{"url":"https://etfiq.com/funds/vcrm/trading/","section":"funds","title":"VCRM Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, VCRM closed \u22120.05% from its NAV, and on 95% of the 5 days to then it was within \u00b10.07%. No fund is recommended.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/vcrm/trading/#data","name":"VCRM trading costs and liquidity","description":"As of Oct 22, 2026, VCRM closed \u22120.05% from its NAV, and on 95% of the 5 days to then it was within \u00b10.07%. No fund is recommended.","url":"https://etfiq.com/funds/vcrm/trading/","dateModified":"2026-10-22","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":"Does VCRM trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed \u22120.05% from its NAV on Oct 22, 2026. On 95% of the 5 days to then it was within \u00b10.07%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for VCRM?","acceptedAnswer":{"@type":"Answer","text":"VCRM\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 34 authorized participants (APs), and 8 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (37.8%), J.P. Morgan Securities LLC (21.8%), Jane Street Capital, LLC (15.8%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for VCRM?","acceptedAnswer":{"@type":"Answer","text":"VCRM\u2019s lead market maker (LMM) on Cboe BZX is Jane Street Capital, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/vcrm#fund","name":"Vanguard Core Tax-Exempt Bond ETF","alternateName":"VCRM","url":"https://etfiq.com/funds/vcrm","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"VCRM"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/vcrm#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"VCRM","item":"https://etfiq.com/funds/vcrm"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/vcrm/trading/"}]},{"@type":"WebPage","name":"VCRM Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, VCRM closed \u22120.05% from its NAV, and on 95% of the 5 days to then it was within \u00b10.07%. No fund is recommended.","url":"https://etfiq.com/funds/vcrm/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4442,"truncated":false,"content":"ETFIQ / VCRM / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n VCRM bid-ask spread and liquidity\n As of Oct 22, 2026, VCRM closed \u22120.05% from its NAV, and on 95% of the 5 days to then it was within \u00b10.07%.\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: 5 days of closing premium are held, under the 20 needed Primary market, 85.0 8 active dealers of 34; largest 38% of creations and redemptions, N-CEN to Oct 31, 2025 Bad-day behaviour Not measured: 0 of the 10 worst days and 5 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Oct 22, 2026: \u22120.05%\n 95% of days within: \u00b10.07%\n Days more than 1% from NAV: 0 of 5\n Widest: +0.07%, Oct 16, 2026\n Close against the NAV its issuer struck the same day, 5 days from Oct 16, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Not measured: its holdings are bonds, which have no volume source here.\n Dealers\n 8 active of 34 authorized participants; the largest did 38% of creations and redemptions, in the year to Oct 31, 2025 (Form N-CEN filed Jan 12, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (37.8%), J.P. Morgan Securities LLC (21.8%), Jane Street Capital, LLC (15.8%), Macquarie Capital (USA) Inc. (15.1%), Merrill Lynch Professional Clearing Corp. (7.4%), RBC Capital Markets, LLC (0.9%), Virtu Americas LLC (0.7%), BNY Mellon Capital Markets, LLC (0.5%). 26 more were listed and created or redeemed nothing.\n How to trade VCRM\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. Watch The premium. On 95% of days it is within \u00b10.07%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. 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 Does VCRM trade at a premium or discount to NAV? It closed \u22120.05% from its NAV on Oct 22, 2026. On 95% of the 5 days to then it was within \u00b10.07%, and it closed more than 1% from NAV on 0 of them. Who is the AP for VCRM? VCRM\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 34 authorized participants (APs), and 8 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (37.8%), J.P. Morgan Securities LLC (21.8%), Jane Street Capital, LLC (15.8%) of the dollars its APs created and redeemed. Who is the LMM for VCRM? VCRM\u2019s lead market maker (LMM) on Cboe BZX is Jane Street Capital, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 16, 2026 to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Oct 31, 2025, accession 0000225997-26-000004.\n Where to next\n VCRM 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 VCRM 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, VCRM trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/vcrm/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, VCRM trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/vcrm/trading/ APA ETFIQ. (Oct 22, 2026). VCRM trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/vcrm/trading/ Markdown [VCRM trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/vcrm/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, VCRM trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/vcrm/trading/"}