PAWZ bid-ask spread and liquidity

ProShares Pet Care ETF

ThemesProShares$34m net assets0.50% fee

As of Oct 22, 2026, PAWZ’s median bid-ask spread over 30 days was 0.37%, and its IQ Liquidity Score is 56, Liquid with care.

Overview Holdings Dividends Trading Flows Compare

IQ Liquidity Score

4 of 6 measured · Oct 22, 2026

Liquid with care

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 →

Liquid with care: its typical spread is 0.37% of its price.

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Ask IQ about PAWZ bid-ask spread and liquidity

Answers cite the figures on this page.

Cost to trade

0.37% median spread, 30 days to Oct 22, 2026

36.6

Capacity

Holdings can absorb up to $13m a day; part of the book has no volume figure

Price fidelity

95% of days within ±0.31% of NAV, 250 days to Oct 22, 2026

87.2

Primary market

4 active dealers of 39; largest 54% of creations and redemptions, N-CEN to May 31, 2026

65.0

Bad-day behaviour

Premium 1.9771× normal on the 10 worst S&P 500 days, to Oct 22, 2026

50.8

Depth

Not measured · needs trade and quote data (Phase 2)

Cost for your order

One way, half its 30-day median spread; sizes above $10,000 are estimates

PAWZ: cost for your order at each size, round trip
Order	Dollars	Percent	Basis
$1,000	$1.85	0.18%	spread
$10,000	$19	0.18%	spread

Spread 0.37% median, 30 days to Oct 22, 2026. Above $10,000 the cost adds an estimate of market impact that grows with the order against the holdings’ capacity; a patient limit pays less.

Full cost to own

At $10,000

1 year

0.97%$97

fee alone 0.50% · $50

5 years

2.97%$297

fee alone 2.50% · $250

Fee, plus the round-trip spread once, plus the median premium paid at entry.

Premium or discount to value

Daily, 250 days to Oct 22, 2026 · the ±1% band marked

Latest close, Oct 22

−0.03%

95% of days within

±0.31%

Days more than 1% from NAV

0 of 250

Widest

−0.67%, May 7, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ.

Capacity

What the holdings can absorb a day, at 10% of each one’s volume

Holdings can absorb, at most

$13m

PAWZ’s holdings can absorb up to $13m a day, measured on its own holdings, as of Oct 22, 2026. Part of its book has no volume figure, so this is an upper bound.

The holding that sets the limit: CENTRAL GARDEN & PET CO (CENT), 2.20% of the fund, $3m a day traded, the median of 20 days to Oct 22, 2026. Capacity is the least of the holding-level ratios over the holdings making up 95% of the weight.

Dealers

Authorized participants · N-CEN, the year to May 31, 2026

Active dealers

of 39 authorized

Largest

54%

of creations and redemptions

One dealer

4 active

4 of 39 authorized participants created or redeemed PAWZ shares in the year to May 31, 2026. From the fund’s Form N-CEN, filed Aug 14, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: SG Americas Securities, LLC (54.1%), J.P. Morgan Securities LLC (28.3%), Jane Street Capital, LLC (11.1%), BofA Securities, Inc. (6.5%). 35 more were listed and created or redeemed nothing.

Creations and redemptions

By week, 52 weeks to Oct 22, 2026

Oct 27 2025Each week’s net creations (green) and redemptionsOct 22 2026

$0 net created in 0 weeks and $14m net redeemed in 10, over the 52 weeks from Oct 27, 2025 to Oct 22, 2026, from the change in its shares outstanding.

How to trade PAWZ

To buy or to sell, up to $100,000

Order type: Limit: midpoint + 10¢ to buy, midpoint − 10¢ to sell.At the Oct 22 close of $52.61, that’s $52.71 to buy and $52.51 to sell.
When: ETF spreads are usually widest in the first minutes after the open and the last before the close.
Size: Part of its book has no volume figure, so the room for a large order is an upper bound.
Watch: The premium. On 95% of days it is within ±0.31%; 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

Is PAWZ liquid?

PAWZ’s IQ Liquidity Score is 56 of 100, Liquid with care, as of Oct 22, 2026. Its holdings can absorb up to $13m a day.

What is PAWZ’s bid-ask spread?

0.37% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 10¢ a share at the Oct 22 close.

Does PAWZ trade at a premium or discount to NAV?

It closed −0.03% from its NAV on Oct 22, 2026. On 95% of the 250 days to then it was within ±0.31%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for PAWZ?

PAWZ’s latest Form N-CEN, for the period ending May 31, 2026, lists 39 authorized participants (APs), and 4 created or redeemed shares. The largest were SG Americas Securities, LLC (54.1%), J.P. Morgan Securities LLC (28.3%), Jane Street Capital, LLC (11.1%) of the dollars its APs created and redeemed.

Who is the LMM for PAWZ?

PAWZ’s lead market maker (LMM) on Cboe BZX is SG Americas Securities, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026.

What does it cost to trade $10,000 of PAWZ?

About $19 one way, 0.18%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $97 all in, against $50 for the fee alone.

How do I place a limit order for PAWZ?

Set the limit at the midpoint + 10¢ to buy, or the midpoint − 10¢ to sell, in your broker’s quote. At the Oct 22 close of $52.61, that’s $52.71 to buy and $52.51 to sell.

Sources and dates

SpreadProShares (fund page), 30-day median · to Oct 22, 2026

Premium to NAVETFIQ, close against the issuer’s NAV · Oct 23, 2025 to Oct 22, 2026

CapacityETFIQ, each holding’s 20-day median dollar volume · to Oct 22, 2026

DealersForm N-CEN · the year to May 31, 2026

Creations and redemptionsShares outstanding, daily, from the issuer

IQ Liquidity ScoreETFIQ · Oct 22, 2026

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 →PAWZ fund page→

Cite this pageCitation, APA and Markdown

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

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