# TURF Bid-Ask Spread, Liquidity and NAV Premium

> As of Nov 3, 2026, TURF’s median bid-ask spread over 30 days was 0.29%. A $10,000 order costs about $15 one way.

Data as of Nov 3, 2026. Rebuilt every trading night.

As of Nov 3, 2026. Rebuilt every trading night.

## TURF bid-ask spread and liquidity

As of Nov 3, 2026, TURF’s median bid-ask spread over 30 days was 0.29%.

### 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

Cost to trade, 41.7 0.29% median spread, 30 days to Nov 3, 2026 Capacity Not measured: no book of its holdings is read Price fidelity Not measured: 3 days of closing premium are held, under the 20 needed Primary market, 65.0 4 active dealers of 19; largest 68% of creations and redemptions, N-CEN to Dec 31, 2025 Bad-day behaviour Not measured: 1 of the 10 worst days and 2 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2)

### Cost for your order

| Order | Dollars | Percent | Basis |
| --- | --- | --- | --- |
| $1,000 | $1.47 | 0.15% | spread |
| $10,000 | $15 | 0.15% | spread |

### Premium or discount to NAV

- Latest close, Nov 3, 2026: +0.05%

- 95% of days within: ±0.09%

- Days more than 1% from NAV: 0 of 3

- Widest: +0.09%, Nov 2, 2026

Close against the NAV its issuer struck the same day, 3 days from Oct 30, 2026 to Nov 3, 2026. Source: ETFIQ from the issuer’s NAV and closing price.

### Capacity

Not measured: no book of its holdings is read.

### Dealers

4 active of 19 authorized participants; the largest did 68% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 13, 2026).

The active authorized participants, largest first, by share of the dollars created and redeemed: Citigroup Global Markets Inc. (68.1%), Mizuho Securities USA LLC (16.0%), Jane Street Capital, LLC (8.6%), BofA Securities, Inc. (7.4%). 15 more were listed and created or redeemed nothing.

### How to trade TURF

Order type Limit: midpoint + 5¢ to buy, midpoint − 5¢ to sell. At the Nov 3 close of $32.90, that’s $32.95 to buy and $32.85 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 ±0.09%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

### What retail orders paid

In Sep 2026, retail market orders in TURF paid $1.66 one way on $10,000, against $14 at the quote. 86% of shares filled better than the quote.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $1.66 |
| Fidelity customers | −$0.64 |
| Schwab customers | $7.79 |

### Where it trades

In Q2 2026, odd lots were 13.3% of TURF’s exchange volume.

### 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

What is TURF’s bid-ask spread? 0.29% of the midpoint, the median over the 30 days to Nov 3, 2026, as its issuer states it. Half of it is about 5¢ a share at the Nov 3 close. Does TURF trade at a premium or discount to NAV? It closed +0.05% from its NAV on Nov 3, 2026. On 95% of the 3 days to then it was within ±0.09%, and it closed more than 1% from NAV on 0 of them. Who is the AP for TURF? TURF’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 19 authorized participants (APs), and 4 created or redeemed shares. The largest were Citigroup Global Markets Inc. (68.1%), Mizuho Securities USA LLC (16.0%), Jane Street Capital, LLC (8.6%) of the dollars its APs created and redeemed. Who is the LMM for TURF? TURF is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange’s own program, so this does not mean it has no LMM. What does it cost to trade $10,000 of TURF? About $15 one way, 0.15%: half its 30-day median spread. In and out costs twice that. How do I place a limit order for TURF? Set the limit at the midpoint + 5¢ to buy, or the midpoint − 5¢ to sell, in your broker’s quote. At the Nov 3 close of $32.90, that’s $32.95 to buy and $32.85 to sell.

### Sources and dates

- Spread: T. Rowe Price (fund page), 30 days to Nov 3, 2026 ( the issuer’s page ).

- Premium: ETFIQ, close against the issuer’s NAV, Oct 30, 2026 to Nov 3, 2026.

- Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0001099263-26-003176.

- Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ’s request, so its orders are not counted.

- Where it trades: SEC MIDAS, Q2 2026.

### 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

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, TURF trading: cost, capacity, premium and dealers, data as of Nov 3, 2026. https://etfiq.com/funds/turf/trading/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/turf/trading/