{"url":"https://etfiq.com/funds/milk/trading/","section":"funds","title":"MILK Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 2, 2026, MILK closed \u22120.07% from its NAV, and on 95% of the 2 days to then it was within \u00b10.13%. No fund is recommended.","as_of":"Oct 2, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/milk/trading/#data","name":"MILK trading costs and liquidity","description":"As of Oct 2, 2026, MILK closed \u22120.07% from its NAV, and on 95% of the 2 days to then it was within \u00b10.13%. No fund is recommended.","url":"https://etfiq.com/funds/milk/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 MILK trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed \u22120.07% from its NAV on Oct 2, 2026. On 95% of the 2 days to then it was within \u00b10.13%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for MILK?","acceptedAnswer":{"@type":"Answer","text":"MILK\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 2 authorized participants (APs), and 2 created or redeemed shares. The largest were Merrill Lynch, Pierce, Fenner and Smith Incorporated (71.8%), Jane Street Capital, LLC (28.2%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for MILK?","acceptedAnswer":{"@type":"Answer","text":"MILK\u2019s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/milk#fund","name":"Pacer US Cash Cows Bond ETF","alternateName":"MILK","url":"https://etfiq.com/funds/milk","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"MILK"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/milk#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"MILK","item":"https://etfiq.com/funds/milk"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/milk/trading/"}]},{"@type":"WebPage","name":"MILK Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 2, 2026, MILK closed \u22120.07% from its NAV, and on 95% of the 2 days to then it was within \u00b10.13%. No fund is recommended.","url":"https://etfiq.com/funds/milk/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":4172,"truncated":false,"content":"ETFIQ / MILK / Trading \n \n As of Oct 2, 2026. Rebuilt every trading night.\n MILK bid-ask spread and liquidity\n As of Oct 2, 2026, MILK closed \u22120.07% from its NAV, and on 95% of the 2 days to then it was within \u00b10.13%.\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: its holdings are bonds, which have no volume source here Price fidelity Not measured: 2 days of closing premium are held, under the 20 needed Primary market, 45.0 2 active dealers of 2; largest 72% of creations and redemptions, N-CEN to Oct 31, 2025 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: \u22120.07%\n 95% of days within: \u00b10.13%\n Days more than 1% from NAV: 0 of 2\n Widest: \u22120.13%, Sep 11, 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.\n Capacity\n Not measured: its holdings are bonds, which have no volume source here.\n Dealers\n 2 active of 2 authorized participants; the largest did 72% of creations and redemptions, in the year to Oct 31, 2025 (Form N-CEN filed Jan 14, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch, Pierce, Fenner and Smith Incorporated (71.8%), Jane Street Capital, LLC (28.2%).\n How to trade MILK\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. Watch The premium. On 95% of days it is within \u00b10.13%; 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 MILK trade at a premium or discount to NAV? It closed \u22120.07% from its NAV on Oct 2, 2026. On 95% of the 2 days to then it was within \u00b10.13%, and it closed more than 1% from NAV on 0 of them. Who is the AP for MILK? MILK\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 2 authorized participants (APs), and 2 created or redeemed shares. The largest were Merrill Lynch, Pierce, Fenner and Smith Incorporated (71.8%), Jane Street Capital, LLC (28.2%) of the dollars its APs created and redeemed. Who is the LMM for MILK? MILK\u2019s lead market maker (LMM) on Cboe BZX is Citadel Securities 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 Oct 31, 2025, accession 0000894189-26-000408.\n Where to next\n MILK 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 MILK 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, MILK trading: cost, capacity, premium and dealers, data as of Oct 2, 2026. https://etfiq.com/funds/milk/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, MILK trading: cost, capacity, premium and dealers, data as of Oct 2, 2026. https://etfiq.com/funds/milk/trading/ APA ETFIQ. (Oct 2, 2026). MILK trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/milk/trading/ Markdown [MILK trading: cost, capacity, premium and dealers (ETFIQ, Oct 2, 2026)](https://etfiq.com/funds/milk/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, MILK trading: cost, capacity, premium and dealers, data as of Oct 2, 2026. https://etfiq.com/funds/milk/trading/"}