{"url":"https://etfiq.com/funds/pffr/trading/","section":"funds","title":"PFFR Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 21, 2026, PFFR\u2019s median bid-ask spread over 30 days was 0.48%. A $10,000 order costs about $24 one way.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/pffr/trading/#data","name":"PFFR trading costs and liquidity","description":"As of Oct 21, 2026, PFFR\u2019s median bid-ask spread over 30 days was 0.48%. A $10,000 order costs about $24 one way.","url":"https://etfiq.com/funds/pffr/trading/","dateModified":"2026-10-22","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":"What is PFFR\u2019s bid-ask spread?","acceptedAnswer":{"@type":"Answer","text":"0.48% of the midpoint, the median over the 30 days to Oct 21, 2026, as its issuer states it."}},{"@type":"Question","name":"Who is the AP for PFFR?","acceptedAnswer":{"@type":"Answer","text":"PFFR\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 16 authorized participants (APs), and 4 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (47.7%), Virtu Americas LLC (41.8%), BofA Securities, Inc. (6.3%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for PFFR?","acceptedAnswer":{"@type":"Answer","text":"PFFR\u2019s lead market maker (LMM) on NYSE Arca is GTS Securities LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}},{"@type":"Question","name":"What does it cost to trade $10,000 of PFFR?","acceptedAnswer":{"@type":"Answer","text":"About $24 one way, 0.24%: half its 30-day median spread. In and out costs twice that."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/pffr#fund","name":"InfraCap REIT Preferred ETF","alternateName":"PFFR","url":"https://etfiq.com/funds/pffr","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"PFFR"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/pffr#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"PFFR","item":"https://etfiq.com/funds/pffr"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/pffr/trading/"}]},{"@type":"WebPage","name":"PFFR Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 21, 2026, PFFR\u2019s median bid-ask spread over 30 days was 0.48%. A $10,000 order costs about $24 one way.","url":"https://etfiq.com/funds/pffr/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4297,"truncated":false,"content":"ETFIQ / PFFR / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n PFFR bid-ask spread and liquidity\n As of Oct 21, 2026, PFFR\u2019s median bid-ask spread over 30 days was 0.48%.\n IQ Liquidity Score\n Not scored, 2 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, 31.0 0.48% median spread, 30 days to Oct 21, 2026 Capacity Holdings can absorb up to $2m a day; part of the book has no volume figure Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 4 active dealers of 16; largest 48% 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 Cost for your order\n PFFR one-way cost at each order size: half its 30-day median spread to Oct 21, 2026; sizes above $10,000 add an estimate of market impact. Source: ETFIQ. Order Dollars Percent Basis \n $1,000 $2.40 0.24% spread \n $10,000 $24 0.24% spread \n Capacity\n Its holdings can absorb up to $2m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is BROOKFIELD PROPERTY PARTNERS LP (BPYPO), 1.44% of the fund.\n Dealers\n 4 active of 16 authorized participants; the largest did 48% of creations and redemptions, in the year to Oct 31, 2025 (Form N-CEN filed Jan 14, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (47.7%), Virtu Americas LLC (41.8%), BofA Securities, Inc. (6.3%), J.P. Morgan Securities LLC (4.2%). 12 more were listed and created or redeemed nothing.\n How to trade PFFR\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. Size Part of its book has no volume figure, so the room for a large order is an upper bound. 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 What is PFFR\u2019s bid-ask spread? 0.48% of the midpoint, the median over the 30 days to Oct 21, 2026, as its issuer states it. Who is the AP for PFFR? PFFR\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 16 authorized participants (APs), and 4 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (47.7%), Virtu Americas LLC (41.8%), BofA Securities, Inc. (6.3%) of the dollars its APs created and redeemed. Who is the LMM for PFFR? PFFR\u2019s lead market maker (LMM) on NYSE Arca is GTS Securities LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. What does it cost to trade $10,000 of PFFR? About $24 one way, 0.24%: half its 30-day median spread. In and out costs twice that. Sources and dates\n Spread: Virtus (fund page), 30 days to Oct 21, 2026.\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Oct 31, 2025, accession 0000940400-26-000209.\n Where to next\n PFFR 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 PFFR 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, PFFR trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/pffr/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, PFFR trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/pffr/trading/ APA ETFIQ. (Oct 22, 2026). PFFR trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/pffr/trading/ Markdown [PFFR trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/pffr/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, PFFR trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/pffr/trading/"}