# CBON Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 22, 2026, CBON closed +0.45% from its NAV, and on 95% of the 248 days to then it was within ±0.75%. No fund is recommended. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## CBON bid-ask spread and liquidity As of Oct 22, 2026, CBON closed +0.45% from its NAV, and on 95% of the 248 days to then it was within ±0.75%. ### IQ Liquidity Score Not scored, 3 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 Flags: One dealer. 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, 52.4 95% of days within ±0.75% of NAV, 248 days to Oct 22, 2026 Primary market, 25.0 1 active dealer of 39; largest 100% of creations and redemptions, N-CEN to Dec 31, 2025 Bad-day behaviour, 100.0 Premium 0.9458× normal on the 10 worst S&P 500 days, to Oct 22, 2026 Depth Not measured: needs trade and quote data (Phase 2) ### Premium or discount to NAV - Latest close, Oct 22, 2026: +0.45% - 95% of days within: ±0.75% - Days more than 1% from NAV: 0 of 248 - Widest: +0.88%, Sep 14, 2026 Close against the NAV its issuer struck the same day, 248 days from Oct 23, 2025 to Oct 22, 2026. Source: ETFIQ from the issuer’s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then. ### Capacity Not measured: its holdings are bonds, which have no volume source here. ### Dealers 1 active of 39 authorized participants; the largest did 100% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 13, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (100.0%). 38 more were listed and created or redeemed nothing. ### How to trade CBON When Its holdings trade on markets that close before New York, so its price can drift from their value later in the day. Watch The premium. On 95% of days it is within ±0.75%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. ### Coming with trade data Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### Questions people ask Does CBON trade at a premium or discount to NAV? It closed +0.45% from its NAV on Oct 22, 2026. On 95% of the 248 days to then it was within ±0.75%, and it closed more than 1% from NAV on 0 of them. Who is the AP for CBON? CBON’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 39 authorized participants (APs), and 1 created or redeemed shares. The only active AP was Jane Street Capital, LLC. Who is the LMM for CBON? CBON’s 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 - Premium: ETFIQ, close against the issuer’s NAV, Oct 23, 2025 to Oct 22, 2026. - Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0001410368-26-024760. ### 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 --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, CBON trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/cbon/trading/ Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/cbon/trading/