{"url":"https://etfiq.com/funds/pfix/trading/","section":"funds","title":"PFIX Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"PFIX trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Sep 23, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/pfix/trading/#data","name":"PFIX trading costs and liquidity","description":"PFIX 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/pfix/trading/","dateModified":"2026-09-23","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 PFIX?","acceptedAnswer":{"@type":"Answer","text":"PFIX\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 16 authorized participants (APs), and 2 created or redeemed shares. The largest were BofA Securities, Inc. (63.4%), Goldman Sachs & Co. LLC (36.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for PFIX?","acceptedAnswer":{"@type":"Answer","text":"PFIX is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange\u2019s own program, so this does not mean it has no LMM."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/pfix#fund","name":"Simplify Interest Rate Hedge ETF","alternateName":"PFIX","url":"https://etfiq.com/funds/pfix","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"PFIX"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/pfix#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"PFIX","item":"https://etfiq.com/funds/pfix"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/pfix/trading/"}]},{"@type":"WebPage","name":"PFIX Bid-Ask Spread, Liquidity and NAV Premium","description":"PFIX 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/pfix/trading/","dateModified":"2026-09-23","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4870,"truncated":false,"content":"ETFIQ / PFIX / Trading \n \n As of Sep 23, 2026. Rebuilt every trading night.\n PFIX bid-ask spread and liquidity\n In the year to Jun 30, 2026, 2 of PFIX\u2019s 16 authorized participants created or redeemed shares.\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, 45.0 2 active dealers of 16; largest 63% of creations and redemptions, N-CEN to Jun 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) \n Capacity\n Not measured: its holdings are bonds, which have no volume source here.\n Dealers\n 2 active of 16 authorized participants; the largest did 63% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 23, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: BofA Securities, Inc. (63.4%), Goldman Sachs & Co. LLC (36.6%). 14 more were listed and created or redeemed nothing.\n How to trade PFIX\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 PFIX paid $12 one way on $10,000, against $36 at the quote. 93% of shares filled better than the quote.\n PFIX: 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 $12 \n Fidelity customers $0.66 \n Vanguard customers $4.59 \n Robinhood customers $13 \n Schwab customers $18 \n PFIX: 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) $6.83 \n Sep 2025 (old format) $8.45 \n Oct 2025 (old format) $9.38 \n Nov 2025 (old format) $9.25 \n Dec 2025 (old format) $9.24 \n Jan 2026 (old format) $5.29 \n Feb 2026 (old format) $11 \n Mar 2026 (old format) $7.36 \n Apr 2026 (old format) $4.50 \n May 2026 (old format) $2.74 \n Jun 2026 (old format) $7.31 \n Jul 2026 (old format) $11 \n Aug 2026 $15 \n Sep 2026 $12 \n Where it trades\n In Q2 2026, odd lots were 12.0% of PFIX\u2019s exchange volume.\n 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 PFIX? PFIX\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 16 authorized participants (APs), and 2 created or redeemed shares. The largest were BofA Securities, Inc. (63.4%), Goldman Sachs & Co. LLC (36.6%) of the dollars its APs created and redeemed. Who is the LMM for PFIX? PFIX is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange\u2019s own program, so this does not mean it has no LMM. Sources and dates\n Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0000940400-26-037960.\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.\n Where to next\n PFIX 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 PFIX 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, PFIX trading: cost, capacity, premium and dealers, data as of Sep 23, 2026. https://etfiq.com/funds/pfix/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, PFIX trading: cost, capacity, premium and dealers, data as of Sep 23, 2026. https://etfiq.com/funds/pfix/trading/ APA ETFIQ. (Sep 23, 2026). PFIX trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/pfix/trading/ Markdown [PFIX trading: cost, capacity, premium and dealers (ETFIQ, Sep 23, 2026)](https://etfiq.com/funds/pfix/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, PFIX trading: cost, capacity, premium and dealers, data as of Sep 23, 2026. https://etfiq.com/funds/pfix/trading/"}