{"cite":{"publisher":"ETFIQ","page":"https://etfiq.com/data/","methodology":"https://etfiq.com/methodology/","as_of":"2026-10-22","class":"mixed","license":"https://etfiq.com/license/","license_text":"Only the figures in etfiq_fields are ETFIQ's, free to use with attribution: ETFIQ (etfiq.com). Every other figure stays under its owner's terms: issuer_fields as the issuer published them, vendor_fields from an end-of-day data vendor.","etfiq_fields":["score","tier","categoryPercentile","verdict","flags","costs","fullCost","limit","measured"],"fields_note":"Every score, tier, percentile, cost and verdict is ETFIQ's. Each component's raw figure is its input file's own: the cost component's is the 30-day median spread its issuer publishes under Rule 6c-11 (trading-cost.json), the primary market component's is from the fund's Form N-CEN.","cite_as":"ETFIQ, IQ Liquidity Score: how easy each ETF is to trade, data as of 2026-10-22, https://etfiq.com/data/"},"asOf":"2026-10-22","version":"v0.1","count":4805,"about":"The IQ Liquidity Score: how easy each ETF is to trade, on a fixed 0 to 100 scale (100 is best) from six components, with the fund's percentile among the scored funds in its category beside it. A measure of trading conditions, not a rating. Method: /methodology/liquidity.","method":{"version":"v0.1","frozen":"2026-10-20","name":"IQ Liquidity Score","scale":"a fixed 0 to 100 scale; 100 is best","weights":{"cost":30,"capacity":25,"fidelity":15,"primary":15,"stress":10,"depth":5},"phase":{"cost":1,"capacity":1,"fidelity":1,"primary":1,"stress":1,"depth":2},"required":["cost","fidelity"],"anchors":{"spread":{"good":0.02,"bad":2.0,"better":"lower","unit":"% of the midpoint"},"capacity":{"good":1000000000.0,"bad":1000000.0,"better":"higher","unit":"USD a day"},"premiumMedian":{"good":0.05,"bad":2.0,"better":"lower","unit":"% of NAV"},"premiumP95":{"good":0.25,"bad":5.0,"better":"lower","unit":"% of NAV"},"stress":{"good":1.0,"bad":4.0,"better":"lower","unit":"times the usual premium"},"depth":{"good":1000000.0,"bad":5000.0,"better":"higher","unit":"USD at the best bid and offer"}},"fidelityParts":{"premiumMedian":0.5,"premiumP95":0.5},"premiumMinDays":20,"apPoints":[[0,0],[1,25],[2,45],[3,65],[5,85],[10,100]],"apConcentration":{"overShare":80.0,"minus":15,"minActive":2},"apDormant":{"minus":20,"olderThanDays":365,"months":12,"minMonthsHeld":10},"stressDays":10,"stressMarket":"SPY","stressFloor":0.05,"stressMinBadDays":5,"stressMinNormalDays":60,"minAgeSessions":60,"tiers":[[85,"Trades like a giant"],[70,"Liquid"],[55,"Liquid with care"],[35,"Thin"],[0,"Hard to trade"]],"tierMeaning":{"Trades like a giant":"Cost is a rounding error at normal sizes.","Liquid":"Cheap to trade with a limit order at most times.","Liquid with care":"Use limits, avoid the open, watch the premium.","Thin":"Costs are real. Patience and limits matter.","Hard to trade":"Expect a wide spread or a price far from value."},"categoryMinSet":12,"orderSizes":[1000,10000,100000,1000000],"impactFrom":100000,"impactK":1.0,"impactCalibrated":false,"sigmaDays":252,"sigmaMinDays":60,"ownAmount":10000,"ownYears":[1,5],"flags":{"small-but-liquid":{"netAssetsUnder":100000000.0,"medianVolumeUnder":20000,"scoreAtLeast":70},"big-but-costly":{"netAssetsAtLeast":1000000000.0,"scoreUnder":55},"price-can-drift":{"medianOver":0.5,"p95Over":2.0},"one-dealer":{"active":1,"shareOver":80.0},"closing":{}},"flagWords":{"small-but-liquid":"Small but liquid","big-but-costly":"Big but costly","price-can-drift":"Price can drift from value","one-dealer":"One dealer","closing":"Closing"},"verdictMaxWords":22,"from":"v0","changes":[{"from":"v0","to":"v0.1","on":"2026-10-20","what":"Bad-day behaviour anchors from 1.5 to 10 times the usual to 1 to 4 times, because Phase 1 measures the premium, not the spread."