{"url":"https://etfiq.com/funds/arky/trading/","section":"funds","title":"ARKY Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"ARKY trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Dec 13, 2024","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/arky/trading/#data","name":"ARKY trading costs and liquidity","description":"ARKY trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/arky/trading/","dateModified":"2024-12-13","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":"Who is the AP for ARKY?","acceptedAnswer":{"@type":"Answer","text":"ARKY\u2019s latest Form N-CEN, for the period ending Sep 30, 2024, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (59.0%), J.P. Morgan Securities LLC (22.4%), Jane Street Capital, LLC (18.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for ARKY?","acceptedAnswer":{"@type":"Answer","text":"ARKY\u2019s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/arky#fund","name":"ARK Active Autocallable Income ETF","alternateName":"ARKY","url":"https://etfiq.com/funds/arky","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"ARKY"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/arky#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ARKY","item":"https://etfiq.com/funds/arky"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/arky/trading/"}]},{"@type":"WebPage","name":"ARKY Bid-Ask Spread, Liquidity and NAV Premium","description":"ARKY trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/arky/trading/","dateModified":"2024-12-13","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4294,"truncated":false,"content":"ETFIQ / ARKY / Trading \n \n As of Dec 13, 2024. Rebuilt every trading night.\n ARKY bid-ask spread and liquidity\n In the year to Sep 30, 2024, 3 of ARKY\u2019s 3 authorized participants created or redeemed shares.\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 book is a proxy book Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 3 active dealers of 3; largest 59% of creations and redemptions, N-CEN to Sep 30, 2024 Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2) \n Capacity\n Not measured: its book is a proxy book.\n Dealers\n 3 active of 3 authorized participants; the largest did 59% of creations and redemptions, in the year to Sep 30, 2024 (Form N-CEN filed Dec 13, 2024).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (59.0%), J.P. Morgan Securities LLC (22.4%), Jane Street Capital, LLC (18.6%).\n How to trade ARKY\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. What retail orders paid\n In Sep 2026, retail market orders in ARKY paid $1.96 one way on $10,000, against $16 at the quote. 91% of shares filled better than the quote.\n ARKY: what retail market orders paid one way on $10,000, Sep 2026, half the effective spread. Source: SEC Rule 605 reports; computed by ETFIQ. Orders One way on $10,000 \n All wholesalers read $1.96 \n Fidelity customers \u2212$2.65 \n Vanguard customers \u2212$2.45 \n Robinhood customers $5.38 \n Schwab customers $9.15 \n ARKY ranked 2050th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0011% of the market-order dollars in 4 retail brokers\u2019 reports. Retail activity ranking \n Coming with trade data\n Spread through the day, buyers against sellers, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n Who is the AP for ARKY? ARKY\u2019s latest Form N-CEN, for the period ending Sep 30, 2024, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (59.0%), J.P. Morgan Securities LLC (22.4%), Jane Street Capital, LLC (18.6%) of the dollars its APs created and redeemed. Who is the LMM for ARKY? ARKY\u2019s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Sep 30, 2024, accession 0001145549-24-078631.\n 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\u2019s request, so its orders are not counted.\n Where to next\n ARKY 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 ARKY 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, ARKY trading: cost, capacity, premium and dealers, data as of Dec 13, 2024. https://etfiq.com/funds/arky/trading/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, ARKY trading: cost, capacity, premium and dealers, data as of Dec 13, 2024. https://etfiq.com/funds/arky/trading/ APA ETFIQ. (Dec 13, 2024). ARKY trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/arky/trading/ Markdown [ARKY trading: cost, capacity, premium and dealers (ETFIQ, Dec 13, 2024)](https://etfiq.com/funds/arky/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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, ARKY trading: cost, capacity, premium and dealers, data as of Dec 13, 2024. https://etfiq.com/funds/arky/trading/"}