{"url":"https://etfiq.com/funds/ecow/trading/","section":"funds","title":"ECOW Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 2, 2026, ECOW closed \u22120.29% from its NAV, and on 95% of the 2 days to then it was within \u00b10.37%. No fund is recommended.","as_of":"Oct 2, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/ecow/trading/#data","name":"ECOW trading costs and liquidity","description":"As of Oct 2, 2026, ECOW closed \u22120.29% from its NAV, and on 95% of the 2 days to then it was within \u00b10.37%. No fund is recommended.","url":"https://etfiq.com/funds/ecow/trading/","dateModified":"2026-10-02","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":"Does ECOW trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed \u22120.29% from its NAV on Oct 2, 2026. On 95% of the 2 days to then it was within \u00b10.37%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for ECOW?","acceptedAnswer":{"@type":"Answer","text":"ECOW\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (51.0%), J.P. Morgan Securities LLC (48.3%), Virtu Americas LLC (0.7%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for ECOW?","acceptedAnswer":{"@type":"Answer","text":"ECOW\u2019s lead market maker (LMM) on Nasdaq is Jane Street Capital, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/ecow#fund","name":"Pacer Emerging Markets Cash Cows 100 ETF","alternateName":"ECOW","url":"https://etfiq.com/funds/ecow","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"ECOW"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/ecow#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ECOW","item":"https://etfiq.com/funds/ecow"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/ecow/trading/"}]},{"@type":"WebPage","name":"ECOW Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 2, 2026, ECOW closed \u22120.29% from its NAV, and on 95% of the 2 days to then it was within \u00b10.37%. No fund is recommended.","url":"https://etfiq.com/funds/ecow/trading/","dateModified":"2026-10-02","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4287,"truncated":false,"content":"ETFIQ / ECOW / Trading \n \n As of Oct 2, 2026. Rebuilt every trading night.\n ECOW bid-ask spread and liquidity\n As of Oct 2, 2026, ECOW closed \u22120.29% from its NAV, and on 95% of the 2 days to then it was within \u00b10.37%.\n IQ Liquidity Score\n Not scored, 1 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 Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: 19.9% of its long weight could be measured; the largest part not measured is foreign Price fidelity Not measured: 2 days of closing premium are held, under the 20 needed Primary market, 65.0 3 active dealers of 3; largest 51% of creations and redemptions, N-CEN to Apr 30, 2026 Bad-day behaviour Not measured: 0 of the 10 worst days and 2 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Oct 2, 2026: \u22120.29%\n 95% of days within: \u00b10.37%\n Days more than 1% from NAV: 0 of 2\n Widest: +0.37%, Sep 11, 2026\n Close against the NAV its issuer struck the same day, 2 days from Sep 11, 2026 to Oct 2, 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: 19.9% of its long weight could be measured; the largest part not measured is foreign.\n Dealers\n 3 active of 3 authorized participants; the largest did 51% of creations and redemptions, in the year to Apr 30, 2026 (Form N-CEN filed Jul 14, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (51.0%), J.P. Morgan Securities LLC (48.3%), Virtu Americas LLC (0.7%).\n How to trade ECOW\n 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 \u00b10.37%; 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 Does ECOW trade at a premium or discount to NAV? It closed \u22120.29% from its NAV on Oct 2, 2026. On 95% of the 2 days to then it was within \u00b10.37%, and it closed more than 1% from NAV on 0 of them. Who is the AP for ECOW? ECOW\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (51.0%), J.P. Morgan Securities LLC (48.3%), Virtu Americas LLC (0.7%) of the dollars its APs created and redeemed. Who is the LMM for ECOW? ECOW\u2019s lead market maker (LMM) on Nasdaq is Jane Street Capital, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Sep 11, 2026 to Oct 2, 2026.\n Dealers: Form N-CEN, the year to Apr 30, 2026, accession 0000894189-26-021136.\n Where to next\n ECOW 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 ECOW 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, ECOW trading: cost, capacity, premium and dealers, data as of Oct 2, 2026. https://etfiq.com/funds/ecow/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, ECOW trading: cost, capacity, premium and dealers, data as of Oct 2, 2026. https://etfiq.com/funds/ecow/trading/ APA ETFIQ. (Oct 2, 2026). ECOW trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/ecow/trading/ Markdown [ECOW trading: cost, capacity, premium and dealers (ETFIQ, Oct 2, 2026)](https://etfiq.com/funds/ecow/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, ECOW trading: cost, capacity, premium and dealers, data as of Oct 2, 2026. https://etfiq.com/funds/ecow/trading/"}