{"url":"https://etfiq.com/funds/vtes/trading/","section":"funds","title":"VTES Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, VTES closed +0.06% from its NAV, and on 95% of the 5 days to then it was within \u00b10.06%. No fund is recommended.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/vtes/trading/#data","name":"VTES trading costs and liquidity","description":"As of Oct 22, 2026, VTES closed +0.06% from its NAV, and on 95% of the 5 days to then it was within \u00b10.06%. No fund is recommended.","url":"https://etfiq.com/funds/vtes/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 VTES trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.06% from its NAV on Oct 22, 2026. On 95% of the 5 days to then it was within \u00b10.06%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for VTES?","acceptedAnswer":{"@type":"Answer","text":"VTES\u2019s latest Form N-CEN, for the period ending Nov 30, 2025, lists 34 authorized participants (APs), and 8 created or redeemed shares. The largest were Jane Street Capital, LLC (52.4%), Goldman Sachs & Co. LLC (20.1%), Macquarie Capital (USA) Inc. (11.9%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for VTES?","acceptedAnswer":{"@type":"Answer","text":"VTES\u2019s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/vtes#fund","name":"Vanguard Short-Term Tax-Exempt Bond ETF","alternateName":"VTES","url":"https://etfiq.com/funds/vtes","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"VTES"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/vtes#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"VTES","item":"https://etfiq.com/funds/vtes"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/vtes/trading/"}]},{"@type":"WebPage","name":"VTES Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, VTES closed +0.06% from its NAV, and on 95% of the 5 days to then it was within \u00b10.06%. No fund is recommended.","url":"https://etfiq.com/funds/vtes/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":4445,"truncated":false,"content":"ETFIQ / VTES / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n VTES bid-ask spread and liquidity\n As of Oct 22, 2026, VTES closed +0.06% from its NAV, and on 95% of the 5 days to then it was within \u00b10.06%.\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 52% of creations and redemptions, N-CEN to Nov 30, 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: +0.06%\n 95% of days within: \u00b10.06%\n Days more than 1% from NAV: 0 of 5\n Widest: +0.06%, 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 52% of creations and redemptions, in the year to Nov 30, 2025 (Form N-CEN filed Feb 13, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (52.4%), Goldman Sachs & Co. LLC (20.1%), Macquarie Capital (USA) Inc. (11.9%), J.P. Morgan Securities LLC (5.8%), Merrill Lynch Professional Clearing Corp. (4.2%), RBC Capital Markets, LLC (3.4%), Virtu Americas LLC (1.3%), BNY Mellon Capital Markets, LLC (0.8%). 26 more were listed and created or redeemed nothing.\n How to trade VTES\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 \u00b10.06%; 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 VTES trade at a premium or discount to NAV? It closed +0.06% from its NAV on Oct 22, 2026. On 95% of the 5 days to then it was within \u00b10.06%, and it closed more than 1% from NAV on 0 of them. Who is the AP for VTES? VTES\u2019s latest Form N-CEN, for the period ending Nov 30, 2025, lists 34 authorized participants (APs), and 8 created or redeemed shares. The largest were Jane Street Capital, LLC (52.4%), Goldman Sachs & Co. LLC (20.1%), Macquarie Capital (USA) Inc. (11.9%) of the dollars its APs created and redeemed. Who is the LMM for VTES? VTES\u2019s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, 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 Nov 30, 2025, accession 0000105563-26-000071.\n Where to next\n VTES 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 VTES 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, VTES trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/vtes/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, VTES trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/vtes/trading/ APA ETFIQ. (Oct 22, 2026). VTES trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/vtes/trading/ Markdown [VTES trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/vtes/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, VTES trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/vtes/trading/"}