{"url":"https://etfiq.com/funds/icow/trading/","section":"funds","title":"ICOW Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 2, 2026, ICOW closed +0.48% from its NAV, and on 95% of the 2 days to then it was within \u00b10.48%. No fund is recommended.","as_of":"Oct 2, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/icow/trading/#data","name":"ICOW trading costs and liquidity","description":"As of Oct 2, 2026, ICOW closed +0.48% from its NAV, and on 95% of the 2 days to then it was within \u00b10.48%. No fund is recommended.","url":"https://etfiq.com/funds/icow/trading/","dateModified":"2026-10-02","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":"Does ICOW trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.48% from its NAV on Oct 2, 2026. On 95% of the 2 days to then it was within \u00b10.48%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for ICOW?","acceptedAnswer":{"@type":"Answer","text":"ICOW\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Merrill Lynch, Pierce, Fenner and Smith Incorporated (52.9%), Goldman Sachs & Co. LLC (23.3%), UBS Securities LLC (9.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for ICOW?","acceptedAnswer":{"@type":"Answer","text":"ICOW\u2019s lead market maker (LMM) on Cboe BZX is RBC Capital Markets, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/icow#fund","name":"Pacer Developed Markets International Cash Cows 100 ETF","alternateName":"ICOW","url":"https://etfiq.com/funds/icow","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"ICOW"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/icow#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ICOW","item":"https://etfiq.com/funds/icow"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/icow/trading/"}]},{"@type":"WebPage","name":"ICOW Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 2, 2026, ICOW closed +0.48% from its NAV, and on 95% of the 2 days to then it was within \u00b10.48%. No fund is recommended.","url":"https://etfiq.com/funds/icow/trading/","dateModified":"2026-10-02","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4410,"truncated":false,"content":"ETFIQ / ICOW / Trading \n \n As of Oct 2, 2026. Rebuilt every trading night.\n ICOW bid-ask spread and liquidity\n As of Oct 2, 2026, ICOW closed +0.48% from its NAV, and on 95% of the 2 days to then it was within \u00b10.48%.\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 Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: 34.2% of its long weight could be measured; the largest part not measured is foreign Price fidelity Not measured: 2 days of closing premium are held, under the 20 needed Primary market, 85.0 5 active dealers of 5; largest 53% of creations and redemptions, N-CEN to Apr 30, 2026 Bad-day behaviour Not measured: 0 of the 10 worst days and 2 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Oct 2, 2026: +0.48%\n 95% of days within: \u00b10.48%\n Days more than 1% from NAV: 0 of 2\n Widest: +0.48%, Oct 2, 2026\n Close against the NAV its issuer struck the same day, 2 days from Sep 11, 2026 to Oct 2, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.\n Capacity\n Not measured: 34.2% of its long weight could be measured; the largest part not measured is foreign.\n Dealers\n 5 active of 5 authorized participants; the largest did 53% of creations and redemptions, in the year to Apr 30, 2026 (Form N-CEN filed Jul 14, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch, Pierce, Fenner and Smith Incorporated (52.9%), Goldman Sachs & Co. LLC (23.3%), UBS Securities LLC (9.6%), J.P. Morgan Securities LLC (9.5%), Jane Street Capital, LLC (4.7%).\n How to trade ICOW\n 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 \u00b10.48%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. 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 Does ICOW trade at a premium or discount to NAV? It closed +0.48% from its NAV on Oct 2, 2026. On 95% of the 2 days to then it was within \u00b10.48%, and it closed more than 1% from NAV on 0 of them. Who is the AP for ICOW? ICOW\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Merrill Lynch, Pierce, Fenner and Smith Incorporated (52.9%), Goldman Sachs & Co. LLC (23.3%), UBS Securities LLC (9.6%) of the dollars its APs created and redeemed. Who is the LMM for ICOW? ICOW\u2019s lead market maker (LMM) on Cboe BZX is RBC Capital Markets, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Sep 11, 2026 to Oct 2, 2026.\n Dealers: Form N-CEN, the year to Apr 30, 2026, accession 0000894189-26-021136.\n Where to next\n ICOW 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 ICOW 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, ICOW trading: cost, capacity, premium and dealers, data as of Oct 2, 2026. https://etfiq.com/funds/icow/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, ICOW trading: cost, capacity, premium and dealers, data as of Oct 2, 2026. https://etfiq.com/funds/icow/trading/ APA ETFIQ. (Oct 2, 2026). ICOW trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/icow/trading/ Markdown [ICOW trading: cost, capacity, premium and dealers (ETFIQ, Oct 2, 2026)](https://etfiq.com/funds/icow/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, ICOW trading: cost, capacity, premium and dealers, data as of Oct 2, 2026. https://etfiq.com/funds/icow/trading/"}