{"url":"https://etfiq.com/funds/pbfr/trading/","section":"funds","title":"PBFR Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"PBFR trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 12, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/pbfr/trading/#data","name":"PBFR trading costs and liquidity","description":"PBFR trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/pbfr/trading/","dateModified":"2026-11-12","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":"Who is the LMM for PBFR?","acceptedAnswer":{"@type":"Answer","text":"PBFR\u2019s lead market maker (LMM) on Cboe BZX is RBC Capital Markets, LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/pbfr#fund","name":"PGIM Laddered S&P 500 Buffer 20 ETF","alternateName":"PBFR","url":"https://etfiq.com/funds/pbfr","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"PBFR"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/pbfr#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"PBFR","item":"https://etfiq.com/funds/pbfr"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/pbfr/trading/"}]},{"@type":"WebPage","name":"PBFR Bid-Ask Spread, Liquidity and NAV Premium","description":"PBFR trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/pbfr/trading/","dateModified":"2026-11-12","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4201,"truncated":false,"content":"ETFIQ / PBFR / Trading \n \n As of Nov 12, 2026. Rebuilt every trading night.\n PBFR bid-ask spread and liquidity\n As of Nov 12, 2026, PBFR is not scored: ETFIQ reads 0 of its 6 trading measures.\n IQ Liquidity Score\n Not scored, 0 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: no reference asset on its record Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: no SEC series id or CIK on its record Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2) \n Capacity\n Not measured: no reference asset on its record.\n How to trade PBFR\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. What retail orders paid\n In Sep 2026, retail market orders in PBFR paid $3.22 one way on $10,000, against $6.28 at the quote. 80% of shares filled better than the quote.\n PBFR: what retail market orders paid one way on $10,000, Sep 2026, half the effective spread. Source: SEC Rule 605 reports; computed by ETFIQ. Orders One way on $10,000 \n All wholesalers read $3.22 \n Fidelity customers $1.30 \n Schwab customers $3.15 \n PBFR: what retail market orders paid one way on $10,000, by month, at the wholesalers. Old format: orders of 100 to 9,999 shares, to Jul 2026. Month One way on $10,000 \n Aug 2025 (old format) $6.04 \n Sep 2025 (old format) $9.59 \n Oct 2025 (old format) $2.28 \n Nov 2025 (old format) $1.54 \n Dec 2025 (old format) $1.73 \n Jan 2026 (old format) $1.48 \n Feb 2026 (old format) $3.28 \n Mar 2026 (old format) $1.65 \n Apr 2026 (old format) $2.24 \n May 2026 (old format) $2.09 \n Jun 2026 (old format) $1.82 \n Jul 2026 (old format) $2.98 \n Aug 2026 $3.45 \n Sep 2026 $3.22 \n PBFR ranked 2250th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0009% of the market-order dollars in 3 retail brokers\u2019 reports. Retail activity ranking \n Where it trades\n In Q2 2026, 83% of PBFR\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 5.1% of its exchange volume.\n Coming with trade data\n Spread through the day, buyers against sellers, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n Who is the LMM for PBFR? PBFR\u2019s lead market maker (LMM) on Cboe BZX is RBC Capital Markets, LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026. Sources and dates\n 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\u2019s request, so its orders are not counted.\n Where it trades: SEC MIDAS, Q2 2026, against the fund\u2019s daily volume from Tiingo.\n Where to next\n PBFR 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 PBFR 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, PBFR trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/pbfr/trading/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, PBFR trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/pbfr/trading/ APA ETFIQ. (Nov 12, 2026). PBFR trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/pbfr/trading/ Markdown [PBFR trading: cost, capacity, premium and dealers (ETFIQ, Nov 12, 2026)](https://etfiq.com/funds/pbfr/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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, PBFR trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/pbfr/trading/"}