# BIL Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 22, 2026, BIL’s median bid-ask spread over 30 days was 0.01%, and its IQ Liquidity Score is 97, Trades like a giant. No fund is recommended. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## BIL bid-ask spread and liquidity As of Oct 22, 2026, BIL’s median bid-ask spread over 30 days was 0.01%, and its IQ Liquidity Score is 97, Trades like a giant. ### IQ Liquidity Score 97 of 100, Trades like a giant, 96th percentile of 61 bonds ETFs, 4 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 Trades like a giant: trades at a typical spread of 0.01%. Cost to trade, 100.0 0.01% median spread, 30 days to Oct 22, 2026 Capacity Not measured: it holds cash and bills, which have no volume source here Price fidelity, 100.0 95% of days within ±0.01% of NAV, 251 days to Oct 22, 2026 Primary market, 85.0 7 active dealers of 40; largest 52% of creations and redemptions, N-CEN to Jun 30, 2026 Bad-day behaviour, 100.0 Premium 1× normal on the 10 worst S&P 500 days, to Oct 22, 2026 Depth Not measured: needs trade and quote data (Phase 2) ### Cost for your order | Order | Dollars | Percent | Basis | | --- | --- | --- | --- | | $1,000 | $0.05 | 0.005% | spread | | $10,000 | $0.50 | 0.005% | spread | ### Full cost to own At $10,000: 0.15% ($15) over 1 year, and 0.71% ($71) over 5 years; the fee alone is 0.14% ($14) a year. Fee, plus the round-trip spread once, plus the median premium paid at entry. Against SPTL (fee 0.03%): BIL costs less to own for about 0.5 years; after that SPTL’s lower fee makes it the cheaper fund. ### Premium or discount to NAV - Latest close, Oct 22, 2026: 0.00% - 95% of days within: ±0.01% - Days more than 1% from NAV: 0 of 251 - Widest: +0.02%, Sep 29, 2026 Close against the NAV its issuer struck the same day, 251 days from Oct 23, 2025 to Oct 22, 2026. Source: ETFIQ from the issuer’s NAV and closing price. ### Capacity Not measured: it holds cash and bills, which have no volume source here. ### Dealers 7 active of 40 authorized participants; the largest did 52% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 11, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (52.2%), Merrill Lynch Professional Clearing Corp. (34.8%), J.P. Morgan Securities LLC (9.6%), BMO Capital Markets Corp. (1.7%), RBC Capital Markets, LLC (1.4%), Pershing LLC (0.2%), Morgan Stanley & Co. LLC (0.1%). 33 more were listed and created or redeemed nothing. ### How to trade BIL Order type Limit: midpoint + 1¢ to buy, midpoint − 1¢ to sell. At the Oct 22 close of $91.60, that’s $91.61 to buy and $91.59 to sell. 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. Watch The premium. On 95% of days it is within ±0.01%; 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 Is BIL liquid? BIL’s IQ Liquidity Score is 97 of 100, Trades like a giant, the 96th percentile of 61 bonds ETFs, as of Oct 22, 2026. What is BIL’s bid-ask spread? 0.01% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 1¢ a share at the Oct 22 close. Does BIL trade at a premium or discount to NAV? It closed 0.00% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within ±0.01%, and it closed more than 1% from NAV on 0 of them. Who is the AP for BIL? BIL’s latest Form N-CEN, for the period ending Jun 30, 2026, lists 40 authorized participants (APs), and 7 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (52.2%), Merrill Lynch Professional Clearing Corp. (34.8%), J.P. Morgan Securities LLC (9.6%) of the dollars its APs created and redeemed. Who is the LMM for BIL? BIL’s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. What does it cost to trade $10,000 of BIL? About $0.50 one way, 0.005%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $15 all in, against $14 for the fee alone. How do I place a limit order for BIL? Set the limit at the midpoint + 1¢ to buy, or the midpoint − 1¢ to sell, in your broker’s quote. At the Oct 22 close of $91.60, that’s $91.61 to buy and $91.59 to sell. ### Sources and dates - Spread: State Street (fund page), 30 days to Oct 22, 2026. - Premium: ETFIQ, close against the issuer’s NAV, Oct 23, 2025 to Oct 22, 2026. - Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0001410368-26-091247. - Score: ETFIQ, Oct 22, 2026. The method is at /methodology/liquidity. ### 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, BIL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/bil/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/bil/trading/