# BSR Bid-Ask Spread, Liquidity and NAV Premium > BSR trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of May 13, 2026. Rebuilt every trading night. As of May 13, 2026. Rebuilt every trading night. ## BSR bid-ask spread and liquidity In the year to Feb 28, 2026, 1 of BSR’s 6 authorized participants created or redeemed shares. ### IQ Liquidity Score Not scored, 1 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 Flags: One dealer. Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: 49.5% of its long weight could be measured; the largest part not measured is unresolved Price fidelity Not measured: no closing premium is held for this fund Primary market, 25.0 1 active dealer of 6; largest 100% of creations and redemptions, N-CEN to Feb 28, 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) ### Capacity Not measured: 49.5% of its long weight could be measured; the largest part not measured is unresolved. ### Dealers 1 active of 6 authorized participants; the largest did 100% of creations and redemptions, in the year to Feb 28, 2026 (Form N-CEN filed May 13, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: BofA Securities, Inc. (100.0%). 5 more were listed and created or redeemed nothing. ### How to trade BSR 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. ### Where it trades In Q2 2026, odd lots were 5.6% of BSR’s exchange volume. ### 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 Who is the AP for BSR? BSR’s latest Form N-CEN, for the period ending Feb 28, 2026, lists 6 authorized participants (APs), and 1 created or redeemed shares. The only active AP was BofA Securities, Inc.. Who is the LMM for BSR? BSR’s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Nov 1, 2026. ### Sources and dates - Dealers: Form N-CEN, the year to Feb 28, 2026, accession 0000910472-26-006464. - Where it trades: SEC MIDAS, Q2 2026. ### 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, BSR trading: cost, capacity, premium and dealers, data as of May 13, 2026. https://etfiq.com/funds/bsr/trading/ Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/bsr/trading/