# SPIB Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 22, 2026, SPIB’s median bid-ask spread over 30 days was 0.03%, and its IQ Liquidity Score is 96, Trades like a giant. No fund is recommended. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## SPIB bid-ask spread and liquidity As of Oct 22, 2026, SPIB’s median bid-ask spread over 30 days was 0.03%, and its IQ Liquidity Score is 96, Trades like a giant. ### IQ Liquidity Score 96 of 100, Trades like a giant, 92nd percentile of 61 bonds ETFs, 4 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 Trades like a giant: trades at a typical spread of 0.03%. Cost to trade, 91.2 0.03% median spread, 30 days to Oct 22, 2026 Capacity Not measured: its holdings are bonds, which have no volume source here Price fidelity, 100.0 95% of days within ±0.08% of NAV, 251 days to Oct 22, 2026 Primary market, 100.0 12 active dealers of 40; largest 54% of creations and redemptions, N-CEN to Jun 30, 2026 Bad-day behaviour, 100.0 Premium 1× normal on the 10 worst S&P 500 days, to Oct 22, 2026 Depth Not measured: needs trade and quote data (Phase 2) ### Cost for your order | Order | Dollars | Percent | Basis | | --- | --- | --- | --- | | $1,000 | $0.15 | 0.015% | spread | | $10,000 | $1.50 | 0.015% | spread | ### Full cost to own At $10,000: 0.10% ($9.52) over 1 year, and 0.26% ($26) over 5 years; the fee alone is 0.04% ($4.00) a year. Fee, plus the round-trip spread once, plus the median premium paid at entry. Against SPTL (fee 0.03%): SPIB costs less to own for about 1.6 years; after that SPTL’s lower fee makes it the cheaper fund. ### Premium or discount to NAV - Latest close, Oct 22, 2026: 0.00% - 95% of days within: ±0.08% - Days more than 1% from NAV: 0 of 251 - Widest: +0.29%, Nov 11, 2025 Close against the NAV its issuer struck the same day, 251 days from Oct 23, 2025 to Oct 22, 2026. Source: ETFIQ from the issuer’s NAV and closing price. ### Capacity Not measured: its holdings are bonds, which have no volume source here. ### Dealers 12 active of 40 authorized participants; the largest did 54% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 11, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (53.9%), Barclays Capital Inc. (14.7%), Goldman Sachs & Co. LLC (11.4%), RBC Capital Markets, LLC (9.5%), Merrill Lynch Professional Clearing Corp. (5.7%), Morgan Stanley & Co. LLC (3.1%), Jefferies LLC (0.5%), Jane Street Capital, LLC (0.4%), Truist Securities, Inc. (0.4%), Pershing LLC (0.3%), Citigroup Global Markets Inc. (0.1%), Wells Fargo Securities, LLC (0.1%). 28 more were listed and created or redeemed nothing. ### How to trade SPIB Order type Limit: midpoint + 1¢ to buy, midpoint − 1¢ to sell. At the Oct 22 close of $32.58, that’s $32.59 to buy and $32.57 to sell. 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. Watch The premium. On 95% of days it is within ±0.08%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. ### 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 Is SPIB liquid? SPIB’s IQ Liquidity Score is 96 of 100, Trades like a giant, the 92nd percentile of 61 bonds ETFs, as of Oct 22, 2026. What is SPIB’s bid-ask spread? 0.03% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 1¢ a share at the Oct 22 close. Does SPIB trade at a premium or discount to NAV? It closed 0.00% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within ±0.08%, and it closed more than 1% from NAV on 0 of them. Who is the AP for SPIB? SPIB’s latest Form N-CEN, for the period ending Jun 30, 2026, lists 40 authorized participants (APs), and 12 created or redeemed shares. The largest were J.P. Morgan Securities LLC (53.9%), Barclays Capital Inc. (14.7%), Goldman Sachs & Co. LLC (11.4%) of the dollars its APs created and redeemed. Who is the LMM for SPIB? SPIB’s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. What does it cost to trade $10,000 of SPIB? About $1.50 one way, 0.015%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $9.52 all in, against $4.00 for the fee alone. How do I place a limit order for SPIB? Set the limit at the midpoint + 1¢ to buy, or the midpoint − 1¢ to sell, in your broker’s quote. At the Oct 22 close of $32.58, that’s $32.59 to buy and $32.57 to sell. ### Sources and dates - Spread: State Street (fund page), 30 days to Oct 22, 2026. - Premium: ETFIQ, close against the issuer’s NAV, Oct 23, 2025 to Oct 22, 2026. - Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0001410368-26-091247. - Score: ETFIQ, Oct 22, 2026. The method is at /methodology/liquidity. ### 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, SPIB trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/spib/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/spib/trading/