NATO bid-ask spread and liquidity

Themes Transatlantic Defense ETF
ThemesThemes$101m net assets0.35% fee
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As of Sep 11, 2026, NATO closed 0.00% from its NAV, and on 95% of the 1 days to then it was within ±0.00%.

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Ask IQ about NATO bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewHoldingsDividendsTradingFlowsCompare

IQ Liquidity Score

0 of 6 measured · Oct 22, 2026
·
Not scored
0 · Hard to trade100 · Trades like a giant

The IQ Liquidity Score: 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 trades, not whether to own it. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
·
Capacity
Holdings can absorb up to $798,543 a day; part of the book has no volume figure
·
Price fidelity
Not measured · 1 days of closing premium are held, under the 20 needed
·
Primary market
Not measured · no N-CEN ETF row for series S000085497 in the quarters read (2024q4 to 2026q3)
·
Bad-day behaviour
Not measured · 0 of the 10 worst days and 1 other days are held, under the 5 and 60 needed
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Depth
Not measured · needs trade and quote data (Phase 2)
·

Premium or discount to value

Daily, 1 days to Sep 11, 2026 · the ±1% band marked
NATO premium or discount to NAV, 1 days+1%0−1%Sep 11, 2026Sep 11, 2026
Latest close, Sep 11
0.00%
95% of days within
±0.00%
Days more than 1% from NAV
0 of 1
Widest
0.00%, Sep 11, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

Capacity

What the holdings can absorb a day, at 10% of each one’s volume
Holdings can absorb, at most
$798,543

NATO’s holdings can absorb up to $798,543 a day, measured on its own holdings, as of Oct 22, 2026. Part of its book has no volume figure, so this is an upper bound.

The holding that sets the limit: BAE Systems PLC (BAESF), 3.36% of the fund, $269,494 a day traded, the median of 20 days to Oct 22, 2026. Capacity is the least of the holding-level ratios over the holdings making up 95% of the weight.

How to trade NATO

To buy or to sell, up to $100,000
When
Its holdings trade on markets that close before New York, so its price can drift from their value later in the day.
Size
Part of its book has no volume figure, so the room for a large order is an upper bound.
Watch
The premium. On 95% of days it is within ±0.00%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.
Phase 2 · drawn now, filled when trade data arrives
Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Share of volume at the ask against at the bid.

Retail flow, estimatedComing with trade data

Sub-penny prints as a share of volume.

Large tradesComing with trade data

Prints above $500k, count and share.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

Does NATO trade at a premium or discount to NAV?

It closed 0.00% from its NAV on Sep 11, 2026. On 95% of the 1 days to then it was within ±0.00%, and it closed more than 1% from NAV on 0 of them.

Who is the LMM for NATO?

NATO’s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026.
Sources and dates
Premium to NAVETFIQ, close against the issuer’s NAV · Sep 11, 2026 to Sep 11, 2026
CapacityETFIQ, each holding’s 20-day median dollar volume · to Oct 22, 2026
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →NATO fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, NATO trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/nato/trading/

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The score measures trading conditions, not the fund. ETFIQ makes no recommendations.