# GYLD Bid-Ask Spread, Liquidity and NAV Premium > GYLD trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Apr 15, 2026. Rebuilt every trading night. As of Apr 15, 2026. Rebuilt every trading night. ## GYLD bid-ask spread and liquidity ### IQ Liquidity Score Not scored, 1 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 Flags: One dealer. 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) ### Capacity Not measured: 42.8% of its long weight could be measured; the largest part not measured is bond. ### Dealers 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). 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. ### How to trade GYLD 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. ### 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 Who is the AP for GYLD? GYLD’s 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’s own program, so this does not mean it has no LMM. ### Sources and dates - Dealers: Form N-CEN, the year to Jan 31, 2026, accession 0000910472-26-005387. ### 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, GYLD trading: cost, capacity, premium and dealers, data as of Apr 15, 2026. https://etfiq.com/funds/gyld/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/gyld/trading/