{"url":"https://etfiq.com/funds/bond/trading/","section":"funds","title":"BOND Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"BOND trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Sep 14, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/bond/trading/#data","name":"BOND trading costs and liquidity","description":"BOND trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/bond/trading/","dateModified":"2026-09-14","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":"Who is the AP for BOND?","acceptedAnswer":{"@type":"Answer","text":"BOND\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 27 authorized participants (APs), and 6 created or redeemed shares. The largest were J.P. Morgan Securities LLC (29.2%), Merrill Lynch Professional Clearing Corp. (26.4%), Jane Street Capital, LLC (21.5%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for BOND?","acceptedAnswer":{"@type":"Answer","text":"BOND 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\u2019s own program, so this does not mean it has no LMM."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/bond#fund","name":"PIMCO Active Bond Exchange-Traded Fund","alternateName":"BOND","url":"https://etfiq.com/funds/bond","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"BOND"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/bond#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"BOND","item":"https://etfiq.com/funds/bond"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/bond/trading/"}]},{"@type":"WebPage","name":"BOND Bid-Ask Spread, Liquidity and NAV Premium","description":"BOND trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/bond/trading/","dateModified":"2026-09-14","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3576,"truncated":false,"content":"ETFIQ / BOND / Trading \n \n As of Sep 14, 2026. Rebuilt every trading night.\n BOND bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 1 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: its holdings are bonds, which have no volume source here Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 6 active dealers of 27; largest 29% of creations and redemptions, N-CEN to Jun 30, 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) \n Capacity\n Not measured: its holdings are bonds, which have no volume source here.\n Dealers\n 6 active of 27 authorized participants; the largest did 29% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 14, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (29.2%), Merrill Lynch Professional Clearing Corp. (26.4%), Jane Street Capital, LLC (21.5%), Goldman Sachs & Co. LLC (19.5%), Virtu Americas LLC (3.3%), Macquarie Capital (USA) Inc. (0.1%). 21 more were listed and created or redeemed nothing.\n How to trade BOND\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. 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 Who is the AP for BOND? BOND\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 27 authorized participants (APs), and 6 created or redeemed shares. The largest were J.P. Morgan Securities LLC (29.2%), Merrill Lynch Professional Clearing Corp. (26.4%), Jane Street Capital, LLC (21.5%) of the dollars its APs created and redeemed. Who is the LMM for BOND? BOND 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\u2019s own program, so this does not mean it has no LMM. Sources and dates\n Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0001410368-26-091413.\n Where to next\n BOND 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 BOND 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, BOND trading: cost, capacity, premium and dealers, data as of Sep 14, 2026. https://etfiq.com/funds/bond/trading/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, BOND trading: cost, capacity, premium and dealers, data as of Sep 14, 2026. https://etfiq.com/funds/bond/trading/ APA ETFIQ. (Sep 14, 2026). BOND trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/bond/trading/ Markdown [BOND trading: cost, capacity, premium and dealers (ETFIQ, Sep 14, 2026)](https://etfiq.com/funds/bond/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":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, BOND trading: cost, capacity, premium and dealers, data as of Sep 14, 2026. https://etfiq.com/funds/bond/trading/"}