{"url":"https://etfiq.com/funds/frnw/trading/","section":"funds","title":"FRNW Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"FRNW trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/frnw/trading/#data","name":"FRNW trading costs and liquidity","description":"FRNW 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/frnw/trading/","dateModified":"2026-10-22","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 FRNW?","acceptedAnswer":{"@type":"Answer","text":"FRNW\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 25 authorized participants (APs), and 6 created or redeemed shares. The largest were BofA Securities, Inc. (57.0%), J.P. Morgan Securities LLC (19.6%), Macquarie Capital (USA) Inc. (8.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for FRNW?","acceptedAnswer":{"@type":"Answer","text":"FRNW\u2019s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/frnw#fund","name":"Fidelity Clean Energy ETF","alternateName":"FRNW","url":"https://etfiq.com/funds/frnw","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"FRNW"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/frnw#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"FRNW","item":"https://etfiq.com/funds/frnw"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/frnw/trading/"}]},{"@type":"WebPage","name":"FRNW Bid-Ask Spread, Liquidity and NAV Premium","description":"FRNW 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/frnw/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3766,"truncated":false,"content":"ETFIQ / FRNW / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n FRNW 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 $8,269 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 6 active dealers of 25; largest 57% of creations and redemptions, N-CEN to Jun 30, 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 $8,269 a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is EDP RENEWABLES SA (EDRVY), 1.95% of the fund.\n Dealers\n 6 active of 25 authorized participants; the largest did 57% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 11, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: BofA Securities, Inc. (57.0%), J.P. Morgan Securities LLC (19.6%), Macquarie Capital (USA) Inc. (8.6%), Jane Street Capital, LLC (7.2%), Citigroup Global Markets Inc. (6.2%), Goldman Sachs & Co. LLC (1.5%). 19 more were listed and created or redeemed nothing.\n How to trade FRNW\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 FRNW? FRNW\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 25 authorized participants (APs), and 6 created or redeemed shares. The largest were BofA Securities, Inc. (57.0%), J.P. Morgan Securities LLC (19.6%), Macquarie Capital (USA) Inc. (8.6%) of the dollars its APs created and redeemed. Who is the LMM for FRNW? FRNW\u2019s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0000035402-26-005676.\n Where to next\n FRNW 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 FRNW 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, FRNW trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/frnw/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, FRNW trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/frnw/trading/ APA ETFIQ. (Oct 22, 2026). FRNW trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/frnw/trading/ Markdown [FRNW trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/frnw/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, FRNW trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/frnw/trading/"}