# CLOI Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 21, 2026, CLOI closed −0.02% from its NAV, and on 95% of the 247 days to then it was within ±0.17%. No fund is recommended. Data as of Oct 21, 2026. Rebuilt every trading night. As of Oct 21, 2026. Rebuilt every trading night. ## CLOI bid-ask spread and liquidity As of Oct 21, 2026, CLOI closed −0.02% from its NAV, and on 95% of the 247 days to then it was within ±0.17%. ### 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 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, 100.0 95% of days within ±0.17% of NAV, 247 days to Oct 21, 2026 Primary market, 85.0 7 active dealers of 39; largest 23% of creations and redemptions, N-CEN to Dec 31, 2025 Bad-day behaviour, 100.0 Premium 1× normal on the 10 worst S&P 500 days, to Oct 21, 2026 Depth Not measured: needs trade and quote data (Phase 2) ### Premium or discount to NAV - Latest close, Oct 21, 2026: −0.02% - 95% of days within: ±0.17% - Days more than 1% from NAV: 0 of 247 - Widest: +0.23%, Mar 3, 2026 Close against the NAV its issuer struck the same day, 247 days from Oct 22, 2025 to Oct 21, 2026. Source: ETFIQ from the issuer’s NAV and closing price. ### Capacity Not measured: its holdings are bonds, which have no volume source here. ### Dealers 7 active of 39 authorized participants; the largest did 23% 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: J.P. Morgan Securities LLC (23.4%), Jane Street Capital, LLC (19.6%), Goldman Sachs & Co. LLC (19.6%), Merrill Lynch Professional Clearing Corp. (19.5%), Virtu Americas LLC (7.2%), RBC Capital Markets, LLC (6.7%), Barclays Capital Inc. (3.9%). 32 more were listed and created or redeemed nothing. ### How to trade CLOI 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. Watch The premium. On 95% of days it is within ±0.17%; 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 CLOI trade at a premium or discount to NAV? It closed −0.02% from its NAV on Oct 21, 2026. On 95% of the 247 days to then it was within ±0.17%, and it closed more than 1% from NAV on 0 of them. Who is the AP for CLOI? CLOI’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 39 authorized participants (APs), and 7 created or redeemed shares. The largest were J.P. Morgan Securities LLC (23.4%), Jane Street Capital, LLC (19.6%), Goldman Sachs & Co. LLC (19.6%) of the dollars its APs created and redeemed. Who is the LMM for CLOI? CLOI’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 22, 2025 to Oct 21, 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, CLOI trading: cost, capacity, premium and dealers, data as of Oct 21, 2026. https://etfiq.com/funds/cloi/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/cloi/trading/