# PCL Bid-Ask Spread, Liquidity and NAV Premium

> As of Nov 11, 2026, PCL’s median bid-ask spread over 30 days was 0.15%. A $10,000 order costs about $7.50 one way.

Data as of Nov 11, 2026. Rebuilt every trading night.

As of Nov 11, 2026. Rebuilt every trading night.

## PCL bid-ask spread and liquidity

As of Nov 11, 2026, PCL’s median bid-ask spread over 30 days was 0.15%.

### 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, 56.2 0.15% median spread, 30 days to Nov 11, 2026 Capacity Not measured: its holdings are bonds, which have no volume source here Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 4 active dealers of 11; largest 40% of creations and redemptions, N-CEN to Aug 31, 2025 Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2)

### Cost for your order

| Order | Dollars | Percent | Basis |
| --- | --- | --- | --- |
| $1,000 | $0.75 | 0.075% | spread |
| $10,000 | $7.50 | 0.075% | spread |

### Capacity

Not measured: its holdings are bonds, which have no volume source here.

### Dealers

4 active of 11 authorized participants; the largest did 40% of creations and redemptions, in the year to Aug 31, 2025 (Form N-CEN filed Nov 13, 2025).

The active authorized participants, largest first, by share of the dollars created and redeemed: BofA Securities, Inc. (40.0%), Goldman Sachs & Co. LLC (20.0%), J.P. Morgan Securities LLC (20.0%), Morgan Stanley & Co. LLC (20.0%). 7 more were listed and created or redeemed nothing.

### How to trade PCL

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.

### Where it trades

In Q2 2026, odd lots were 58.2% of PCL’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

What is PCL’s bid-ask spread? 0.15% of the midpoint, the median over the 30 days to Nov 11, 2026, as its issuer states it. Who is the AP for PCL? PCL’s latest Form N-CEN, for the period ending Aug 31, 2025, lists 11 authorized participants (APs), and 4 created or redeemed shares. The largest were BofA Securities, Inc. (40.0%), Goldman Sachs & Co. LLC (20.0%), J.P. Morgan Securities LLC (20.0%) of the dollars its APs created and redeemed. Who is the LMM for PCL? PCL’s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026. What does it cost to trade $10,000 of PCL? About $7.50 one way, 0.075%: half its 30-day median spread. In and out costs twice that.

### Sources and dates

- Spread: PGIM (fund page), 30 days to Nov 11, 2026 ( the issuer’s page ).

- Dealers: Form N-CEN, the year to Aug 31, 2025, accession 0000940400-25-005892.

- 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

---

Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, PCL trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/pcl/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/pcl/trading/