UMMA bid-ask spread and liquidity

Wahed Dow Jones Islamic World ETF
StocksWahed Invest$295m net assets0.65% fee
Share

Ask IQ about this page

Ask IQ about UMMA bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewHoldingsDividendsTradingFlowsCompare

IQ Liquidity Score

1 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 $385,716 a day; part of the book has no volume figure
·
Price fidelity
Not measured · no closing premium is held for this fund
·
Primary market
3 active dealers of 3; largest 71% of creations and redemptions, N-CEN to May 31, 2026
65.0
Bad-day behaviour
Not measured · no daily closing premium is held for this fund
·
Depth
Not measured · needs trade and quote data (Phase 2)
·

Capacity

What the holdings can absorb a day, at 10% of each one’s volume
Holdings can absorb, at most
$385,716

UMMA’s holdings can absorb up to $385,716 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: Unilever PLC (UNLYF), 2.65% of the fund, $104,547 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.

Dealers

Authorized participants · N-CEN, the year to May 31, 2026
Active dealers
3
of 3 authorized
Largest
71%
of creations and redemptions
One dealer
No
3 active

3 of 3 authorized participants created or redeemed UMMA shares in the year to May 31, 2026. From the fund’s Form N-CEN, filed Aug 12, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (70.5%), Goldman Sachs & Co. LLC (28.2%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (1.2%).

How to trade UMMA

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Size
Part of its book has no volume figure, so the room for a large order is an upper bound.
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

Who is the AP for UMMA?

UMMA’s latest Form N-CEN, for the period ending May 31, 2026, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were J.P. Morgan Securities LLC (70.5%), Goldman Sachs & Co. LLC (28.2%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (1.2%) of the dollars its APs created and redeemed.

Who is the LMM for UMMA?

UMMA’s lead market maker (LMM) on Nasdaq is Susquehanna Securities, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026.
Sources and dates
CapacityETFIQ, each holding’s 20-day median dollar volume · to Oct 22, 2026
DealersForm N-CEN · the year to May 31, 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 →UMMA fund page→
Cite this pageCitation, APA and Markdown

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

Open data →

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