{"url":"https://etfiq.com/funds/incm/trading/","section":"funds","title":"INCM Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"INCM 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/incm/trading/#data","name":"INCM trading costs and liquidity","description":"INCM 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/incm/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 INCM?","acceptedAnswer":{"@type":"Answer","text":"INCM\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 19 authorized participants (APs), and 6 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (33.3%), Macquarie Capital (USA) Inc. (26.4%), BofA Securities, Inc. (20.8%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for INCM?","acceptedAnswer":{"@type":"Answer","text":"INCM\u2019s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/incm#fund","name":"Franklin Income Focus ETF","alternateName":"INCM","url":"https://etfiq.com/funds/incm","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"INCM"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/incm#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"INCM","item":"https://etfiq.com/funds/incm"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/incm/trading/"}]},{"@type":"WebPage","name":"INCM Bid-Ask Spread, Liquidity and NAV Premium","description":"INCM 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/incm/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":3758,"truncated":false,"content":"ETFIQ / INCM / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n INCM 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 $2m 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 19; largest 33% 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 up to $2m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is BARCLAYS BANK PLC (ATMP), 2.69% of the fund.\n Dealers\n 6 active of 19 authorized participants; the largest did 33% 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 (33.3%), Macquarie Capital (USA) Inc. (26.4%), BofA Securities, Inc. (20.8%), Jane Street Capital, LLC (16.9%), RBC Capital Markets, LLC (2.4%), J.P. Morgan Securities LLC (0.4%). 13 more were listed and created or redeemed nothing.\n How to trade INCM\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 INCM? INCM\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 19 authorized participants (APs), and 6 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (33.3%), Macquarie Capital (USA) Inc. (26.4%), BofA Securities, Inc. (20.8%) of the dollars its APs created and redeemed. Who is the LMM for INCM? INCM\u2019s lead market maker (LMM) on NYSE Arca is Jane Street Capital, 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 22, 2026.\n Dealers: Form N-CEN, the year to Mar 31, 2026, accession 0000940400-26-023418.\n Where to next\n INCM 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 INCM 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, INCM trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/incm/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, INCM trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/incm/trading/ APA ETFIQ. (Oct 22, 2026). INCM trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/incm/trading/ Markdown [INCM trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/incm/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, INCM trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/incm/trading/"}