}]},"methodology":{"address":"/methodology/liquidity","title":"How the IQ Liquidity Score is computed | ETFIQ","description":"How ETFIQ scores how easy each ETF is to trade: six parts, fixed anchors, weights, flags and sources, version v0.1.","h1":"How the IQ Liquidity Score is computed","lead":"181 of 4,805 ETFs have an IQ Liquidity Score, as of Oct 22, 2026.","version":"v0.1","sections":[{"id":"what","heading":"What the score measures","paragraphs":["The IQ Liquidity Score asks one question. Can you buy or sell this fund at a fair price, at your size, today and on a bad day?","It runs from 0 to 100, and 100 is best. The scale is fixed, so a score moves only when the fund's own figures move.","Fund size and the ETF's own trading volume are left out. A small fund with liquid holdings can score high.","Each fund also shows its percentile among the scored funds in its category. Bond, international and crypto funds are naturally wider than US large-cap funds.","It measures trading conditions, not the fund. It is not a rating or a recommendation."]},{"id":"components","heading":"The six parts and their weights","paragraphs":["Each part is scored 0 to 100. The score is their weighted average over the parts measured for the fund, with the weights rescaled to those parts."],"table":{"columns":["Part","Question","Measure","Weight"],"rows":[["Cost to trade","What does a normal trade cost?","The issuer's 30-day median bid/ask spread, in % of the midpoint","30%"],["Capacity","How much can trade without moving the price?","What the holdings making up 95% of the weight can absorb in a day","25%"],["Price fidelity","Does the price match the value?","The median and 95th percentile of the daily closing premium or discount, 12 months","15%"],["Primary market","Can dealers create and redeem shares freely?","Active authorized participants in the latest Form N-CEN","15%"],["Bad-day behaviour","Does it hold up in a sell-off?","The premium on the 10 worst S&P 500 days of the year, against other days","10%"],["Depth","How much is offered at the posted price?","Dollars shown at the best bid and offer. Not measured until Phase 2","5%"]]}},{"id":"anchors","heading":"The anchors","paragraphs":["Each figure scores 100 at its good anchor and 0 at its bad one, on a log scale between them. A spread of 0.02% against 0.04% matters as much as 1% against 2%."],"table":{"columns":["Figure","Scores 100 at","Scores 0 at"],"rows":[["Median spread","0.02%","2%"],["Daily capacity","$1bn","$1m"],["Median premium or discount","0.05%","2%"],["95th percentile premium or discount","0.25%","5%"],["Bad-day premium, times the usual","1 times","4 times"],["Depth at the quote","$1m","$5,000"]]}},{"id":"primary","heading":"Primary market points","paragraphs":["Authorized participants are the dealers who create and redeem a fund's shares. An active one created or redeemed some in the fund's latest N-CEN year.","With two or more active, less 15 points if one did more than 80% of the dollars created and redeemed.","Less 20 points if a fund older than a year had no creation or redemption in the 12 months to its last month held. The floor is 0."],"table":{"columns":["Active dealers","Points"],"rows":[["0","0"],["1","25"],["2","45"],["3 to 4","65"],["5 to 9","85"],["10 or more","100"]]}},{"id":"rules","heading":"When a fund is not scored","paragraphs":["Cost to trade and price fidelity are both required. Without both, the fund shows \"Not scored\".","Price fidelity needs at least 20 days of closing premium.","A fund under 60 trading days old shows \"Too new to score\", with its parts so far.","A fund under a closing notice keeps its figures but has no tier, and carries a \"Closing\" flag.","A part that cannot be measured says \"not measured\". It is never guessed or filled with a category average.","The page always says how many of the six parts were measured."]},{"id":"tiers","heading":"The tiers","paragraphs":[],"table":{"columns":["Score","Tier","For a retail order"],"rows":[["85 to 100","Trades like a giant","Cost is a rounding error at normal sizes."],["70 to 84","Liquid","Cheap to trade with a limit order at most times."],["55 to 69","Liquid with care","Use limits, avoid the open, watch the premium."],["35 to 54","Thin","Costs are real. Patience and limits matter."],["0 to 34","Hard to trade","Expect a wide spread or a price far from value."]]