# PBDC Bid-Ask Spread, Liquidity and NAV Premium

> PBDC trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.

Data as of Nov 4, 2026. Rebuilt every trading night.

As of Nov 4, 2026. Rebuilt every trading night.

## PBDC bid-ask spread and liquidity

As of Nov 4, 2026, PBDC’s holdings can absorb $5.6m a day.

### IQ Liquidity Score

Not scored, 2 of 6 measured.

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

Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 25.0 Holdings can absorb $5.6m a day, Nov 4, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 7 active dealers of 21; largest 23% of creations and redemptions, N-CEN to Apr 30, 2026 Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2)

### Capacity

Its holdings can absorb $5.6m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is MSC INCOME FUND INC (MSIF), 3.19% of the fund.

### Dealers

7 active of 21 authorized participants; the largest did 23% of creations and redemptions, in the year to Apr 30, 2026 (Form N-CEN filed Jul 14, 2026).

The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (22.7%), BofA Securities, Inc. (21.7%), RBC Capital Markets, LLC (20.4%), Virtu Americas LLC (19.7%), Goldman Sachs & Co. LLC (13.0%), J.P. Morgan Securities LLC (2.2%), Citadel Securities LLC (0.4%). 14 more were listed and created or redeemed nothing.

### How to trade PBDC

When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data. Size Up to $56,253 is 1% of what its holdings can absorb in a day, for a buy or a sell.

### What retail orders paid

In Sep 2026, retail market orders in PBDC paid $4.44 one way on $10,000, against $7.29 at the quote. 81% of shares filled better than the quote.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $4.44 |
| Vanguard customers | −$0.22 |
| Fidelity customers | $0.06 |
| Robinhood customers | $2.01 |
| Schwab customers | $8.57 |

| Month | One way on $10,000 |
| --- | --- |
| Aug 2025 (old format) | $1.12 |
| Sep 2025 (old format) | $1.04 |
| Oct 2025 (old format) | $1.51 |
| Nov 2025 (old format) | $0.81 |
| Dec 2025 (old format) | $0.97 |
| Jan 2026 (old format) | $0.67 |
| Feb 2026 (old format) | $1.13 |
| Mar 2026 (old format) | $1.49 |
| Apr 2026 (old format) | $0.43 |
| May 2026 (old format) | $0.07 |
| Jun 2026 (old format) | $0.87 |
| Jul 2026 (old format) | $1.12 |
| Aug 2026 | $1.56 |
| Sep 2026 | $4.44 |

### Where it trades

In Q2 2026, odd lots were 11.7% of PBDC’s exchange volume.

### Coming with trade data

Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data.

### Questions people ask

Who is the AP for PBDC? PBDC’s latest Form N-CEN, for the period ending Apr 30, 2026, lists 21 authorized participants (APs), and 7 created or redeemed shares. The largest were Jane Street Capital, LLC (22.7%), BofA Securities, Inc. (21.7%), RBC Capital Markets, LLC (20.4%) of the dollars its APs created and redeemed. Who is the LMM for PBDC? PBDC’s lead market maker (LMM) on NYSE Arca is RBC Capital Markets, LLC. Lead market maker per NYSE Arca, as of Nov 1, 2026.

### Sources and dates

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 4, 2026.

- Dealers: Form N-CEN, the year to Apr 30, 2026, accession 0000940400-26-026227.

- Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ’s request, so its orders are not counted.

- Where it trades: SEC MIDAS, Q2 2026.

### Where to next

The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, PBDC trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/pbdc/trading/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/pbdc/trading/