{"url":"https://etfiq.com/funds/fsml/trading/","section":"funds","title":"FSML Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"FSML 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/fsml/trading/#data","name":"FSML trading costs and liquidity","description":"FSML 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/fsml/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 FSML?","acceptedAnswer":{"@type":"Answer","text":"FSML\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 21 authorized participants (APs), and 2 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (60.5%), BofA Securities, Inc. (39.5%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for FSML?","acceptedAnswer":{"@type":"Answer","text":"FSML\u2019s lead market maker (LMM) on NYSE Arca is Citadel Securities LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/fsml#fund","name":"FRANKLIN SMALL CAP ENHANCED ETF","alternateName":"FSML","url":"https://etfiq.com/funds/fsml","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"FSML"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/fsml#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"FSML","item":"https://etfiq.com/funds/fsml"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/fsml/trading/"}]},{"@type":"WebPage","name":"FSML Bid-Ask Spread, Liquidity and NAV Premium","description":"FSML 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/fsml/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":3543,"truncated":false,"content":"ETFIQ / FSML / Trading \n \n As of Oct 16, 2026. Rebuilt every trading night.\n FSML bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 2 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, 43.0 Holdings can absorb $20m a day, Oct 16, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 45.0 2 active dealers of 21; largest 60% of creations and redemptions, N-CEN to Mar 31, 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 $20m a day, measured on its own holdings, as of Oct 16, 2026. The holding that sets the limit is ASTRONICS CORP (ATROB), 0.18% of the fund.\n Dealers\n 2 active of 21 authorized participants; the largest did 60% of creations and redemptions, in the year to Mar 31, 2026 (Form N-CEN filed Jun 12, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (60.5%), BofA Securities, Inc. (39.5%). 19 more were listed and created or redeemed nothing.\n How to trade FSML\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 Up to $195,528 is 1% of what its holdings can absorb in a day, for a buy or a sell. 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 FSML? FSML\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 21 authorized participants (APs), and 2 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (60.5%), BofA Securities, Inc. (39.5%) of the dollars its APs created and redeemed. Who is the LMM for FSML? FSML\u2019s lead market maker (LMM) on NYSE Arca is Citadel Securities 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 Mar 31, 2026, accession 0000940400-26-023418.\n Where to next\n FSML 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 FSML 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, FSML trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/fsml/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, FSML trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/fsml/trading/ APA ETFIQ. (Oct 16, 2026). FSML trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/fsml/trading/ Markdown [FSML trading: cost, capacity, premium and dealers (ETFIQ, Oct 16, 2026)](https://etfiq.com/funds/fsml/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, FSML trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/fsml/trading/"}