{"url":"https://etfiq.com/funds/frei/trading/","section":"funds","title":"FREI Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"FREI trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Oct 19, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/frei/trading/#data","name":"FREI trading costs and liquidity","description":"FREI 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/frei/trading/","dateModified":"2026-10-19","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 LMM for FREI?","acceptedAnswer":{"@type":"Answer","text":"FREI\u2019s lead market maker (LMM) on Nasdaq is Jane Street Capital, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/frei#fund","name":"Fidelity Real Estate Income ETF","alternateName":"FREI","url":"https://etfiq.com/funds/frei","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"FREI"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/frei#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"FREI","item":"https://etfiq.com/funds/frei"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/frei/trading/"}]},{"@type":"WebPage","name":"FREI Bid-Ask Spread, Liquidity and NAV Premium","description":"FREI 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/frei/trading/","dateModified":"2026-10-19","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":2843,"truncated":false,"content":"ETFIQ / FREI / Trading \n \n As of Oct 19, 2026. Rebuilt every trading night.\n FREI bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 0 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 $107m a day; part of the book has no volume figure Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: no N-CEN ETF row for series S000007192 in the quarters read (2024q4 to 2026q3) 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 $107m a day, measured on its own holdings, as of Oct 19, 2026. The holding that sets the limit is SAFEHOLD GL HOLDINGS LLC (SAFE), 0.70% of the fund.\n How to trade FREI\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 LMM for FREI? FREI\u2019s lead market maker (LMM) on Nasdaq is Jane Street Capital, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 19, 2026.\n Where to next\n FREI 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 FREI 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, FREI trading: cost, capacity, premium and dealers, data as of Oct 19, 2026. https://etfiq.com/funds/frei/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, FREI trading: cost, capacity, premium and dealers, data as of Oct 19, 2026. https://etfiq.com/funds/frei/trading/ APA ETFIQ. (Oct 19, 2026). FREI trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/frei/trading/ Markdown [FREI trading: cost, capacity, premium and dealers (ETFIQ, Oct 19, 2026)](https://etfiq.com/funds/frei/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, FREI trading: cost, capacity, premium and dealers, data as of Oct 19, 2026. https://etfiq.com/funds/frei/trading/"}