CWB bid-ask spread and liquidity

State Street SPDR Bloomberg Convertible Securities ETF
BondsState Street$5.3bn net assets0.40% fee
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As of Oct 22, 2026, CWB’s median bid-ask spread over 30 days was 0.13%, and its IQ Liquidity Score is 71, Liquid.

OverviewHoldingsDividendsTradingFlowsCompare

IQ Liquidity Score

4 of 6 measured · Oct 22, 2026
71
Liquid29th percentile of 61 bonds ETFs
0 · Hard to trade100 · Trades like a giant

The IQ Liquidity Score: 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 trades, not whether to own it. Method →

Liquid: trades at a typical spread of 0.13%.

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Ask IQ about CWB bid-ask spread and liquidity

Answers cite the figures on this page.

Cost to trade
0.13% median spread, 30 days to Oct 22, 2026
59.4
Capacity
Not measured · its holdings are bonds, which have no volume source here
·
Price fidelity
95% of days within ±0.23% of NAV, 251 days to Oct 22, 2026
93.5
Primary market
4 active dealers of 40; largest 43% of creations and redemptions, N-CEN to Jun 30, 2026
65.0
Bad-day behaviour
Premium 1.3148× normal on the 10 worst S&P 500 days, to Oct 22, 2026
80.3
Depth
Not measured · needs trade and quote data (Phase 2)
·

Cost for your order

One way, half its 30-day median spread; sizes above $10,000 are estimates
CWB: cost for your order at each size, round trip
OrderDollarsPercentBasis
$1,000$0.650.065%spread
$10,000$6.500.065%spread

Spread 0.13% median, 30 days to Oct 22, 2026. Above $10,000 the cost adds an estimate of market impact that grows with the order against the holdings’ capacity; a patient limit pays less.

Full cost to own

At $10,000
1 year
0.61%$61
fee alone 0.40% · $40
5 years
2.21%$221
fee alone 2.00% · $200

Fee, plus the round-trip spread once, plus the median premium paid at entry. Against MYMI (fee 0.20%): CWB costs less to own for about 0.6 years; after that MYMI’s lower fee makes it the cheaper fund.

Premium or discount to value

Daily, 251 days to Oct 22, 2026 · the ±1% band marked
CWB premium or discount to NAV, 251 days+1%0−1%Oct 23, 2025Oct 22, 2026
Latest close, Oct 22
+0.23%
95% of days within
±0.23%
Days more than 1% from NAV
0 of 251
Widest
−1.00%, Mar 27, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ.

Capacity

What the holdings can absorb a day

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

Dealers

Authorized participants · N-CEN, the year to Jun 30, 2026
Active dealers
4
of 40 authorized
Largest
43%
of creations and redemptions
One dealer
No
4 active

4 of 40 authorized participants created or redeemed CWB shares in the year to Jun 30, 2026. From the fund’s Form N-CEN, filed Sep 11, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (42.7%), Goldman Sachs & Co. LLC (32.9%), Merrill Lynch Professional Clearing Corp. (20.1%), Mirae Asset Securities (USA) Inc. (4.2%). 36 more were listed and created or redeemed nothing.

Creations and redemptions

By week, 52 weeks to Oct 22, 2026
Oct 27 2025Each week’s net creations (green) and redemptionsOct 22 2026

$2.0bn net created in 24 weeks and $1.5bn net redeemed in 25, over the 52 weeks from Oct 27, 2025 to Oct 22, 2026, from the change in its shares outstanding.

How to trade CWB

To buy or to sell, up to $100,000
Order type
Limit: midpoint + 7¢ to buy, midpoint − 7¢ to sell.At the Oct 22 close of $95.15, that’s $95.22 to buy and $95.08 to sell.
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Watch
The premium. On 95% of days it is within ±0.23%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.
Phase 2 · drawn now, filled when trade data arrives
Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Share of volume at the ask against at the bid.

Retail flow, estimatedComing with trade data

Sub-penny prints as a share of volume.

Large tradesComing with trade data

Prints above $500k, count and share.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

Is CWB liquid?

CWB’s IQ Liquidity Score is 71 of 100, Liquid, the 29th percentile of 61 bonds ETFs, as of Oct 22, 2026.

What is CWB’s bid-ask spread?

0.13% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 7¢ a share at the Oct 22 close.

Does CWB trade at a premium or discount to NAV?

It closed +0.23% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within ±0.23%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for CWB?

CWB’s latest Form N-CEN, for the period ending Jun 30, 2026, lists 40 authorized participants (APs), and 4 created or redeemed shares. The largest were J.P. Morgan Securities LLC (42.7%), Goldman Sachs & Co. LLC (32.9%), Merrill Lynch Professional Clearing Corp. (20.1%) of the dollars its APs created and redeemed.

Who is the LMM for CWB?

CWB’s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026.

What does it cost to trade $10,000 of CWB?

About $6.50 one way, 0.065%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $61 all in, against $40 for the fee alone.

How do I place a limit order for CWB?

Set the limit at the midpoint + 7¢ to buy, or the midpoint − 7¢ to sell, in your broker’s quote. At the Oct 22 close of $95.15, that’s $95.22 to buy and $95.08 to sell.
Sources and dates
SpreadState Street (fund page), 30-day median · to Oct 22, 2026
Premium to NAVETFIQ, close against the issuer’s NAV · Oct 23, 2025 to Oct 22, 2026
DealersForm N-CEN · the year to Jun 30, 2026
Creations and redemptionsShares outstanding, daily, from the issuer
IQ Liquidity ScoreETFIQ · Oct 22, 2026
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →CWB fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, CWB trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/cwb/trading/

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The score measures trading conditions, not the fund. ETFIQ makes no recommendations.