{"url":"https://etfiq.com/funds/wdef/trading/","section":"funds","title":"WDEF Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Sep 11, 2026, WDEF closed \u22120.06% from its NAV, and on 95% of the 1 days to then it was within \u00b10.06%. No fund is recommended.","as_of":"Sep 11, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/wdef/trading/#data","name":"WDEF trading costs and liquidity","description":"As of Sep 11, 2026, WDEF closed \u22120.06% from its NAV, and on 95% of the 1 days to then it was within \u00b10.06%. No fund is recommended.","url":"https://etfiq.com/funds/wdef/trading/","dateModified":"2026-09-11","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":"Does WDEF trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed \u22120.06% from its NAV on Sep 11, 2026. On 95% of the 1 days to then it was within \u00b10.06%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for WDEF?","acceptedAnswer":{"@type":"Answer","text":"WDEF\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 21 authorized participants (APs), and 7 created or redeemed shares. The largest were Jane Street Capital, LLC (55.9%), J.P. Morgan Securities LLC (21.2%), UBS Securities LLC (14.3%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for WDEF?","acceptedAnswer":{"@type":"Answer","text":"WDEF\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/wdef#fund","name":"WisdomTree Europe Defense Fund","alternateName":"WDEF","url":"https://etfiq.com/funds/wdef","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"WDEF"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/wdef#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"WDEF","item":"https://etfiq.com/funds/wdef"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/wdef/trading/"}]},{"@type":"WebPage","name":"WDEF Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Sep 11, 2026, WDEF closed \u22120.06% from its NAV, and on 95% of the 1 days to then it was within \u00b10.06%. No fund is recommended.","url":"https://etfiq.com/funds/wdef/trading/","dateModified":"2026-09-11","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4479,"truncated":false,"content":"ETFIQ / WDEF / Trading \n \n As of Sep 11, 2026. Rebuilt every trading night.\n WDEF bid-ask spread and liquidity\n As of Sep 11, 2026, WDEF closed \u22120.06% from its NAV, and on 95% of the 1 days to then it was within \u00b10.06%.\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 Not measured: 28.0% of its long weight could be measured; the largest part not measured is foreign Price fidelity Not measured: 1 days of closing premium are held, under the 20 needed Primary market, 85.0 7 active dealers of 21; largest 56% of creations and redemptions, N-CEN to Mar 31, 2026 Bad-day behaviour Not measured: 0 of the 10 worst days and 1 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Sep 11, 2026: \u22120.06%\n 95% of days within: \u00b10.06%\n Days more than 1% from NAV: 0 of 1\n Widest: \u22120.06%, Sep 11, 2026\n Close against the NAV its issuer struck the same day, 1 days from Sep 11, 2026 to Sep 11, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.\n Capacity\n Not measured: 28.0% of its long weight could be measured; the largest part not measured is foreign.\n Dealers\n 7 active of 21 authorized participants; the largest did 56% of creations and redemptions, in the year to Mar 31, 2026 (Form N-CEN filed Jun 15, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (55.9%), J.P. Morgan Securities LLC (21.2%), UBS Securities LLC (14.3%), BofA Securities, Inc. (2.6%), Virtu Americas LLC (2.5%), Goldman Sachs & Co. LLC (1.8%), Morgan Stanley & Co. LLC (1.7%). 14 more were listed and created or redeemed nothing.\n How to trade WDEF\n When Its holdings trade on markets that close before New York, so its price can drift from their value later in the day. Watch The premium. On 95% of days it is within \u00b10.06%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. 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 Does WDEF trade at a premium or discount to NAV? It closed \u22120.06% from its NAV on Sep 11, 2026. On 95% of the 1 days to then it was within \u00b10.06%, and it closed more than 1% from NAV on 0 of them. Who is the AP for WDEF? WDEF\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 21 authorized participants (APs), and 7 created or redeemed shares. The largest were Jane Street Capital, LLC (55.9%), J.P. Morgan Securities LLC (21.2%), UBS Securities LLC (14.3%) of the dollars its APs created and redeemed. Who is the LMM for WDEF? WDEF\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Sep 11, 2026 to Sep 11, 2026.\n Dealers: Form N-CEN, the year to Mar 31, 2026, accession 0000940400-26-023461.\n Where to next\n WDEF 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 WDEF 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, WDEF trading: cost, capacity, premium and dealers, data as of Sep 11, 2026. https://etfiq.com/funds/wdef/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, WDEF trading: cost, capacity, premium and dealers, data as of Sep 11, 2026. https://etfiq.com/funds/wdef/trading/ APA ETFIQ. (Sep 11, 2026). WDEF trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/wdef/trading/ Markdown [WDEF trading: cost, capacity, premium and dealers (ETFIQ, Sep 11, 2026)](https://etfiq.com/funds/wdef/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, WDEF trading: cost, capacity, premium and dealers, data as of Sep 11, 2026. https://etfiq.com/funds/wdef/trading/"}