# EMTY Bid-Ask Spread, Liquidity and NAV Premium > As of Nov 12, 2026, EMTY closed +0.05% from its NAV, and on 95% of the 5 days to then it was within ±0.15%. No fund is recommended. Data as of Nov 12, 2026. Rebuilt every trading night. As of Nov 12, 2026. Rebuilt every trading night. ## EMTY bid-ask spread and liquidity As of Nov 12, 2026, EMTY closed +0.05% from its NAV, and on 95% of the 5 days to then it was within ±0.15%. ### 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: no reference asset on its record Price fidelity Not measured: 5 days of closing premium are held, under the 20 needed Primary market, 65.0 3 active dealers of 39; largest 44% of creations and redemptions, N-CEN to May 31, 2026 Bad-day behaviour Not measured: 0 of the 10 worst days and 5 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) ### Premium or discount to NAV - Latest close, Nov 12, 2026: +0.05% - 95% of days within: ±0.15% - Days more than 1% from NAV: 0 of 5 - Widest: −0.15%, Nov 6, 2026 Close against the NAV its issuer struck the same day, 5 days from Nov 6, 2026 to Nov 12, 2026. Source: ETFIQ from the issuer’s NAV and closing price. ### Capacity Not measured: no reference asset on its record. ### Dealers 3 active of 39 authorized participants; the largest did 44% of creations and redemptions, in the year to May 31, 2026 (Form N-CEN filed Aug 14, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch, Pierce, Fenner and Smith Incorporated (43.8%), Jane Street Capital, LLC (30.0%), SG Americas Securities, LLC (26.2%). 36 more were listed and created or redeemed nothing. ### How to trade EMTY 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 ±0.15%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. ### Where it trades In Q2 2026, 78% of EMTY’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 15.3% of its exchange volume. ### 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 EMTY trade at a premium or discount to NAV? It closed +0.05% from its NAV on Nov 12, 2026. On 95% of the 5 days to then it was within ±0.15%, and it closed more than 1% from NAV on 0 of them. Who is the AP for EMTY? EMTY’s latest Form N-CEN, for the period ending May 31, 2026, lists 39 authorized participants (APs), and 3 created or redeemed shares. The largest were Merrill Lynch, Pierce, Fenner and Smith Incorporated (43.8%), Jane Street Capital, LLC (30.0%), SG Americas Securities, LLC (26.2%) of the dollars its APs created and redeemed. Who is the LMM for EMTY? EMTY’s lead market maker (LMM) on NYSE Arca is SG Americas Securities, LLC. Lead market maker per NYSE Arca, as of Nov 9, 2026. ### Sources and dates - Premium: ETFIQ, close against the issuer’s NAV, Nov 6, 2026 to Nov 12, 2026. - Dealers: Form N-CEN, the year to May 31, 2026, accession 0002071691-26-017775. - Where it trades: SEC MIDAS, Q2 2026, against the fund’s daily volume from Tiingo. ### 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, EMTY trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/emty/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/emty/trading/