# BWZ Bid-Ask Spread, Liquidity and NAV Premium

> As of Oct 22, 2026, BWZ’s median bid-ask spread over 30 days was 0.26%, and its IQ Liquidity Score is 64, Liquid with care. No fund is recommended.

Data as of Oct 22, 2026. Rebuilt every trading night.

As of Oct 22, 2026. Rebuilt every trading night.

## BWZ bid-ask spread and liquidity

As of Oct 22, 2026, BWZ’s median bid-ask spread over 30 days was 0.26%, and its IQ Liquidity Score is 64, Liquid with care.

### IQ Liquidity Score

64 of 100, Liquid with care, 12th percentile of 61 bonds ETFs, 4 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

Liquid with care: its typical spread is 0.26% of its price.

Cost to trade, 44.3 0.26% median spread, 30 days to Oct 22, 2026 Capacity Not measured: its holdings are bonds, which have no volume source here Price fidelity, 69.8 95% of days within ±0.52% of NAV, 251 days to Oct 22, 2026 Primary market, 85.0 5 active dealers of 40; largest 70% of creations and redemptions, N-CEN to Dec 31, 2025 Bad-day behaviour, 86.0 Premium 1.2142× normal on the 10 worst S&P 500 days, to Oct 22, 2026 Depth Not measured: needs trade and quote data (Phase 2)

### Cost for your order

| Order | Dollars | Percent | Basis |
| --- | --- | --- | --- |
| $1,000 | $1.30 | 0.13% | spread |
| $10,000 | $13 | 0.13% | spread |

### Full cost to own

At $10,000: 0.80% ($80) over 1 year, and 2.20% ($220) 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.

### Premium or discount to NAV

- Latest close, Oct 22, 2026: +0.15%

- 95% of days within: ±0.52%

- Days more than 1% from NAV: 2 of 251

- Widest: −1.12%, Jun 17, 2026

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’s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

### Capacity

Not measured: its holdings are bonds, which have no volume source here.

### Dealers

5 active of 40 authorized participants; the largest did 70% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 13, 2026).

The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (70.0%), Jane Street Capital, LLC (13.7%), Goldman Sachs & Co. LLC (10.1%), Merrill Lynch Professional Clearing Corp. (5.7%), Virtu Americas LLC (0.4%). 35 more were listed and created or redeemed nothing.

### How to trade BWZ

Order type Limit: midpoint + 4¢ to buy, midpoint − 4¢ to sell. At the Oct 22 close of $26.73, that’s $26.77 to buy and $26.69 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 ±0.52%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

### 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

Is BWZ liquid? BWZ’s IQ Liquidity Score is 64 of 100, Liquid with care, the 12th percentile of 61 bonds ETFs, as of Oct 22, 2026. What is BWZ’s bid-ask spread? 0.26% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 4¢ a share at the Oct 22 close. Does BWZ trade at a premium or discount to NAV? It closed +0.15% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within ±0.52%, and it closed more than 1% from NAV on 2 of them. Who is the AP for BWZ? BWZ’s 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 (70.0%), Jane Street Capital, LLC (13.7%), Goldman Sachs & Co. LLC (10.1%) of the dollars its APs created and redeemed. Who is the LMM for BWZ? BWZ’s 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 BWZ? About $13 one way, 0.13%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $80 all in, against $35 for the fee alone. How do I place a limit order for BWZ? Set the limit at the midpoint + 4¢ to buy, or the midpoint − 4¢ to sell, in your broker’s quote. At the Oct 22 close of $26.73, that’s $26.77 to buy and $26.69 to sell.

### Sources and dates

- Spread: State Street (fund page), 30 days to Oct 22, 2026.

- Premium: ETFIQ, close against the issuer’s NAV, Oct 23, 2025 to Oct 22, 2026.

- Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0001410368-26-023902.

- Score: ETFIQ, Oct 22, 2026. The method is at /methodology/liquidity.

### 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

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, BWZ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/bwz/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/bwz/trading/