# FNDF Bid-Ask Spread, Liquidity and NAV Premium > FNDF trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of May 12, 2026. Rebuilt every trading night. As of May 12, 2026. Rebuilt every trading night. ## FNDF bid-ask spread and liquidity ### IQ Liquidity Score Not scored, 1 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 Not measured: 41.1% of its long weight could be measured; the largest part not measured is foreign Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 8 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 Not measured: 41.1% of its long weight could be measured; the largest part not measured is foreign. ### Dealers 8 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: BofA Securities, Inc. (36.3%), Morgan Stanley & Co. LLC (17.8%), Goldman Sachs & Co. LLC (14.8%), UBS Securities LLC (14.6%), J.P. Morgan Securities LLC (5.8%), Merrill Lynch Professional Clearing Corp. (5.2%), Jane Street Capital, LLC (2.8%), RBC Capital Markets, LLC (2.8%). 22 more were listed and created or redeemed nothing. ### How to trade FNDF 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. ### 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 FNDF? FNDF’s latest Form N-CEN, for the period ending Feb 28, 2026, lists 30 authorized participants (APs), and 8 created or redeemed shares. The largest were BofA Securities, Inc. (36.3%), Morgan Stanley & Co. LLC (17.8%), Goldman Sachs & Co. LLC (14.8%) of the dollars its APs created and redeemed. Who is the LMM for FNDF? FNDF’s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. ### Sources and dates - 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, FNDF trading: cost, capacity, premium and dealers, data as of May 12, 2026. https://etfiq.com/funds/fndf/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/fndf/trading/