# GVI Bid-Ask Spread, Liquidity and NAV Premium > As of Nov 11, 2026, GVI’s median bid-ask spread over 30 days was 0.01%, and its IQ Liquidity Score is 93, Trades like a giant. No fund is recommended. Data as of Nov 12, 2026. Rebuilt every trading night. As of Nov 12, 2026. Rebuilt every trading night. ## GVI bid-ask spread and liquidity As of Nov 11, 2026, GVI’s median bid-ask spread over 30 days was 0.01%, and its IQ Liquidity Score is 93, Trades like a giant. ### IQ Liquidity Score 93 of 100, Trades like a giant, 86th percentile of 340 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 Trades like a giant: trades at a typical spread of 0.01%. Cost to trade, 100.0 0.01% median spread, 30 days to Nov 11, 2026 Capacity Not measured: its holdings are bonds, which have no volume source here Price fidelity, 100.0 95% of days within ±0.07% of NAV, 251 days to Nov 12, 2026 Primary market, 65.0 4 active dealers of 42; largest 62% of creations and redemptions, N-CEN to Feb 28, 2026 Bad-day behaviour, 100.0 Premium 1× normal on the 10 worst S&P 500 days, to Nov 12, 2026 Depth Not measured: needs trade and quote data (Phase 2) ### Cost for your order | Order | Dollars | Percent | Basis | | --- | --- | --- | --- | | $1,000 | $0.05 | 0.005% | spread | | $10,000 | $0.50 | 0.005% | spread | ### Full cost to own At $10,000: 0.24% ($24) over 1 year, and 1.04% ($104) over 5 years; the fee alone is 0.20% ($20) a year. Fee, plus the round-trip spread once, plus the median premium paid at entry. Against IUSB (fee 0.06%): GVI costs less to own for about 0.1 years; after that IUSB’s lower fee makes it the cheaper fund. ### Premium or discount to NAV - Latest close, Nov 12, 2026: +0.06% - 95% of days within: ±0.07% - Days more than 1% from NAV: 0 of 251 - Widest: +0.12%, May 22, 2026 Close against the NAV its issuer struck the same day, 251 days from Nov 13, 2025 to Nov 12, 2026. Source: ETFIQ from the issuer’s NAV and closing price. ### Capacity Not measured: its holdings are bonds, which have no volume source here. ### Dealers 4 active of 42 authorized participants; the largest did 62% of creations and redemptions, in the year to Feb 28, 2026 (Form N-CEN filed May 14, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (61.5%), BofA Securities, Inc. (21.4%), Goldman Sachs & Co. LLC (13.2%), Jane Street Capital, LLC (3.8%). 38 more were listed and created or redeemed nothing. ### How to trade GVI Order type Limit: midpoint + 1¢ to buy, midpoint − 1¢ to sell. At the Nov 12 close of $103.40, that’s $103.41 to buy and $103.39 to sell. 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. Watch The premium. On 95% of days it is within ±0.07%; 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 GVI paid $0.19 one way on $10,000, against $0.50 at the quote. 88% of shares filled better than the quote. | Orders | One way on $10,000 | | --- | --- | | All wholesalers read | $0.19 | | Schwab customers | $0.28 | | Fidelity customers | $0.28 | | Month | One way on $10,000 | | --- | --- | | Aug 2025 (old format) | $0.18 | | Sep 2025 (old format) | $0.15 | | Oct 2025 (old format) | $0.19 | | Nov 2025 (old format) | $0.20 | | Dec 2025 (old format) | $0.20 | | Jan 2026 (old format) | $0.16 | | Feb 2026 (old format) | $0.12 | | Mar 2026 (old format) | $0.19 | | Apr 2026 (old format) | $0.22 | | May 2026 (old format) | $0.22 | | Jun 2026 (old format) | $0.13 | | Jul 2026 (old format) | $0.17 | | Aug 2026 | $0.55 | | Sep 2026 | $0.19 | GVI ranked 922nd of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0078% of the market-order dollars in 4 retail brokers’ reports. Retail activity ranking ### Where it trades In Q2 2026, 70% of GVI’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 15.2% of its exchange volume. ### Coming with trade data Spread through the day, buyers against sellers, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### Questions people ask Is GVI liquid? GVI’s IQ Liquidity Score is 93 of 100, Trades like a giant, the 86th percentile of 340 bonds ETFs, as of Nov 12, 2026. What is GVI’s bid-ask spread? 0.01% of the midpoint, the median over the 30 days to Nov 11, 2026, as its issuer states it. Half of it is about 1¢ a share at the Nov 12 close. Does GVI trade at a premium or discount to NAV? It closed +0.06% from its NAV on Nov 12, 2026. On 95% of the 251 days to then it was within ±0.07%, and it closed more than 1% from NAV on 0 of them. Who is the AP for GVI? GVI’s latest Form N-CEN, for the period ending Feb 28, 2026, lists 42 authorized participants (APs), and 4 created or redeemed shares. The largest were J.P. Morgan Securities LLC (61.5%), BofA Securities, Inc. (21.4%), Goldman Sachs & Co. LLC (13.2%) of the dollars its APs created and redeemed. Who is the LMM for GVI? GVI’s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026. What does it cost to trade $10,000 of GVI? About $0.50 one way, 0.005%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $24 all in, against $20 for the fee alone. How do I place a limit order for GVI? Set the limit at the midpoint + 1¢ to buy, or the midpoint − 1¢ to sell, in your broker’s quote. At the Nov 12 close of $103.40, that’s $103.41 to buy and $103.39 to sell. ### Sources and dates - Spread: iShares (fund page), 30 days to Nov 11, 2026 ( the issuer’s page ). - Premium: ETFIQ, close against the issuer’s NAV, Nov 13, 2025 to Nov 12, 2026. - Dealers: Form N-CEN, the year to Feb 28, 2026, accession 0001410368-26-044733. - Score: ETFIQ, Nov 12, 2026. The method is at /methodology/liquidity. - 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, against the fund’s daily volume from Tiingo. ### 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, GVI trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/gvi/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/gvi/trading/