# AAPW Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 22, 2026, AAPW closed +0.05% from its NAV, and on 95% of the 15 days to then it was within ±0.25%. No fund is recommended. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## AAPW bid-ask spread and liquidity As of Oct 22, 2026, AAPW closed +0.05% from its NAV, and on 95% of the 15 days to then it was within ±0.25%. ### IQ Liquidity Score Not scored, 2 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, 100.0 Holdings can absorb $1.2bn a day, Oct 22, 2026 Price fidelity Not measured: 15 days of closing premium are held, under the 20 needed Primary market, 85.0 5 active dealers of 5; largest 58% of creations and redemptions, N-CEN to Dec 31, 2025 Bad-day behaviour Not measured: 0 of the 10 worst days and 15 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) ### Premium or discount to NAV - Latest close, Oct 22, 2026: +0.05% - 95% of days within: ±0.25% - Days more than 1% from NAV: 0 of 15 - Widest: −0.25%, Oct 6, 2026 Close against the NAV its issuer struck the same day, 15 days from Sep 11, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer’s NAV and closing price. ### Capacity Its holdings can absorb $1.2bn a day, measured on its own holdings, a stock book measured in full, as of Oct 22, 2026. The holding that sets the limit is Apple Inc (AAPL), 11.43% of the fund. ### Dealers 5 active of 5 authorized participants; the largest did 58% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 13, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (57.7%), Goldman Sachs & Co. LLC (22.0%), Virtu Americas LLC (18.8%), Mirae Asset Securities (USA) Inc. (0.9%), Merrill Lynch Professional Clearing Corp. (0.5%). ### How to trade AAPW 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. Size Up to $12m is 1% of what its holdings can absorb in a day, for a buy or a sell. Watch The premium. On 95% of days it is within ±0.25%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. ### Coming with trade data Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### Questions people ask Does AAPW trade at a premium or discount to NAV? It closed +0.05% from its NAV on Oct 22, 2026. On 95% of the 15 days to then it was within ±0.25%, and it closed more than 1% from NAV on 0 of them. Who is the AP for AAPW? AAPW’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Jane Street Capital, LLC (57.7%), Goldman Sachs & Co. LLC (22.0%), Virtu Americas LLC (18.8%) of the dollars its APs created and redeemed. Who is the LMM for AAPW? AAPW’s lead market maker (LMM) on Cboe BZX is GTS Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. ### Sources and dates - Premium: ETFIQ, close against the issuer’s NAV, Sep 11, 2026 to Oct 22, 2026. - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 22, 2026. - Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0000894189-26-007830. ### 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, AAPW trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/aapw/trading/ Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/aapw/trading/