{"url":"https://etfiq.com/funds/pieq/trading/","section":"funds","title":"PIEQ Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, PIEQ\u2019s median bid-ask spread over 30 days was 0.31%. A $10,000 order costs about $16 one way.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/pieq/trading/#data","name":"PIEQ trading costs and liquidity","description":"As of Oct 22, 2026, PIEQ\u2019s median bid-ask spread over 30 days was 0.31%. A $10,000 order costs about $16 one way.","url":"https://etfiq.com/funds/pieq/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 PIEQ\u2019s bid-ask spread?","acceptedAnswer":{"@type":"Answer","text":"0.31% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 6\u00a2 a share at the Oct 22 close."}},{"@type":"Question","name":"Does PIEQ trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.16% from its NAV on Oct 22, 2026. On 95% of the 13 days to then it was within \u00b10.77%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for PIEQ?","acceptedAnswer":{"@type":"Answer","text":"PIEQ\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 16 authorized participants (APs), and 5 created or redeemed shares. The largest were J.P. Morgan Securities LLC (49.3%), BofA Securities, Inc. (38.7%), UBS Securities LLC (9.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for PIEQ?","acceptedAnswer":{"@type":"Answer","text":"PIEQ\u2019s lead market maker (LMM) on Cboe BZX is Virtu Americas LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}},{"@type":"Question","name":"What does it cost to trade $10,000 of PIEQ?","acceptedAnswer":{"@type":"Answer","text":"About $16 one way, 0.15%: half its 30-day median spread. In and out costs twice that."}},{"@type":"Question","name":"How do I place a limit order for PIEQ?","acceptedAnswer":{"@type":"Answer","text":"Set the limit at the midpoint + 6\u00a2 to buy, or the midpoint \u2212 6\u00a2 to sell, in your broker\u2019s quote. At the Oct 22 close of $35.16, that\u2019s $35.22 to buy and $35.10 to sell."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/pieq#fund","name":"Principal International Equity ETF","alternateName":"PIEQ","url":"https://etfiq.com/funds/pieq","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"PIEQ"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/pieq#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"PIEQ","item":"https://etfiq.com/funds/pieq"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/pieq/trading/"}]},{"@type":"WebPage","name":"PIEQ Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, PIEQ\u2019s median bid-ask spread over 30 days was 0.31%. A $10,000 order costs about $16 one way.","url":"https://etfiq.com/funds/pieq/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":5319,"truncated":false,"content":"ETFIQ / PIEQ / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n PIEQ bid-ask spread and liquidity\n As of Oct 22, 2026, PIEQ\u2019s median bid-ask spread over 30 days was 0.31%.\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, 40.5 0.31% median spread, 30 days to Oct 22, 2026 Capacity Not measured: 49.0% of its long weight could be measured; the largest part not measured is foreign Price fidelity Not measured: 13 days of closing premium are held, under the 20 needed Primary market, 85.0 5 active dealers of 16; largest 49% of creations and redemptions, N-CEN to Jun 30, 2026 Bad-day behaviour Not measured: 0 of the 10 worst days and 13 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Cost for your order\n PIEQ one-way cost at each order size: half its 30-day median spread to Oct 22, 2026; sizes above $10,000 add an estimate of market impact. Source: ETFIQ. Order Dollars Percent Basis \n $1,000 $1.55 0.15% spread \n $10,000 $16 0.15% spread \n Premium or discount to NAV\n Latest close, Oct 22, 2026: +0.16%\n 95% of days within: \u00b10.77%\n Days more than 1% from NAV: 0 of 13\n Widest: +0.77%, Oct 15, 2026\n Close against the NAV its issuer struck the same day, 13 days from Oct 6, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.\n Capacity\n Not measured: 49.0% of its long weight could be measured; the largest part not measured is foreign.\n Dealers\n 5 active of 16 authorized participants; the largest did 49% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 10, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (49.3%), BofA Securities, Inc. (38.7%), UBS Securities LLC (9.6%), Virtu Americas LLC (1.6%), Mizuho Securities USA LLC (0.7%). 11 more were listed and created or redeemed nothing.\n How to trade PIEQ\n Order type Limit: midpoint + 6\u00a2 to buy, midpoint \u2212 6\u00a2 to sell. At the Oct 22 close of $35.16, that\u2019s $35.22 to buy and $35.10 to sell. When Its holdings trade on markets that close before New York, so its price can drift from their value later in the day. Watch The premium. On 95% of days it is within \u00b10.77%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. 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 PIEQ\u2019s bid-ask spread? 0.31% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 6\u00a2 a share at the Oct 22 close. Does PIEQ trade at a premium or discount to NAV? It closed +0.16% from its NAV on Oct 22, 2026. On 95% of the 13 days to then it was within \u00b10.77%, and it closed more than 1% from NAV on 0 of them. Who is the AP for PIEQ? PIEQ\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 16 authorized participants (APs), and 5 created or redeemed shares. The largest were J.P. Morgan Securities LLC (49.3%), BofA Securities, Inc. (38.7%), UBS Securities LLC (9.6%) of the dollars its APs created and redeemed. Who is the LMM for PIEQ? PIEQ\u2019s lead market maker (LMM) on Cboe BZX is Virtu Americas LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. What does it cost to trade $10,000 of PIEQ? About $16 one way, 0.15%: half its 30-day median spread. In and out costs twice that. How do I place a limit order for PIEQ? Set the limit at the midpoint + 6\u00a2 to buy, or the midpoint \u2212 6\u00a2 to sell, in your broker\u2019s quote. At the Oct 22 close of $35.16, that\u2019s $35.22 to buy and $35.10 to sell. Sources and dates\n Spread: Principal (fund page), 30 days to Oct 22, 2026.\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 6, 2026 to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0001410368-26-091198.\n Where to next\n PIEQ 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 PIEQ 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, PIEQ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/pieq/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, PIEQ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/pieq/trading/ APA ETFIQ. (Oct 22, 2026). PIEQ trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/pieq/trading/ Markdown [PIEQ trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/pieq/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, PIEQ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/pieq/trading/"}