}},{"id":"flags","heading":"The flags","paragraphs":["Small but liquid: net assets under $100m, or median volume under 20,000 shares, and a score of 70 or more.","Big but costly: net assets of $1bn or more, and a score under 55.","Price can drift from value: a median premium or discount above 0.5%, or a 95th percentile above 2%.","One dealer: one active authorized participant, or one doing more than 80% of creations and redemptions.","Closing: the fund's issuer has filed a notice naming its last trading day."]},{"id":"costs","heading":"Cost for your order","paragraphs":["At $1,000 and $10,000 the one-way cost is half the spread.","At $100,000 and $1m it adds a market impact term that grows with the square root of the order against capacity. Those two are labelled estimates until the term is calibrated on trade data.","Full cost to own, at $10,000: the fee for each year held, plus one round trip at the spread, plus the median premium or discount.","A fair limit: the midpoint plus half the typical spread, rounded up to a whole cent."]},{"id":"formulas","heading":"The formulas","paragraphs":["Lower is better (spread, premiums, bad-day multiple): s = 100 x clamp((ln bad - ln x) / (ln bad - ln good), 0, 1).","Higher is better (capacity, depth): s = 100 x clamp((ln x - ln bad) / (ln good - ln bad), 0, 1).","Capacity: C95 = the minimum, over the holdings making up 95% of the weight, of 10% of each holding's 20-day median dollar volume divided by its weight. Cash is left out.","Price fidelity = the average of the median premium score and the 95th percentile score.","Bad-day multiple = the median premium on the bad days over the median on other days, each floored at 0.05% first.","Cost at size Q = spread / 2 + k x daily volatility x the square root of (Q / C95), with k = 1 until calibrated.","Score = the sum of each part's score times its weight, over the sum of the weights measured, rounded to a whole number."]},{"id":"sources","heading":"Sources","paragraphs":["Spreads: each fund's issuer, as Rule 6c-11 requires it to publish them.","Premiums: the closing price over the NAV the fund's issuer publishes, less one, computed by ETFIQ.","Capacity: the fund's holdings, and their daily volume from Tiingo.","Authorized participants: the SEC's Form N-CEN data sets.","Creations and redemptions: the fund's daily shares outstanding and its N-PORT filings.","Fees: the fund's prospectus. Daily volatility: Tiingo daily prices."]},{"id":"version","heading":"Version","paragraphs":["Method v0.1, frozen on 2026-10-20. Any change to an anchor or weight is a new version, published here.","v0.1, 2026-10-20: Bad-day behaviour anchors from 1.5 to 10 times the usual to 1 to 4 times, because Phase 1 measures the premium, not the spread."]}]},"inputs":{"tradingCost":{"asOf":"2026-10-22","funds":4805},"tradingCapacity":{"asOf":"2026-10-22","funds":4805},"premiumStore":{"funds":3175},"stressDays":[{"day":"2026-06-05","spyReturn":-2.5809},{"day":"2026-01-20","spyReturn":-2.0357},{"day":"2026-03-26","spyReturn":-1.7859},{"day":"2026-03-27","spyReturn":-1.7052},{"day":"2025-11-13","spyReturn":-1.6594},{"day":"2026-06-10","spyReturn":-1.5766},{"day":"2026-02-12","spyReturn":-1.5449},{"day":"2026-07-29","spyReturn":-1.5388},{"day":"2025-11-20","spyReturn":-1.5242},{"day":"2026-03-12","spyReturn":-1.5185}]},"counts":{"funds":4805,"status":{"not-scored":4527,"too-new":89,"scored":181,"closing":8},"tiers":{"Thin":10,"Liquid with care":48,"Trades like a giant":53,"Liquid":69,"Hard to trade":1},"measured":{"cost":1462,"capacity":2408,"fidelity":781,"primary":3806,"stress":765,"depth":0},"closingRead":true,"scored":181},"statuses":{"scored":"scored on the components measured","too-new":"under the minimum age in trading days; its components so far are shown, with