{"url":"https://etfiq.com/funds/bwx/trading/","section":"funds","title":"BWX Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, BWX\u2019s median bid-ask spread over 30 days was 0.05%, and its IQ Liquidity Score is 75, Liquid. No fund is recommended.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/bwx/trading/#data","name":"BWX trading costs and liquidity","description":"As of Oct 22, 2026, BWX\u2019s median bid-ask spread over 30 days was 0.05%, and its IQ Liquidity Score is 75, Liquid. No fund is recommended.","url":"https://etfiq.com/funds/bwx/trading/","dateModified":"2026-10-22","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":"Is BWX liquid?","acceptedAnswer":{"@type":"Answer","text":"BWX\u2019s IQ Liquidity Score is 75 of 100, Liquid, the 40th percentile of 61 bonds ETFs, as of Oct 22, 2026."}},{"@type":"Question","name":"What is BWX\u2019s bid-ask spread?","acceptedAnswer":{"@type":"Answer","text":"0.05% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 1\u00a2 a share at the Oct 22 close."}},{"@type":"Question","name":"Does BWX trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.47% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within \u00b10.55%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for BWX?","acceptedAnswer":{"@type":"Answer","text":"BWX\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 40 authorized participants (APs), and 5 created or redeemed shares. The largest were J.P. Morgan Securities LLC (90.2%), Merrill Lynch Professional Clearing Corp. (4.3%), Jane Street Capital, LLC (3.9%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for BWX?","acceptedAnswer":{"@type":"Answer","text":"BWX\u2019s lead market maker (LMM) on NYSE Arca is Susquehanna Securities, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}},{"@type":"Question","name":"What does it cost to trade $10,000 of BWX?","acceptedAnswer":{"@type":"Answer","text":"About $2.50 one way, 0.025%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $56 all in, against $35 for the fee alone."}},{"@type":"Question","name":"How do I place a limit order for BWX?","acceptedAnswer":{"@type":"Answer","text":"Set the limit at the midpoint + 1\u00a2 to buy, or the midpoint \u2212 1\u00a2 to sell, in your broker\u2019s quote. At the Oct 22 close of $21.42, that\u2019s $21.43 to buy and $21.41 to sell."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/bwx#fund","name":"State Street SPDR Bloomberg International Treasury Bond ETF","alternateName":"BWX","url":"https://etfiq.com/funds/bwx","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"BWX"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/bwx#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"BWX","item":"https://etfiq.com/funds/bwx"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/bwx/trading/"}]},{"@type":"WebPage","name":"BWX Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, BWX\u2019s median bid-ask spread over 30 days was 0.05%, and its IQ Liquidity Score is 75, Liquid. No fund is recommended.","url":"https://etfiq.com/funds/bwx/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":6038,"truncated":false,"content":"ETFIQ / BWX / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n BWX bid-ask spread and liquidity\n As of Oct 22, 2026, BWX\u2019s median bid-ask spread over 30 days was 0.05%, and its IQ Liquidity Score is 75, Liquid.\n IQ Liquidity Score\n 75 of 100, Liquid, 40th percentile of 61 bonds ETFs, 4 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 Liquid: trades at a typical spread of 0.05%.\n Flags: One dealer.\n Cost to trade, 80.1 0.05% median spread, 30 days to Oct 22, 2026 Capacity Not measured: its holdings are bonds, which have no volume source here Price fidelity, 71.3 95% of days within \u00b10.55% of NAV, 251 days to Oct 22, 2026 Primary market, 70.0 5 active dealers of 40; largest 90% of creations and redemptions, N-CEN to Dec 31, 2025 Bad-day behaviour, 73.9 Premium 1.4357\u00d7 normal on the 10 worst S&P 500 days, to Oct 22, 2026 Depth Not measured: needs trade and quote data (Phase 2) \n Cost for your order\n BWX one-way cost at each order size: half its 30-day median spread to Oct 22, 2026; sizes above $10,000 add an estimate of market impact. Source: ETFIQ. Order Dollars Percent Basis \n $1,000 $0.25 0.025% spread \n $10,000 $2.50 0.025% spread \n Full cost to own\n At $10,000: 0.56% ($56) over 1 year, and 1.96% ($196) over 5 years; the fee alone is 0.35% ($35) a year. Fee, plus the round-trip spread once, plus the median premium paid at entry.\n Against MYMI (fee 0.20%): BWX costs less to own for about 0.8 years; after that MYMI\u2019s lower fee makes it the cheaper fund.\n Premium or discount to NAV\n Latest close, Oct 22, 2026: +0.47%\n 95% of days within: \u00b10.55%\n Days more than 1% from NAV: 0 of 251\n Widest: \u22120.97%, Oct 29, 2025\n 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\u2019s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.\n Capacity\n Not measured: its holdings are bonds, which have no volume source here.\n Dealers\n 5 active of 40 authorized participants; the largest did 90% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 13, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (90.2%), Merrill Lynch Professional Clearing Corp. (4.3%), Jane Street Capital, LLC (3.9%), Virtu Americas LLC (0.9%), Goldman Sachs & Co. LLC (0.7%). 35 more were listed and created or redeemed nothing.\n How to trade BWX\n Order type Limit: midpoint + 1\u00a2 to buy, midpoint \u2212 1\u00a2 to sell. At the Oct 22 close of $21.42, that\u2019s $21.43 to buy and $21.41 to sell. When Its holdings trade on markets that close before New York, so its price can drift from their value later in the day. Watch The premium. On 95% of days it is within \u00b10.55%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. 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 Is BWX liquid? BWX\u2019s IQ Liquidity Score is 75 of 100, Liquid, the 40th percentile of 61 bonds ETFs, as of Oct 22, 2026. What is BWX\u2019s bid-ask spread? 0.05% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 1\u00a2 a share at the Oct 22 close. Does BWX trade at a premium or discount to NAV? It closed +0.47% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within \u00b10.55%, and it closed more than 1% from NAV on 0 of them. Who is the AP for BWX? BWX\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 40 authorized participants (APs), and 5 created or redeemed shares. The largest were J.P. Morgan Securities LLC (90.2%), Merrill Lynch Professional Clearing Corp. (4.3%), Jane Street Capital, LLC (3.9%) of the dollars its APs created and redeemed. Who is the LMM for BWX? BWX\u2019s lead market maker (LMM) on NYSE Arca is Susquehanna Securities, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. What does it cost to trade $10,000 of BWX? About $2.50 one way, 0.025%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $56 all in, against $35 for the fee alone. How do I place a limit order for BWX? Set the limit at the midpoint + 1\u00a2 to buy, or the midpoint \u2212 1\u00a2 to sell, in your broker\u2019s quote. At the Oct 22 close of $21.42, that\u2019s $21.43 to buy and $21.41 to sell. Sources and dates\n Spread: State Street (fund page), 30 days to Oct 22, 2026.\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 23, 2025 to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0001410368-26-023902.\n Score: ETFIQ, Oct 22, 2026. The method is at /methodology/liquidity.\n Where to next\n BWX 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 BWX 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, BWX trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/bwx/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, BWX trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/bwx/trading/ APA ETFIQ. (Oct 22, 2026). BWX trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/bwx/trading/ Markdown [BWX trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/bwx/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, BWX trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/bwx/trading/"}