# PPI Bid-Ask Spread, Liquidity and NAV Premium > PPI trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## PPI bid-ask spread and liquidity ### IQ Liquidity Score Not scored, 1 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 Not measured: the issuer's 30-day median spread is not read for this fund Capacity Holdings can absorb up to $13,602 a day; part of the book has no volume figure Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 5 active dealers of 12; largest 45% of creations and redemptions, N-CEN to Mar 31, 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) ### Capacity Its holdings can absorb up to $13,602 a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is E.ON SE (ENAKF), 2.04% of the fund. ### Dealers 5 active of 12 authorized participants; the largest did 45% of creations and redemptions, in the year to Mar 31, 2026 (Form N-CEN filed Jun 12, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (45.2%), J.P. Morgan Securities LLC (42.9%), Virtu Americas LLC (8.1%), Merrill Lynch Professional Clearing Corp. (3.3%), Morgan Stanley & Co. LLC (0.4%). 7 more were listed and created or redeemed nothing. ### How to trade PPI 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. Size Part of its book has no volume figure, so the room for a large order is an upper bound. ### 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 Who is the AP for PPI? PPI’s latest Form N-CEN, for the period ending Mar 31, 2026, lists 12 authorized participants (APs), and 5 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (45.2%), J.P. Morgan Securities LLC (42.9%), Virtu Americas LLC (8.1%) of the dollars its APs created and redeemed. Who is the LMM for PPI? PPI’s lead market maker (LMM) on Nasdaq is Citadel Securities LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. ### Sources and dates - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 22, 2026. - Dealers: Form N-CEN, the year to Mar 31, 2026, accession 0001193125-26-268843. ### 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, PPI trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ppi/trading/ Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/ppi/trading/