no score","not-scored":"cost to trade or price fidelity is not measured, and both are required","closing":"its issuer has filed a notice naming its last trading day: figures kept, no tier, no percentile"},"componentStatuses":{"measured":"scored from its figure","not-measured":"its figure is not available; why says which","upper-bound-only":"only an upper bound is known (capacity: some of the 95% has no volume), so it is not scored","phase-2":"needs trade and quote data (Phase 2)"},"funds":{"AAAA":{"score":null,"tier":null,"components":{"cost":{"score":null,"raw":null,"unit":"% of the midpoint","asOf":null,"status":"not-measured","why":"the issuer's 30-day median spread is not read for this fund"},"capacity":{"score":52.1,"raw":36619863.01658547,"unit":"USD a day","asOf":"2026-10-22","status":"measured","source":"ETFIQ: holdings and their Tiingo volume","basis":"holdings","binding":{"ticker":"ICOW","name":"Pacer Developed Markets International Cash Cows 100 ETF","weight":1.17,"share":1.173874,"adv":4298709.715,"advDays":20,"advTo":"2026-10-22"},"measuredWeight":97.2309},"fidelity":{"score":null,"raw":null,"unit":"% of NAV","asOf":null,"status":"not-measured","why":"no closing premium is held for this fund"},"primary":{"score":85.0,"raw":{"active":5,"count":5,"largestShare":76.79,"period":{"from":"2025-02-01","to":"2026-01-31","lessThan12Months":false},"filed":"2026-04-10","inKind":"in-kind","dormant":false,"dormantBasis":null,"deductions":[]},"unit":"active authorized participants","asOf":"2026-04-10","status":"measured","source":"SEC Form N-CEN, accession 0000894189-26-012003"},"stress":{"score":null,"raw":null,"unit":"times the usual premium","asOf":null,"status":"not-measured","why":"no daily closing premium is held for this fund"},"depth":{"score":null,"raw":null,"unit":"USD at the best bid and offer","asOf":null,"status":"phase-2","why":"needs trade and quote data (Phase 2)"}},"measured":{"n":2,"of":6,"names":["capacity","primary"]},"flags":[],"verdict":"Not scored: its spread and its closing premium are not both held yet.","categoryPercentile":null,"category":"Allocation","categoryScored":0,"costs":{"1000":{"pct":null,"usd":null,"estimate":false,"why":"the spread is not read for this fund"},"10000":{"pct":null,"usd":null,"estimate":false,"why":"the spread is not read for this fund"},"100000":{"pct":null,"usd":null,"estimate":true,"why":"the spread is not read for this fund"},"1000000":{"pct":null,"usd":null,"estimate":true,"why":"the spread is not read for this fund"}},"fullCost":{"y1":null,"y5":null,"fee":{"pct":0.49,"asOf":"2026-05-21"},"crossover":null,"why":"no spread or median premium"},"limit":null,"status":"not-scored","age":{"firstTraded":"2025-07-16","sessions":321},"basis":{"sigmaD":0.7519,"sigmaDays":252,"sigmaAsOf":"2026-10-22","sigmaWhy":null,"impactK":1.0,"netAssets":278318309.0,"netAssetsAsOf":"2026-07-31","medianVolume":null,"medianVolumeAsOf":null}},"AAAC":{"score":null,"tier":null,"components":{"cost":{"score":null,"raw":null,"unit":"% of the midpoint","asOf":null,"status":"not-measured","why":"the issuer's 30-day median spread is not read for this fund"},"capacity":{"score":null,"raw":null,"unit":"USD a day","asOf":null,"status":"not-measured","why":"its holdings are bonds, which have no volume source here"},"fidelity":{"score":null,"raw":null,"unit":"% of NAV","asOf":null,"status":"not-measured","why":"no closing premium is held for this fund"},"primary":{"score":85.0,"raw":{"active":5,"count":15,"largestShare":30.0,"period":{"from":"2025-04-01","to":"2026-03-31","lessThan12Months":false},"filed":"2026-06-12","inKind":"mixed","dormant":null,"dormantBasis":null,"deductions":[]},"unit":"active authorized participants","asOf":"2026-06-12","status":"measured","source":"SEC Form N-CEN, accession 0001410368-26-060046"},"stress":{"score":null,"raw":null,"unit":"times the usual premium","asOf":null,"status":"not-measured","why":"no daily closing premium is held for this