{"slug":"when-do-mutual-funds-trade","qid":"fund_vs_etf_spread","label":"The spread a fund buyer never pays: median quoted spread, July 10, 2026 regular session","post_title":"When Do Mutual Funds Trade? NAV Pricing at 4 pm","post_url":"/blog/when-do-mutual-funds-trade#q-fund_vs_etf_spread","columns":["ticker","median_spread_cents","round_trip_cost_per_10k_usd"],"rows":[{"ticker":"SPY","median_spread_cents":2,"round_trip_cost_per_10k_usd":0.27},{"ticker":"KO","median_spread_cents":1,"round_trip_cost_per_10k_usd":1.2},{"ticker":"NATH","median_spread_cents":19,"round_trip_cost_per_10k_usd":18.83}],"shape":"ranking","sql":"SELECT\n    ticker,\n    round(quantileDeterministic(0.5)(toFloat64(ask_price - bid_price), toUInt64(sip_timestamp)) * 100, 1) AS median_spread_cents,\n    round(quantileDeterministic(0.5)(toFloat64(ask_price - bid_price) / (toFloat64(ask_price + bid_price) / 2), toUInt64(sip_timestamp)) * 10000, 2) AS round_trip_cost_per_10k_usd\nFROM global_markets.cache_stocks_quotes\nWHERE ticker IN ('SPY', 'KO', 'NATH')\n  AND sip_timestamp >= toDateTime('2026-07-10 09:30:00', 'America/New_York')\n  AND sip_timestamp < toDateTime('2026-07-10 16:00:00', 'America/New_York')\n  AND bid_price > 0\n  AND ask_price > bid_price\nGROUP BY ticker\nORDER BY indexOf(['SPY', 'KO', 'NATH'], ticker)","computed_at":"2026-07-26T06:34:05.690196+00:00","elapsed":0.738254612}