{"url":"https://etfiq.com/funds/pcmm/trading/","section":"funds","title":"PCMM Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"PCMM trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Jan 13, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/pcmm/trading/#data","name":"PCMM trading costs and liquidity","description":"PCMM 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/pcmm/trading/","dateModified":"2026-01-13","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 AP for PCMM?","acceptedAnswer":{"@type":"Answer","text":"PCMM\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 6 authorized participants (APs), and 4 created or redeemed shares. The largest were BofA Securities, Inc. (71.6%), J.P. Morgan Securities LLC (14.6%), Goldman Sachs & Co. LLC (11.4%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for PCMM?","acceptedAnswer":{"@type":"Answer","text":"PCMM\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/pcmm#fund","name":"BondBloxx Private Credit CLO ETF","alternateName":"PCMM","url":"https://etfiq.com/funds/pcmm","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"PCMM"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/pcmm#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"PCMM","item":"https://etfiq.com/funds/pcmm"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/pcmm/trading/"}]},{"@type":"WebPage","name":"PCMM Bid-Ask Spread, Liquidity and NAV Premium","description":"PCMM 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/pcmm/trading/","dateModified":"2026-01-13","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3389,"truncated":false,"content":"ETFIQ / PCMM / Trading \n \n As of Jan 13, 2026. Rebuilt every trading night.\n PCMM bid-ask spread and liquidity\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: no closing premium is held for this fund Primary market, 65.0 4 active dealers of 6; largest 72% of creations and redemptions, N-CEN to Oct 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) \n Capacity\n Not measured: its holdings are bonds, which have no volume source here.\n Dealers\n 4 active of 6 authorized participants; the largest did 72% of creations and redemptions, in the year to Oct 31, 2025 (Form N-CEN filed Jan 13, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: BofA Securities, Inc. (71.6%), J.P. Morgan Securities LLC (14.6%), Goldman Sachs & Co. LLC (11.4%), RBC Capital Markets, LLC (2.3%). 2 more were listed and created or redeemed nothing.\n How to trade PCMM\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. 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 Who is the AP for PCMM? PCMM\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 6 authorized participants (APs), and 4 created or redeemed shares. The largest were BofA Securities, Inc. (71.6%), J.P. Morgan Securities LLC (14.6%), Goldman Sachs & Co. LLC (11.4%) of the dollars its APs created and redeemed. Who is the LMM for PCMM? PCMM\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Oct 31, 2025, accession 0001003715-26-000048.\n Where to next\n PCMM 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 PCMM 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, PCMM trading: cost, capacity, premium and dealers, data as of Jan 13, 2026. https://etfiq.com/funds/pcmm/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, PCMM trading: cost, capacity, premium and dealers, data as of Jan 13, 2026. https://etfiq.com/funds/pcmm/trading/ APA ETFIQ. (Jan 13, 2026). PCMM trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/pcmm/trading/ Markdown [PCMM trading: cost, capacity, premium and dealers (ETFIQ, Jan 13, 2026)](https://etfiq.com/funds/pcmm/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, PCMM trading: cost, capacity, premium and dealers, data as of Jan 13, 2026. https://etfiq.com/funds/pcmm/trading/"}