# TRBF Bid-Ask Spread, Liquidity and NAV Premium > TRBF trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Apr 15, 2026. Rebuilt every trading night. As of Apr 15, 2026. Rebuilt every trading night. ## TRBF 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 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, 65.0 3 active dealers of 3; largest 67% of creations and redemptions, N-CEN to Jan 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 Not measured: its holdings are bonds, which have no volume source here. ### Dealers 3 active of 3 authorized participants; the largest did 67% of creations and redemptions, in the year to Jan 31, 2026 (Form N-CEN filed Apr 15, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (66.7%), Jane Street Capital, LLC (23.8%), BofA Securities, Inc. (9.5%). ### How to trade TRBF 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. ### 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 TRBF? TRBF’s latest Form N-CEN, for the period ending Jan 31, 2026, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Virtu Americas LLC (66.7%), Jane Street Capital, LLC (23.8%), BofA Securities, Inc. (9.5%) of the dollars its APs created and redeemed. Who is the LMM for TRBF? TRBF’s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. ### Sources and dates - Dealers: Form N-CEN, the year to Jan 31, 2026, accession 0001193125-26-156310. ### 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, TRBF trading: cost, capacity, premium and dealers, data as of Apr 15, 2026. https://etfiq.com/funds/trbf/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/trbf/trading/