# AAA Bid-Ask Spread, Liquidity and NAV Premium

> AAA trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.

Data as of Jun 12, 2026. Rebuilt every trading night.

As of Jun 12, 2026. Rebuilt every trading night.

## AAA bid-ask spread and liquidity

In the year to Mar 31, 2026, 3 of AAA’s 12 authorized participants created or redeemed shares.

### IQ Liquidity Score

Not scored, 1 of 6 measured.

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

Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: its holdings are bonds, which have no volume source here Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 3 active dealers of 12; largest 40% 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)

### Capacity

Not measured: its holdings are bonds, which have no volume source here.

### Dealers

3 active of 12 authorized participants; the largest did 40% of creations and redemptions, in the year to Mar 31, 2026 (Form N-CEN filed Jun 12, 2026).

The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (40.0%), J.P. Morgan Securities LLC (40.0%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (20.0%). 9 more were listed and created or redeemed nothing.

### How to trade AAA

When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data.

### What retail orders paid

In Sep 2026, retail market orders in AAA paid $2.98 one way on $10,000, against $10 at the quote. 73% of shares filled better than the quote.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $2.98 |
| Fidelity customers | −$7.56 |
| Vanguard customers | $1.70 |
| Schwab customers | $6.54 |

| Month | One way on $10,000 |
| --- | --- |
| Aug 2025 (old format) | $5.28 |
| Sep 2025 (old format) | $8.47 |
| Oct 2025 (old format) | $4.99 |
| Nov 2025 (old format) | $2.99 |
| Dec 2025 (old format) | $4.35 |
| Jan 2026 (old format) | $6.31 |
| Feb 2026 (old format) | $4.65 |
| Mar 2026 (old format) | $2.81 |
| Apr 2026 (old format) | $4.64 |
| May 2026 (old format) | $4.22 |
| Jun 2026 (old format) | $6.92 |
| Jul 2026 (old format) | $4.84 |
| Aug 2026 | $1.97 |
| Sep 2026 | $2.98 |

AAA ranked 2905th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0003% of the market-order dollars in 4 retail brokers’ reports. Retail activity ranking

### Where it trades

In Q2 2026, 88% of AAA’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 10.7% of its exchange volume.

### Coming with trade data

Spread through the day, buyers against sellers, large trades and the closing auction’s share, each once ETFIQ has trade and quote data.

### Questions people ask

Who is the AP for AAA? AAA’s latest Form N-CEN, for the period ending Mar 31, 2026, lists 12 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (40.0%), J.P. Morgan Securities LLC (40.0%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (20.0%) of the dollars its APs created and redeemed. Who is the LMM for AAA? AAA’s lead market maker (LMM) on NYSE Arca is Flow Traders U.S. LLC. Lead market maker per NYSE Arca, as of Nov 9, 2026.

### Sources and dates

- Dealers: Form N-CEN, the year to Mar 31, 2026, accession 0001193125-26-268843.

- Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ’s request, so its orders are not counted.

- Where it trades: SEC MIDAS, Q2 2026, against the fund’s daily volume from Tiingo.

### Where to next

The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources

---

Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, AAA trading: cost, capacity, premium and dealers, data as of Jun 12, 2026. https://etfiq.com/funds/aaa/trading/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/aaa/trading/