{"url":"https://etfiq.com/funds/schr/trading/","section":"funds","title":"SCHR Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"SCHR trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Mar 13, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/schr/trading/#data","name":"SCHR trading costs and liquidity","description":"SCHR 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/schr/trading/","dateModified":"2026-03-13","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 SCHR?","acceptedAnswer":{"@type":"Answer","text":"SCHR\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 31 authorized participants (APs), and 7 created or redeemed shares. The largest were J.P. Morgan Securities LLC (69.9%), Goldman Sachs & Co. LLC (14.4%), Merrill Lynch Professional Clearing Corp. (13.3%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for SCHR?","acceptedAnswer":{"@type":"Answer","text":"SCHR\u2019s lead market maker (LMM) on NYSE Arca is Flow Traders U.S. LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/schr#fund","name":"Schwab Intermediate-Term U.S. Treasury ETF","alternateName":"SCHR","url":"https://etfiq.com/funds/schr","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"SCHR"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/schr#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"SCHR","item":"https://etfiq.com/funds/schr"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/schr/trading/"}]},{"@type":"WebPage","name":"SCHR Bid-Ask Spread, Liquidity and NAV Premium","description":"SCHR 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/schr/trading/","dateModified":"2026-03-13","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3535,"truncated":false,"content":"ETFIQ / SCHR / Trading \n \n As of Mar 13, 2026. Rebuilt every trading night.\n SCHR bid-ask spread and liquidity\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, 85.0 7 active dealers of 31; largest 70% of creations and redemptions, N-CEN to Dec 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 Capacity\n Not measured: its holdings are bonds, which have no volume source here.\n Dealers\n 7 active of 31 authorized participants; the largest did 70% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 13, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (69.9%), Goldman Sachs & Co. LLC (14.4%), Merrill Lynch Professional Clearing Corp. (13.3%), Morgan Stanley & Co. LLC (1.3%), Jane Street Capital, LLC (0.8%), RBC Capital Markets, LLC (0.2%), Virtu Americas LLC (0.1%). 24 more were listed and created or redeemed nothing.\n How to trade SCHR\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. 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 SCHR? SCHR\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 31 authorized participants (APs), and 7 created or redeemed shares. The largest were J.P. Morgan Securities LLC (69.9%), Goldman Sachs & Co. LLC (14.4%), Merrill Lynch Professional Clearing Corp. (13.3%) of the dollars its APs created and redeemed. Who is the LMM for SCHR? SCHR\u2019s lead market maker (LMM) on NYSE Arca is Flow Traders U.S. LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0001410368-26-024757.\n Where to next\n SCHR 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 SCHR 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, SCHR trading: cost, capacity, premium and dealers, data as of Mar 13, 2026. https://etfiq.com/funds/schr/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, SCHR trading: cost, capacity, premium and dealers, data as of Mar 13, 2026. https://etfiq.com/funds/schr/trading/ APA ETFIQ. (Mar 13, 2026). SCHR trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/schr/trading/ Markdown [SCHR trading: cost, capacity, premium and dealers (ETFIQ, Mar 13, 2026)](https://etfiq.com/funds/schr/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, SCHR trading: cost, capacity, premium and dealers, data as of Mar 13, 2026. https://etfiq.com/funds/schr/trading/"}