# BUYW Bid-Ask Spread, Liquidity and NAV Premium > BUYW trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## BUYW bid-ask spread and liquidity ### IQ Liquidity Score Not scored, 2 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 Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 100.0 Holdings can absorb $14.3bn a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 4 active dealers of 6; largest 70% of creations and redemptions, N-CEN to Oct 31, 2025 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 Its holdings can absorb $14.3bn a day, measured on the holdings of SPY, its benchmark, since its own book is not a stock book measured in full, as of Oct 22, 2026. The holding that sets the limit is BERKSHIRE HATHAWAY INC CL B (BRK-B), 1.54% of the fund. ### Dealers 4 active of 6 authorized participants; the largest did 70% of creations and redemptions, in the year to Oct 31, 2025 (Form N-CEN filed Jan 14, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (70.5%), Jane Street Capital, LLC (24.2%), Goldman Sachs & Co. LLC (4.2%), Virtu Americas LLC (1.1%). 2 more were listed and created or redeemed nothing. ### How to trade BUYW 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. Size Up to $143m is 1% of what its holdings can absorb in a day, for a buy or a sell. ### 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 BUYW? BUYW’s latest Form N-CEN, for the period ending Oct 31, 2025, lists 6 authorized participants (APs), and 4 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (70.5%), Jane Street Capital, LLC (24.2%), Goldman Sachs & Co. LLC (4.2%) of the dollars its APs created and redeemed. Who is the LMM for BUYW? BUYW’s lead market maker (LMM) on Cboe BZX is Jane Street Capital, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. ### Sources and dates - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 22, 2026. - Dealers: Form N-CEN, the year to Oct 31, 2025, accession 0000910472-26-000267. ### 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, BUYW trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/buyw/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/buyw/trading/