fund"},"depth":{"score":null,"raw":null,"unit":"USD at the best bid and offer","asOf":null,"status":"phase-2","why":"needs trade and quote data (Phase 2)"}},"measured":{"n":1,"of":6,"names":["primary"]},"flags":[],"verdict":"Not scored: its spread and its closing premium are not both held yet.","categoryPercentile":null,"category":"Bonds","categoryScored":61,"costs":{"1000":{"pct":null,"usd":null,"estimate":false,"why":"the spread is not read for this fund"},"10000":{"pct":null,"usd":null,"estimate":false,"why":"the spread is not read for this fund"},"100000":{"pct":null,"usd":null,"estimate":true,"why":"the spread is not read for this fund"},"1000000":{"pct":null,"usd":null,"estimate":true,"why":"the spread is not read for this fund"}},"fullCost":{"y1":null,"y5":null,"fee":{"pct":0.2,"asOf":"2026-07-24"},"crossover":null,"why":"no spread or median premium"},"limit":null,"status":"not-scored","age":{"firstTraded":"2025-12-11","sessions":217},"basis":{"sigmaD":0.0463,"sigmaDays":216,"sigmaAsOf":"2026-10-22","sigmaWhy":null,"impactK":1.0,"netAssets":10035240.0,"netAssetsAsOf":"2026-06-30","medianVolume":null,"medianVolumeAsOf":null}},"AAAP":{"score":null,"tier":null,"components":{"cost":{"score":null,"raw":null,"unit":"% of the midpoint","asOf":null,"status":"not-measured","why":"the issuer's 30-day median spread is not read for this fund"},"capacity":{"score":null,"raw":null,"unit":"USD a day","asOf":null,"status":"not-measured","why":"its holdings are bonds, which have no volume source here"},"fidelity":{"score":null,"raw":{"median":0.3361,"p95":0.3563,"days":2,"from":"2026-09-11","to":"2026-10-02","navTiming":"us-close"},"unit":"% of NAV","asOf":"2026-10-02","status":"not-measured","why":"2 days of closing premium are held, under the 20 needed"},"primary":{"score":null,"raw":null,"unit":"active authorized participants","asOf":null,"status":"not-measured","why":"it first traded on 2026-06-23, and no N-CEN ETF row for series S000101891 is in the quarters read (2024q4 to 2026q3)"},"stress":{"score":null,"raw":null,"unit":"times the usual premium","asOf":null,"status":"not-measured","why":"0 of the 10 worst days and 2 other days are held, under the 5 and 60 needed"},"depth":{"score":null,"raw":null,"unit":"USD at the best bid and offer","asOf":null,"status":"phase-2","why":"needs trade and quote data (Phase 2)"}},"measured":{"n":0,"of":6,"names":[]},"flags":[],"verdict":"Not scored: its spread and its closing premium are not both held yet.","categoryPercentile":null,"category":"Bonds","categoryScored":61,"costs":{"1000":{"pct":null,"usd":null,"estimate":false,"why":"the spread is not read for this fund"},"10000":{"pct":null,"usd":null,"estimate":false,"why":"the spread is not read for this fund"},"100000":{"pct":null,"usd":null,"estimate":true,"why":"the spread is not read for this fund"},"1000000":{"pct":null,"usd":null,"estimate":true,"why":"the spread is not read for this fund"}},"fullCost":{"y1":null,"y5":null,"fee":{"pct":0.39,"asOf":"2026-06-04"},"crossover":null,"why":"no spread or median premium"},"limit":null,"status":"not-scored","age":{"firstTraded":"2026-06-23","sessions":86},"basis":{"sigmaD":0.0616,"sigmaDays":85,"sigmaAsOf":"2026-10-22","sigmaWhy":null,"impactK":1.0,"netAssets":106090148.0,"netAssetsAsOf":"2026-10-02","medianVolume":null,"medianVolumeAsOf":null}},"AAAU":{"score":null,"tier":null,"components":{"cost":{"score":null,"raw":null,"unit":"% of the midpoint","asOf":null,"status":"not-measured","why":"the issuer's 30-day median spread is not read for this fund"},"capacity":{"score":null,"raw":null,"unit":"USD a day","asOf":null,"status":"not-measured","why":"a commodity fund: its reference market has no volume source here"},"fidelity":{"score":null,"raw":{"median":0.2196,"p95":0.5621,"days":14,"from":"2026-10-01","to":"2026-10-22","navTiming":"stale-risk"},"unit":"% of NAV","asOf":"2026-10-22","status":"not-measured","why":"14 days of closing premium are held, under the 20 needed"},"primary":{"score":null,"raw":null,"unit":"active