IQ
STBF
Performance Trust Short Term Bond ETF
Category BondsIssuer PT Asset ManagementNet assets $75mFee 0.65%

STBF bid-ask spread and liquidity

See what STBF costs to trade and how closely it tracks its value.

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Not scored

IQ Liquidity Score

· 1 of 6 measured · Nov 14, 2024
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
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Capacity
Not measured · its holdings are bonds, which have no volume source here
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Price fidelity
Not measured · no closing premium is held for this fund
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Primary market
4 active dealers of 4; largest 68% of creations and redemptions, N-CEN to Aug 31, 2024
65.0
Bad-day behaviour
Not measured · no daily closing premium is held for this fund
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Depth
Not measured · needs trade and quote data
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Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

STBF is not scored: its spread is not read, so it has no point on this chart. 340 scored Bonds ETFs are plotted for comparison, Nov 12, 2026.

Spread against score

STBF among Bonds ETFs

Cheaper to trade sits left, easier to trade sits up.

340 scored
Hard to tradeThinLiquid with careLiquidTrades like a giantNov 12, 2026
CapacityWhat the holdings can absorb a day

Not measured: its holdings are bonds, which have no volume source here.

Who makes the market

Authorized participants · N-CEN, the year to Aug 31, 2024
Active dealers
4
of 4 authorized
Largest
68%
of creations and redemptions
One dealer
No
4 active

4 of 4 authorized participants created or redeemed STBF shares in the year to Aug 31, 2024. From the fund’s Form N-CEN, filed Nov 14, 2024.

APs create and redeem shares. Every AP →

Active APs, largest first, by share of dollars created and redeemed: RBC Capital Markets, LLC (68.0%), Merrill Lynch Professional Clearing Corp. (16.0%), J.P. Morgan Securities LLC (8.0%), Mirae Asset Securities (USA) Inc. (8.0%).

What retail orders paid

One way on $10,000, Sep 2026
All wholesalers read
$0.82
Fidelity customers
$1.79
Schwab customers
$5.52

In Sep 2026, retail market orders in STBF paid $0.82 one way on $10,000, against $3.49 at the quote.

73% of shares filled better than the quote.

Aug 2025Grey: old format, orders of 100 to 9,999 sharesSep 2026

STBF ranked 2336th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate.

0.0008% of the market-order dollars in 3 retail brokers’ reports. Buys and sells together. Retail activity ranking →

Where it trades

Q2 2026, 62 trading days
Off exchange
75%
Odd lots, of exchange volume
5.3%

In Q2 2026, 75% of STBF’s shares traded off exchange on the median day.

Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.

How to place the order

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

Who is the AP for STBF?

STBF’s latest Form N-CEN, for the period ending Aug 31, 2024, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were RBC Capital Markets, LLC (68.0%), Merrill Lynch Professional Clearing Corp. (16.0%), J.P. Morgan Securities LLC (8.0%) of the dollars its APs created and redeemed.

Who is the LMM for STBF?

STBF’s lead market maker (LMM) on Cboe BZX is RBC Capital Markets, LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026.
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →STBF fund page→
Sources and dates
DealersForm N-CEN · the year to Aug 31, 2024
Retail ordersSEC Rule 605 reports · Sep 2026
Where it tradesSEC MIDAS · Q2 2026

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.

Cite this pageCitation, APA and Markdown

ETFIQ, STBF trading: cost, capacity, premium and dealers, data as of Nov 14, 2024. https://etfiq.com/funds/stbf/trading/

Open data →

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.