IAUM bid-ask spread and liquidity

iShares Gold Trust Micro Shares
CommoditiesiShares$8.0bn net assets0.07% fee
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As of Oct 22, 2026, IAUM closed −0.47% from its NAV, and on 95% of the 251 days to then it was within ±1.75%.

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Ask IQ about IAUM bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewTradingFlowsCompare

IQ Liquidity Score

2 of 6 measured · Oct 22, 2026
·
Not scored
0 · Hard to trade100 · Trades like a giant

The IQ Liquidity Score: 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 trades, not whether to own it. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
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Capacity
Not measured · a commodity fund: its reference market has no volume source here
·
Price fidelity
95% of days within ±1.75% of NAV, 251 days to Oct 22, 2026
37.1
Primary market
Not measured · no N-CEN ETF row for CIK 0001759124 (no series id) in the quarters read (2024q4 to 2026q3)
·
Bad-day behaviour
Premium 2.1895× normal on the 10 worst S&P 500 days, to Oct 22, 2026
43.5
Depth
Not measured · needs trade and quote data (Phase 2)
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Premium or discount to value

Daily, 251 days to Oct 22, 2026 · the ±1% band marked
IAUM premium or discount to NAV, 251 days+1%0−1%Oct 23, 2025Oct 22, 2026
Latest close, Oct 22
−0.47%
95% of days within
±1.75%
Days more than 1% from NAV
43 of 251
Widest
+3.23%, Jun 11, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

Capacity

What the holdings can absorb a day

Not measured: a commodity fund: its reference market has no volume source here.

Creations and redemptions

By week, 52 weeks to Oct 22, 2026
Oct 27 2025Each week’s net creations (green) and redemptionsOct 22 2026

$3.5bn net created in 33 weeks and $661m net redeemed in 12, over the 52 weeks from Oct 27, 2025 to Oct 22, 2026, from the change in its shares outstanding.

How to trade IAUM

To buy or to sell, up to $100,000
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 ±1.75%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.
Phase 2 · drawn now, filled when trade data arrives
Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Share of volume at the ask against at the bid.

Retail flow, estimatedComing with trade data

Sub-penny prints as a share of volume.

Large tradesComing with trade data

Prints above $500k, count and share.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

Does IAUM trade at a premium or discount to NAV?

It closed −0.47% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within ±1.75%, and it closed more than 1% from NAV on 43 of them.

Who is the LMM for IAUM?

IAUM’s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026.
Sources and dates
Premium to NAVETFIQ, close against the issuer’s NAV · Oct 23, 2025 to Oct 22, 2026
Creations and redemptionsShares outstanding, daily, from the issuer
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →IAUM fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, IAUM trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/iaum/trading/

Open data →

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.