IQ
BKLC
BNY Mellon US Large Cap Core Equity ETF
Category StocksIssuer BNY MellonNet assets $5.5bnFee 0.00%
Trading · BNY Mellon US Large Cap Core Equity ETF

BKLC bid-ask spread and liquidity

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As of Nov 4, 2026, BKLC’s holdings can absorb $14.3bn a day.

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BKLC fund page
·
Not scored

IQ Liquidity Score

· 2 of 6 measured · Nov 4, 2026
$14.3bn
its holdings can absorb a day
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
·
Capacity
Holdings can absorb $14.3bn a day, Nov 4, 2026
100.0
Price fidelity
Not measured · no closing premium is held for this fund
·
Primary market
7 active dealers of 16; largest 45% of creations and redemptions, N-CEN to Oct 31, 2025
85.0
Bad-day behaviour
Not measured · no daily closing premium is held for this fund
·
Depth
Not measured · needs trade and quote data
·

Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

CapacityWhat its holdings making up 95% of the weight can absorb a day, at 10% of each one’s volume
Holdings can absorb
$14.3bn

BKLC’s holdings can absorb $14.3bn a day, measured on its own holdings, as of Nov 4, 2026. A $1m order is 0.0070% of a day’s capacity.

The holding that sets the limit: JP MORGAN CHASE & COMPANY (JPM), 1.46% of the fund, $2.1bn a day traded, the median of 20 days to Nov 4, 2026.

Who makes the market

Authorized participants · N-CEN, the year to Oct 31, 2025
Active dealers
7
of 16 authorized
Largest
45%
of creations and redemptions
One dealer
No
7 active

7 of 16 authorized participants created or redeemed BKLC shares in the year to Oct 31, 2025. From the fund’s Form N-CEN, filed Jan 14, 2026.

APs create and redeem shares. Every AP →

Active APs, largest first, by share of dollars created and redeemed: Virtu Americas LLC (45.2%), BofA Securities, Inc. (30.8%), RBC Capital Markets, LLC (9.6%), Jane Street Capital, LLC (7.1%), Goldman Sachs & Co. LLC (6.1%), J.P. Morgan Securities LLC (0.7%), Citigroup Global Markets Inc. (0.3%). 9 more were listed and created or redeemed nothing.

What retail orders paid

One way on $10,000, Sep 2026
All wholesalers read
$0.75
Vanguard customers
−$0.07
Robinhood customers
$0.49
Schwab customers
$0.58
Fidelity customers
$1.00

In Sep 2026, retail market orders in BKLC paid $0.75 one way on $10,000, against $1.20 at the quote.

67% of shares filled better than the quote.

Aug 2025Grey: old format, orders of 100 to 9,999 sharesSep 2026

BKLC ranked 277th of 628 ETFs by retail order activity in Sep 2026, an ETFIQ estimate.

0.02% of the market-order dollars in 4 retail brokers’ reports. Buys and sells together. Retail activity ranking →

Where it trades

Q2 2026, 62 trading days
Off exchange
79%
Odd lots, of exchange volume
24.1%

In Q2 2026, 79% of BKLC’s shares traded off exchange on the median day.

Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.

How to place the order

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Size
Up to $143m is 1% of what its holdings can absorb in a day, for a buy or a sell.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

Who is the AP for BKLC?

BKLC’s latest Form N-CEN, for the period ending Oct 31, 2025, lists 16 authorized participants (APs), and 7 created or redeemed shares. The largest were Virtu Americas LLC (45.2%), BofA Securities, Inc. (30.8%), RBC Capital Markets, LLC (9.6%) of the dollars its APs created and redeemed.

Who is the LMM for BKLC?

BKLC is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange’s own program, so this does not mean it has no LMM.
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →BKLC fund page→
Sources and dates
CapacityETFIQ, each holding’s 20-day median dollar volume · to Nov 4, 2026
DealersForm N-CEN · the year to Oct 31, 2025
Retail ordersSEC Rule 605 reports · Sep 2026
Where it tradesSEC MIDAS · Q2 2026

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.

Cite this pageCitation, APA and Markdown

ETFIQ, BKLC trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/bklc/trading/

Open data →

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.