{"url":"https://etfiq.com/funds/allw/trading/","section":"funds","title":"ALLW Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Nov 3, 2026, ALLW closed \u22120.07% from its NAV, and on 95% of the 251 days to then it was within \u00b10.51%. No fund is recommended.","as_of":"Nov 3, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/allw/trading/#data","name":"ALLW trading costs and liquidity","description":"As of Nov 3, 2026, ALLW closed \u22120.07% from its NAV, and on 95% of the 251 days to then it was within \u00b10.51%. No fund is recommended.","url":"https://etfiq.com/funds/allw/trading/","dateModified":"2026-11-03","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 ALLW trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed \u22120.07% from its NAV on Nov 3, 2026. On 95% of the 251 days to then it was within \u00b10.51%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for ALLW?","acceptedAnswer":{"@type":"Answer","text":"ALLW\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 40 authorized participants (APs), and 6 created or redeemed shares. The largest were Jane Street Capital, LLC (62.1%), Merrill Lynch Professional Clearing Corp. (28.2%), Goldman Sachs & Co. LLC (3.5%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for ALLW?","acceptedAnswer":{"@type":"Answer","text":"ALLW\u2019s lead market maker (LMM) on Nasdaq is Citadel Securities LLC. Lead market maker per Nasdaq, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/allw#fund","name":"State Street Bridgewater All Weather ETF","alternateName":"ALLW","url":"https://etfiq.com/funds/allw","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"ALLW"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/allw#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ALLW","item":"https://etfiq.com/funds/allw"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/allw/trading/"}]},{"@type":"WebPage","name":"ALLW Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Nov 3, 2026, ALLW closed \u22120.07% from its NAV, and on 95% of the 251 days to then it was within \u00b10.51%. No fund is recommended.","url":"https://etfiq.com/funds/allw/trading/","dateModified":"2026-11-03","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":5830,"truncated":false,"content":"ETFIQ / ALLW / Trading \n \n As of Nov 3, 2026. Rebuilt every trading night.\n ALLW bid-ask spread and liquidity\n As of Nov 3, 2026, ALLW closed \u22120.07% from its NAV, and on 95% of the 251 days to then it was within \u00b10.51%.\n IQ Liquidity Score\n Not scored, 3 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: 35.7% of its long weight could be measured; the largest part not measured is unresolved Price fidelity, 70.2 95% of days within \u00b10.51% of NAV, 251 days to Nov 3, 2026 Primary market, 85.0 6 active dealers of 40; largest 62% of creations and redemptions, N-CEN to Oct 31, 2025 Bad-day behaviour, 100.0 Premium 0.9529\u00d7 normal on the 10 worst S&P 500 days, to Nov 3, 2026 Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Nov 3, 2026: \u22120.07%\n 95% of days within: \u00b10.51%\n Days more than 1% from NAV: 0 of 251\n Widest: \u22120.96%, Mar 20, 2026\n Close against the NAV its issuer struck the same day, 251 days from Nov 4, 2025 to Nov 3, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Not measured: 35.7% of its long weight could be measured; the largest part not measured is unresolved.\n Dealers\n 6 active of 40 authorized participants; the largest did 62% of creations and redemptions, in the year to Oct 31, 2025 (Form N-CEN filed May 26, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (62.1%), Merrill Lynch Professional Clearing Corp. (28.2%), Goldman Sachs & Co. LLC (3.5%), J.P. Morgan Securities LLC (2.8%), Virtu Americas LLC (1.8%), Barclays Capital Inc. (1.6%). 34 more were listed and created or redeemed nothing.\n How to trade ALLW\n When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund\u2019s own day once it has trade data. Watch The premium. On 95% of days it is within \u00b10.51%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. What retail orders paid\n In Sep 2026, retail market orders in ALLW paid $1.14 one way on $10,000, against $1.82 at the quote. 79% of shares filled better than the quote.\n ALLW: what retail market orders paid one way on $10,000, Sep 2026, half the effective spread. Source: SEC Rule 605 reports; computed by ETFIQ. Orders One way on $10,000 \n All wholesalers read $1.14 \n Vanguard customers $0.70 \n Fidelity customers $0.79 \n Schwab customers $1.35 \n Robinhood customers $3.11 \n ALLW: what retail market orders paid one way on $10,000, by month, at the wholesalers. Old format: orders of 100 to 9,999 shares, to Jul 2026. Month One way on $10,000 \n Aug 2025 (old format) $0.75 \n Sep 2025 (old format) $0.46 \n Oct 2025 (old format) $0.66 \n Nov 2025 (old format) $0.40 \n Dec 2025 (old format) $0.57 \n Jan 2026 (old format) $0.49 \n Feb 2026 (old format) $0.67 \n Mar 2026 (old format) $0.53 \n Apr 2026 (old format) $0.57 \n May 2026 (old format) $0.56 \n Jun 2026 (old format) $0.71 \n Jul 2026 (old format) $0.46 \n Aug 2026 $1.48 \n Sep 2026 $1.14 \n Where it trades\n In Q2 2026, odd lots were 10.4% of ALLW\u2019s exchange volume.\n 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 ALLW trade at a premium or discount to NAV? It closed \u22120.07% from its NAV on Nov 3, 2026. On 95% of the 251 days to then it was within \u00b10.51%, and it closed more than 1% from NAV on 0 of them. Who is the AP for ALLW? ALLW\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 40 authorized participants (APs), and 6 created or redeemed shares. The largest were Jane Street Capital, LLC (62.1%), Merrill Lynch Professional Clearing Corp. (28.2%), Goldman Sachs & Co. LLC (3.5%) of the dollars its APs created and redeemed. Who is the LMM for ALLW? ALLW\u2019s lead market maker (LMM) on Nasdaq is Citadel Securities LLC. Lead market maker per Nasdaq, as of Nov 1, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Nov 4, 2025 to Nov 3, 2026.\n Dealers: Form N-CEN, the year to Oct 31, 2025, accession 0001410368-26-050625.\n 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\u2019s request, so its orders are not counted.\n Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n ALLW 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 ALLW 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, ALLW trading: cost, capacity, premium and dealers, data as of Nov 3, 2026. https://etfiq.com/funds/allw/trading/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, ALLW trading: cost, capacity, premium and dealers, data as of Nov 3, 2026. https://etfiq.com/funds/allw/trading/ APA ETFIQ. (Nov 3, 2026). ALLW trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/allw/trading/ Markdown [ALLW trading: cost, capacity, premium and dealers (ETFIQ, Nov 3, 2026)](https://etfiq.com/funds/allw/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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, ALLW trading: cost, capacity, premium and dealers, data as of Nov 3, 2026. https://etfiq.com/funds/allw/trading/"}