# ARKY Bid-Ask Spread, Liquidity and NAV Premium

> ARKY trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.

Data as of Dec 13, 2024. Rebuilt every trading night.

As of Dec 13, 2024. Rebuilt every trading night.

## ARKY bid-ask spread and liquidity

In the year to Sep 30, 2024, 3 of ARKY’s 3 authorized participants created or redeemed shares.

### IQ Liquidity Score

Not scored, 1 of 6 measured.

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

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)

### Capacity

Not measured: its book is a proxy book.

### Dealers

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).

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%).

### How to trade ARKY

When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data.

### What retail orders paid

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.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $1.96 |
| Fidelity customers | −$2.65 |
| Vanguard customers | −$2.45 |
| Robinhood customers | $5.38 |
| Schwab customers | $9.15 |

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’ reports. Retail activity ranking

### Coming with trade data

Spread through the day, buyers against sellers, large trades and the closing auction’s share, each once ETFIQ has trade and quote data.

### Questions people ask

Who is the AP for ARKY? ARKY’s 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’s 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

- Dealers: Form N-CEN, the year to Sep 30, 2024, accession 0001145549-24-078631.

- 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’s request, so its orders are not counted.

### Where to next

The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, ARKY trading: cost, capacity, premium and dealers, data as of Dec 13, 2024. https://etfiq.com/funds/arky/trading/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/arky/trading/