# EWU Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 22, 2026, EWU closed −0.07% from its NAV, and on 95% of the 251 days to then it was within ±0.67%. No fund is recommended. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## EWU bid-ask spread and liquidity As of Oct 22, 2026, EWU closed −0.07% from its NAV, and on 95% of the 251 days to then it was within ±0.67%. ### IQ Liquidity Score Not scored, 3 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 Holdings can absorb up to $262,012 a day; part of the book has no volume figure Price fidelity, 63.0 95% of days within ±0.67% of NAV, 251 days to Oct 22, 2026 Primary market, 100.0 10 active dealers of 39; largest 35% of creations and redemptions, N-CEN to Aug 31, 2025 Bad-day behaviour, 69.6 Premium 1.5234× normal on the 10 worst S&P 500 days, to Oct 22, 2026 Depth Not measured: needs trade and quote data (Phase 2) ### Premium or discount to NAV - Latest close, Oct 22, 2026: −0.07% - 95% of days within: ±0.67% - Days more than 1% from NAV: 1 of 251 - Widest: +1.01%, Mar 31, 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 Its holdings can absorb up to $262,012 a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is DIPLOMA PLC (DPLMF), 0.43% of the fund. ### Dealers 10 active of 39 authorized participants; the largest did 35% of creations and redemptions, in the year to Aug 31, 2025 (Form N-CEN filed Nov 14, 2025). The active authorized participants, largest first, by share of the dollars created and redeemed: UBS Securities LLC (35.1%), BofA Securities, Inc. (31.9%), Citigroup Global Markets Inc. (14.5%), Goldman Sachs & Co. LLC (7.2%), Jane Street Capital, LLC (6.2%), Morgan Stanley & Co. LLC (2.3%), J.P. Morgan Securities LLC (1.2%), Merrill Lynch Professional Clearing Corp. (0.8%), Virtu Americas LLC (0.5%), RBC Capital Markets, LLC (0.3%). 29 more were listed and created or redeemed nothing. ### How to trade EWU When Its holdings trade on markets that close before New York, so its price can drift from their value later in the day. Size Part of its book has no volume figure, so the room for a large order is an upper bound. Watch The premium. On 95% of days it is within ±0.67%; 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 Does EWU trade at a premium or discount to NAV? It closed −0.07% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within ±0.67%, and it closed more than 1% from NAV on 1 of them. Who is the AP for EWU? EWU’s latest Form N-CEN, for the period ending Aug 31, 2025, lists 39 authorized participants (APs), and 10 created or redeemed shares. The largest were UBS Securities LLC (35.1%), BofA Securities, Inc. (31.9%), Citigroup Global Markets Inc. (14.5%) of the dollars its APs created and redeemed. Who is the LMM for EWU? EWU’s lead market maker (LMM) on NYSE Arca is Flow Traders U.S. LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. ### Sources and dates - Premium: ETFIQ, close against the issuer’s NAV, Oct 23, 2025 to Oct 22, 2026. - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 22, 2026. - Dealers: Form N-CEN, the year to Aug 31, 2025, accession 0001410368-25-023225. ### 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 --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, EWU trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ewu/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/ewu/trading/