# RWLC Bid-Ask Spread, Liquidity and NAV Premium > RWLC 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. ## RWLC bid-ask spread and liquidity ### IQ Liquidity Score Not scored, 2 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 Flags: One dealer. Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 100.0 Holdings can absorb $2.5bn a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 50.0 4 active dealers of 11; largest 85% of creations and redemptions, N-CEN to Sep 30, 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) ### Capacity Its holdings can absorb $2.5bn a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is Altria Group, Inc. (MO), 1.99% of the fund. ### Dealers 4 active of 11 authorized participants; the largest did 85% of creations and redemptions, in the year to Sep 30, 2025 (Form N-CEN filed Dec 12, 2025). The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (85.3%), Goldman Sachs & Co. LLC (10.9%), UBS Securities LLC (2.0%), Virtu Americas LLC (1.8%). 7 more were listed and created or redeemed nothing. ### How to trade RWLC 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 Up to $25m is 1% of what its holdings can absorb in a day, for a buy or a sell. ### 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 RWLC? RWLC’s latest Form N-CEN, for the period ending Sep 30, 2025, lists 11 authorized participants (APs), and 4 created or redeemed shares. The largest were J.P. Morgan Securities LLC (85.3%), Goldman Sachs & Co. LLC (10.9%), UBS Securities LLC (2.0%) of the dollars its APs created and redeemed. Who is the LMM for RWLC? NYSE Arca’s own list shows no lead market maker (LMM) for RWLC. Lead market maker per NYSE Arca, 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 Sep 30, 2025, accession 0002048251-25-003438. ### 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, RWLC trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/rwlc/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/rwlc/trading/