{"url":"https://etfiq.com/funds/know/trading/","section":"funds","title":"KNOW Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"KNOW trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 3, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/know/trading/#data","name":"KNOW trading costs and liquidity","description":"KNOW 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/know/trading/","dateModified":"2026-11-03","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 KNOW?","acceptedAnswer":{"@type":"Answer","text":"KNOW\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 1 authorized participant (APs), and 1 created or redeemed shares. The only active AP was Merrill Lynch, Pierce, Fenner and Smith Incorporated."}},{"@type":"Question","name":"Who is the LMM for KNOW?","acceptedAnswer":{"@type":"Answer","text":"KNOW is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange\u2019s own program, so this does not mean it has no LMM."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/know#fund","name":"Fundamentals First ETF","alternateName":"KNOW","url":"https://etfiq.com/funds/know","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"KNOW"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/know#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"KNOW","item":"https://etfiq.com/funds/know"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/know/trading/"}]},{"@type":"WebPage","name":"KNOW Bid-Ask Spread, Liquidity and NAV Premium","description":"KNOW 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/know/trading/","dateModified":"2026-11-03","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3742,"truncated":false,"content":"ETFIQ / KNOW / Trading \n \n As of Nov 3, 2026. Rebuilt every trading night.\n KNOW bid-ask spread and liquidity\n As of Nov 3, 2026, KNOW\u2019s holdings can absorb at most up to $1,440 a day.\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 Flags: One dealer.\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 $1,440 a day; part of the book has no volume data Price fidelity Not measured: no closing premium is held for this fund Primary market, 25.0 1 active dealer of 1; largest 100% 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 $1,440 a day, measured on its own holdings, as of Nov 3, 2026. The holding that sets the limit is Dollarama Inc (DLMAY), 0.94% of the fund.\n Dealers\n 1 active of 1 authorized participants; the largest did 100% 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: Merrill Lynch, Pierce, Fenner and Smith Incorporated (100.0%).\n How to trade KNOW\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 data, so the room for a large order is an upper bound. Where it trades\n In Q2 2026, odd lots were 9.4% of KNOW\u2019s exchange volume.\n 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 KNOW? KNOW\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 1 authorized participant (APs), and 1 created or redeemed shares. The only active AP was Merrill Lynch, Pierce, Fenner and Smith Incorporated. Who is the LMM for KNOW? KNOW is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange\u2019s own program, so this does not mean it has no LMM. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 3, 2026.\n Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0001193125-26-388800.\n Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n KNOW 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 KNOW 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, KNOW trading: cost, capacity, premium and dealers, data as of Nov 3, 2026. https://etfiq.com/funds/know/trading/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, KNOW trading: cost, capacity, premium and dealers, data as of Nov 3, 2026. https://etfiq.com/funds/know/trading/ APA ETFIQ. (Nov 3, 2026). KNOW trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/know/trading/ Markdown [KNOW trading: cost, capacity, premium and dealers (ETFIQ, Nov 3, 2026)](https://etfiq.com/funds/know/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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, KNOW trading: cost, capacity, premium and dealers, data as of Nov 3, 2026. https://etfiq.com/funds/know/trading/"}