FV bid-ask spread and liquidity
As of Nov 3, 2026, FV’s median bid-ask spread over 30 days was 0.15%.
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askIQ about FV bid-ask spread and liquidity
IQ Liquidity Score
· 3 of 6 measured · Nov 4, 2026How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →
Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →
What a trade costs
One way, half its 30-day median spread; sizes above $10,000 are estimates| Order | Dollars | Percent | Basis |
|---|---|---|---|
| $1,000 | $0.75 | 0.075% | spread |
| $10,000 | $7.50 | 0.075% | spread |
| $100,000 | $426 | 0.43% | estimate |
| $1,000,000 | $11,855 | 1.19% | estimate |
Above zero: a premium. Below: a discount.
Its holdings trade on markets that close before New York, so its closing premium carries the move since then.
FV’s holdings can absorb $1.1m a day, measured on its own holdings, as of Nov 4, 2026. A $1m order is 92.54% of a day’s capacity.
Who makes the market
Authorized participants · N-CEN, the year to Sep 30, 20246 of 22 authorized participants created or redeemed FV shares in the year to Sep 30, 2024. From the fund’s Form N-CEN, filed Dec 16, 2024.
APs create and redeem shares. Every AP →
Active APs, largest first, by share of dollars created and redeemed: BofA Securities, Inc. (34.2%), Citadel Securities LLC (29.3%), RBC Capital Markets, LLC (23.8%), Goldman Sachs & Co. LLC (5.6%), ABN AMRO Clearing USA LLC (4.7%), Jane Street Capital, LLC (2.4%). 16 more were listed and created or redeemed nothing.
What retail orders paid
One way on $10,000, Sep 2026In Sep 2026, retail market orders in FV paid $1.26 one way on $10,000, against $8.72 at the quote.
94% of shares filled better than the quote.
Where it trades
Q2 2026, 62 trading daysIn Q2 2026, odd lots were 34.8% of FV’s exchange volume.
Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.
How to place the order
To buy or to sell, up to $100,000- Order type
- Limit: midpoint + 6¢ to buy, midpoint − 6¢ to sell.At the Nov 3 close of $73.43, that’s $73.49 to buy and $73.37 to sell.
- When
- Its holdings trade on markets that close before New York, so its price can drift from their value later in the day.
- Size
- Up to $10,806 is 1% of what its holdings can absorb in a day, for a buy or a sell.
- Watch
- The premium to NAV, charted above: a buyer pays more, and a seller gets less, when it is wide.
Median spread by half hour, 30 days.
Volume bought at the ask against volume sold at the bid.
Trades priced in fractions of a cent, a sign of retail orders.
Trades above $500k: how many, and their share of volume.
Share of the day’s volume at the close.
Questions people ask
What is FV’s bid-ask spread?
Does FV trade at a premium or discount to NAV?
Who is the AP for FV?
Who is the LMM for FV?
What does it cost to trade $10,000 of FV?
How do I place a limit order for FV?
The score measures trading conditions, not the fund. ETFIQ makes no recommendations.
Cite this pageCitation, APA and Markdown
ETFIQ, FV trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/fv/trading/
ETFIQ. (Nov 4, 2026). FV trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/fv/trading/
[FV trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/fv/trading/)
The score measures trading conditions, not the fund. ETFIQ makes no recommendations.