# FREI Bid-Ask Spread, Liquidity and NAV Premium

> FREI 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.

## FREI bid-ask spread and liquidity

### IQ Liquidity Score

Not scored, 0 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 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)

### Capacity

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.

### How to trade FREI

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 Part of its book has no volume figure, so the room for a large order is an upper bound.

### 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 LMM for FREI? FREI’s lead market maker (LMM) on Nasdaq is Jane Street Capital, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026.

### Sources and dates

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 19, 2026.

### 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

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, FREI trading: cost, capacity, premium and dealers, data as of Oct 19, 2026. https://etfiq.com/funds/frei/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/frei/trading/