# BZZ Bid-Ask Spread, Liquidity and NAV Premium

> As of Nov 11, 2026, BZZ closed +0.09% from its NAV, and on 95% of the 19 days to then it was within ±0.18%. No fund is recommended.

Data as of Nov 11, 2026. Rebuilt every trading night.

As of Nov 11, 2026. Rebuilt every trading night.

## BZZ bid-ask spread and liquidity

As of Nov 11, 2026, BZZ closed +0.09% from its NAV, and on 95% of the 19 days to then it was within ±0.18%.

### 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

Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 26.8 Holdings can absorb $6.4m a day, Nov 11, 2026 Price fidelity Not measured: 19 days of closing premium are held, under the 20 needed Primary market Not measured: no N-CEN ETF row for series S000102690 in the quarters read (2024q4 to 2026q3) Bad-day behaviour Not measured: 2 of the 10 worst days and 17 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2)

### Premium or discount to NAV

- Latest close, Nov 11, 2026: +0.09%

- 95% of days within: ±0.18%

- Days more than 1% from NAV: 0 of 19

- Widest: −0.18%, Oct 30, 2026

Close against the NAV its issuer struck the same day, 19 days from Sep 11, 2026 to Nov 11, 2026. Source: ETFIQ from the issuer’s NAV and closing price.

### Capacity

Its holdings can absorb $6.4m a day, measured on its own holdings, as of Nov 11, 2026. The holding that sets the limit is AIRO Group Holdings Inc (AIRO), 2.69% of the fund.

### How to trade BZZ

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 $63,827 is 1% of what its holdings can absorb in a day, for a buy or a sell. Watch The premium. On 95% of days it is within ±0.18%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

### What retail orders paid

In Sep 2026, retail market orders in BZZ paid $0.85 one way on $10,000, against $13 at the quote. 98% of shares filled better than the quote.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $0.85 |
| Schwab customers | $6.04 |
| Fidelity customers | $7.85 |

### Where it trades

In Q2 2026, odd lots were 3.5% of BZZ’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

Does BZZ trade at a premium or discount to NAV? It closed +0.09% from its NAV on Nov 11, 2026. On 95% of the 19 days to then it was within ±0.18%, and it closed more than 1% from NAV on 0 of them. Who is the LMM for BZZ? BZZ’s lead market maker (LMM) on Cboe BZX is GTS Securities LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026.

### Sources and dates

- Premium: ETFIQ, close against the issuer’s NAV, Sep 11, 2026 to Nov 11, 2026.

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 11, 2026.

- Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ’s request, so its orders are not counted.

- 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

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, BZZ trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/bzz/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/bzz/trading/