{"url":"https://etfiq.com/funds/fndb/trading/","section":"funds","title":"FNDB Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"FNDB trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Oct 16, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/fndb/trading/#data","name":"FNDB trading costs and liquidity","description":"FNDB 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/fndb/trading/","dateModified":"2026-10-16","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 FNDB?","acceptedAnswer":{"@type":"Answer","text":"FNDB\u2019s latest Form N-CEN, for the period ending Feb 28, 2026, lists 30 authorized participants (APs), and 9 created or redeemed shares. The largest were Barclays Capital Inc. (27.4%), Jefferies LLC (25.1%), Merrill Lynch Professional Clearing Corp. (18.2%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for FNDB?","acceptedAnswer":{"@type":"Answer","text":"FNDB\u2019s lead market maker (LMM) on NYSE Arca is Flow Traders U.S. LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/fndb#fund","name":"Schwab Fundamental U.S. Broad Market ETF","alternateName":"FNDB","url":"https://etfiq.com/funds/fndb","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"FNDB"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/fndb#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"FNDB","item":"https://etfiq.com/funds/fndb"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/fndb/trading/"}]},{"@type":"WebPage","name":"FNDB Bid-Ask Spread, Liquidity and NAV Premium","description":"FNDB 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/fndb/trading/","dateModified":"2026-10-16","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3862,"truncated":false,"content":"ETFIQ / FNDB / Trading \n \n As of Oct 16, 2026. Rebuilt every trading night.\n FNDB bid-ask spread and liquidity\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 Holdings can absorb up to $3.3bn a day; part of the book has no volume figure Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 9 active dealers of 30; largest 27% 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) \n Capacity\n Its holdings can absorb up to $3.3bn a day, measured on its own holdings, as of Oct 16, 2026. The holding that sets the limit is Lumen Technologies Inc (LUMN), 0.20% of the fund.\n Dealers\n 9 active of 30 authorized participants; the largest did 27% of creations and redemptions, in the year to Feb 28, 2026 (Form N-CEN filed May 12, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Barclays Capital Inc. (27.4%), Jefferies LLC (25.1%), Merrill Lynch Professional Clearing Corp. (18.2%), Citadel Securities LLC (7.5%), Jane Street Capital, LLC (7.3%), Virtu Americas LLC (5.8%), J.P. Morgan Securities LLC (4.3%), Goldman Sachs & Co. LLC (3.3%), ABN AMRO Clearing USA LLC (1.0%). 21 more were listed and created or redeemed nothing.\n How to trade FNDB\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. Size Part of its book has no volume figure, so the room for a large order is an upper bound. 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 FNDB? FNDB\u2019s latest Form N-CEN, for the period ending Feb 28, 2026, lists 30 authorized participants (APs), and 9 created or redeemed shares. The largest were Barclays Capital Inc. (27.4%), Jefferies LLC (25.1%), Merrill Lynch Professional Clearing Corp. (18.2%) of the dollars its APs created and redeemed. Who is the LMM for FNDB? FNDB\u2019s lead market maker (LMM) on NYSE Arca is Flow Traders U.S. LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 16, 2026.\n Dealers: Form N-CEN, the year to Feb 28, 2026, accession 0001410368-26-043209.\n Where to next\n FNDB 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 FNDB 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, FNDB trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/fndb/trading/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, FNDB trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/fndb/trading/ APA ETFIQ. (Oct 16, 2026). FNDB trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/fndb/trading/ Markdown [FNDB trading: cost, capacity, premium and dealers (ETFIQ, Oct 16, 2026)](https://etfiq.com/funds/fndb/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":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, FNDB trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/fndb/trading/"}