{"url":"https://etfiq.com/funds/ipav/trading/","section":"funds","title":"IPAV Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 12, 2026, IPAV closed +0.03% from its NAV, and on 95% of the 6 days to then it was within \u00b10.92%. No fund is recommended.","as_of":"Oct 12, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/ipav/trading/#data","name":"IPAV trading costs and liquidity","description":"As of Oct 12, 2026, IPAV closed +0.03% from its NAV, and on 95% of the 6 days to then it was within \u00b10.92%. No fund is recommended.","url":"https://etfiq.com/funds/ipav/trading/","dateModified":"2026-10-12","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 IPAV trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.03% from its NAV on Oct 12, 2026. On 95% of the 6 days to then it was within \u00b10.92%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for IPAV?","acceptedAnswer":{"@type":"Answer","text":"IPAV\u2019s latest Form N-CEN, for the period ending Nov 30, 2025, lists 22 authorized participants (APs), and 4 created or redeemed shares. The largest were Jane Street Capital, LLC (38.1%), UBS Securities LLC (24.8%), Goldman Sachs & Co. LLC (23.8%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for IPAV?","acceptedAnswer":{"@type":"Answer","text":"IPAV\u2019s lead market maker (LMM) on Cboe BZX is Old Mission Capital LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/ipav#fund","name":"Global X Infrastructure Development ex-U.S. ETF","alternateName":"IPAV","url":"https://etfiq.com/funds/ipav","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"IPAV"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/ipav#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"IPAV","item":"https://etfiq.com/funds/ipav"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/ipav/trading/"}]},{"@type":"WebPage","name":"IPAV Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 12, 2026, IPAV closed +0.03% from its NAV, and on 95% of the 6 days to then it was within \u00b10.92%. No fund is recommended.","url":"https://etfiq.com/funds/ipav/trading/","dateModified":"2026-10-12","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4387,"truncated":false,"content":"ETFIQ / IPAV / Trading \n \n As of Oct 12, 2026. Rebuilt every trading night.\n IPAV bid-ask spread and liquidity\n As of Oct 12, 2026, IPAV closed +0.03% from its NAV, and on 95% of the 6 days to then it was within \u00b10.92%.\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: 30.3% of its long weight could be measured; the largest part not measured is foreign Price fidelity Not measured: 6 days of closing premium are held, under the 20 needed Primary market, 65.0 4 active dealers of 22; largest 38% of creations and redemptions, N-CEN to Nov 30, 2025 Bad-day behaviour Not measured: 0 of the 10 worst days and 6 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 12, 2026: +0.03%\n 95% of days within: \u00b10.92%\n Days more than 1% from NAV: 0 of 6\n Widest: +0.92%, Oct 2, 2026\n Close against the NAV its issuer struck the same day, 6 days from Oct 2, 2026 to Oct 12, 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: 30.3% of its long weight could be measured; the largest part not measured is foreign.\n Dealers\n 4 active of 22 authorized participants; the largest did 38% of creations and redemptions, in the year to Nov 30, 2025 (Form N-CEN filed Mar 12, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (38.1%), UBS Securities LLC (24.8%), Goldman Sachs & Co. LLC (23.8%), J.P. Morgan Securities LLC (13.4%). 18 more were listed and created or redeemed nothing.\n How to trade IPAV\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 \u00b10.92%; 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 IPAV trade at a premium or discount to NAV? It closed +0.03% from its NAV on Oct 12, 2026. On 95% of the 6 days to then it was within \u00b10.92%, and it closed more than 1% from NAV on 0 of them. Who is the AP for IPAV? IPAV\u2019s latest Form N-CEN, for the period ending Nov 30, 2025, lists 22 authorized participants (APs), and 4 created or redeemed shares. The largest were Jane Street Capital, LLC (38.1%), UBS Securities LLC (24.8%), Goldman Sachs & Co. LLC (23.8%) of the dollars its APs created and redeemed. Who is the LMM for IPAV? IPAV\u2019s lead market maker (LMM) on Cboe BZX is Old Mission Capital LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 2, 2026 to Oct 12, 2026.\n Dealers: Form N-CEN, the year to Nov 30, 2025, accession 0002048251-26-001908.\n Where to next\n IPAV 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 IPAV 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, IPAV trading: cost, capacity, premium and dealers, data as of Oct 12, 2026. https://etfiq.com/funds/ipav/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, IPAV trading: cost, capacity, premium and dealers, data as of Oct 12, 2026. https://etfiq.com/funds/ipav/trading/ APA ETFIQ. (Oct 12, 2026). IPAV trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/ipav/trading/ Markdown [IPAV trading: cost, capacity, premium and dealers (ETFIQ, Oct 12, 2026)](https://etfiq.com/funds/ipav/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, IPAV trading: cost, capacity, premium and dealers, data as of Oct 12, 2026. https://etfiq.com/funds/ipav/trading/"}