{"url":"https://etfiq.com/funds/gyld/trading/","section":"funds","title":"GYLD Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"GYLD trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Apr 15, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/gyld/trading/#data","name":"GYLD trading costs and liquidity","description":"GYLD trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/gyld/trading/","dateModified":"2026-04-15","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":"Who is the AP for GYLD?","acceptedAnswer":{"@type":"Answer","text":"GYLD\u2019s latest Form N-CEN, for the period ending Jan 31, 2026, lists 11 authorized participants (APs), and 1 created or redeemed shares. The only active AP was Merrill Lynch Professional Clearing Corp.."}},{"@type":"Question","name":"Who is the LMM for GYLD?","acceptedAnswer":{"@type":"Answer","text":"GYLD is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange\u2019s own program, so this does not mean it has no LMM."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/gyld#fund","name":"Arrow Dow Jones Global Yield ETF","alternateName":"GYLD","url":"https://etfiq.com/funds/gyld","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"GYLD"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/gyld#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"GYLD","item":"https://etfiq.com/funds/gyld"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/gyld/trading/"}]},{"@type":"WebPage","name":"GYLD Bid-Ask Spread, Liquidity and NAV Premium","description":"GYLD trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/gyld/trading/","dateModified":"2026-04-15","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3365,"truncated":false,"content":"ETFIQ / GYLD / Trading \n \n As of Apr 15, 2026. Rebuilt every trading night.\n GYLD bid-ask spread and liquidity\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 Flags: One dealer.\n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: 42.8% of its long weight could be measured; the largest part not measured is bond Price fidelity Not measured: no closing premium is held for this fund Primary market, 25.0 1 active dealer of 11; largest 100% of creations and redemptions, N-CEN to Jan 31, 2026 Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2) \n Capacity\n Not measured: 42.8% of its long weight could be measured; the largest part not measured is bond.\n Dealers\n 1 active of 11 authorized participants; the largest did 100% of creations and redemptions, in the year to Jan 31, 2026 (Form N-CEN filed Apr 15, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (100.0%). 10 more were listed and created or redeemed nothing.\n How to trade GYLD\n When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund\u2019s own day once it has trade data. 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 Who is the AP for GYLD? GYLD\u2019s latest Form N-CEN, for the period ending Jan 31, 2026, lists 11 authorized participants (APs), and 1 created or redeemed shares. The only active AP was Merrill Lynch Professional Clearing Corp.. Who is the LMM for GYLD? GYLD is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange\u2019s own program, so this does not mean it has no LMM. Sources and dates\n Dealers: Form N-CEN, the year to Jan 31, 2026, accession 0000910472-26-005387.\n Where to next\n GYLD 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 GYLD 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, GYLD trading: cost, capacity, premium and dealers, data as of Apr 15, 2026. https://etfiq.com/funds/gyld/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, GYLD trading: cost, capacity, premium and dealers, data as of Apr 15, 2026. https://etfiq.com/funds/gyld/trading/ APA ETFIQ. (Apr 15, 2026). GYLD trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/gyld/trading/ Markdown [GYLD trading: cost, capacity, premium and dealers (ETFIQ, Apr 15, 2026)](https://etfiq.com/funds/gyld/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, GYLD trading: cost, capacity, premium and dealers, data as of Apr 15, 2026. https://etfiq.com/funds/gyld/trading/"}