authorized participants","asOf":null,"status":"not-measured","why":"no N-CEN ETF row for CIK 0001708646 (no series id) in the quarters read (2024q4 to 2026q3)"},"stress":{"score":null,"raw":null,"unit":"times the usual premium","asOf":null,"status":"not-measured","why":"0 of the 10 worst days and 14 other days are held, under the 5 and 60 needed"},"depth":{"score":null,"raw":null,"unit":"USD at the best bid and offer","asOf":null,"status":"phase-2","why":"needs trade and quote data (Phase 2)"}},"measured":{"n":0,"of":6,"names":[]},"flags":[],"verdict":"Not scored: its spread and its closing premium are not both held yet.","categoryPercentile":null,"category":"Commodities","categoryScored":1,"costs":{"1000":{"pct":null,"usd":null,"estimate":false,"why":"the spread is not read for this fund"},"10000":{"pct":null,"usd":null,"estimate":false,"why":"the spread is not read for this fund"},"100000":{"pct":null,"usd":null,"estimate":true,"why":"the spread is not read for this fund"},"1000000":{"pct":null,"usd":null,"estimate":true,"why":"the spread is not read for this fund"}},"fullCost":{"y1":null,"y5":null,"fee":{"pct":0.18,"asOf":"2026-08-07"},"crossover":null,"why":"no spread or median premium"},"limit":null,"status":"not-scored","age":{"firstTraded":"2018-08-15","sessions":2058},"basis":{"sigmaD":1.7765,"sigmaDays":252,"sigmaAsOf":"2026-10-22","sigmaWhy":null,"impactK":1.0,"netAssets":2567603615.0,"netAssetsAsOf":"2026-10-22","medianVolume":1119795.5,"medianVolumeAsOf":"2026-10-22"}},"AAEQ":{"score":null,"tier":null,"components":{"cost":{"score":72.8,"raw":0.07,"unit":"% of the midpoint","asOf":"2026-10-22","status":"measured","source":"Alpha Architect (fund page)","url":"https://funds.alphaarchitect.com/aaeq/"},"capacity":{"score":100.0,"raw":14061764922.118353,"unit":"USD a day","asOf":"2026-10-22","status":"measured","source":"ETFIQ: holdings and their Tiingo volume","basis":"holdings","binding":{"ticker":"BRK-B","name":"Berkshire Hathaway Inc","weight":1.57,"share":1.573462,"adv":2212564735.1899996,"advDays":20,"advTo":"2026-10-22"},"measuredWeight":99.7795},"fidelity":{"score":null,"raw":{"median":0.0363,"p95":0.0729,"days":13,"from":"2026-10-06","to":"2026-10-22","navTiming":"us-close"},"unit":"% of NAV","asOf":"2026-10-22","status":"not-measured","why":"13 days of closing premium are held, under the 20 needed"},"primary":{"score":null,"raw":null,"unit":"active authorized participants","asOf":null,"status":"not-measured","why":"it first traded on 2025-12-10, and no N-CEN ETF row for series S000095435 is in the quarters read (2024q4 to 2026q3)"},"stress":{"score":null,"raw":null,"unit":"times the usual premium","asOf":null,"status":"not-measured","why":"0 of the 10 worst days and 13 other days are held, under the 5 and 60 needed"},"depth":{"score":null,"raw":null,"unit":"USD at the best bid and offer","asOf":null,"status":"phase-2","why":"needs trade and quote data (Phase 2)"}},"measured":{"n":2,"of":6,"names":["cost","capacity"]},"flags":[],"verdict":"Not scored: 13 days of closing premium are held, under the 20 needed.","categoryPercentile":null,"category":"Stocks","categoryScored":1,"costs":{"1000":{"pct":0.035,"usd":0.35,"estimate":false},"10000":{"pct":0.035,"usd":3.5,"estimate":false},"100000":{"pct":0.03720983,"usd":37.21,"estimate":true},"1000000":{"pct":0.04198811,"usd":419.88,"estimate":true}},"fullCost":{"y1":null,"y5":null,"fee":{"pct":0.09,"asOf":"2026-04-21"},"crossover":null,"why":"no median premium"},"limit":{"halfSpreadCents":2,"exampleClose":54.58,"exampleDate":"2026-10-22"},"status":"not-scored","age":{"firstTraded":"2025-12-10","sessions":218},"basis":{"sigmaD":0.8287,"sigmaDays":217,"sigmaAsOf":"2026-10-22","sigmaWhy":null,"impactK":1.0,"netAssets":506770000.0,"netAssetsAsOf":"2026-10-22","medianVolume":null,"medianVolumeAsOf":null}},"AALG":{"score":null,"tier":null,"components":{"cost":{"score":29.7,"raw":0.51,"unit":"% of the 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