, 2026. - Dealers: Form N-CEN, the year to Feb 28, 2026, accession 0001410368-26-043209. ### 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, FNDA trading: cost, capacity, premium and dealers, data as of Oct 19, 2026. https://etfiq.com/funds/fnda/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/fnda/trading/