# ERY Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 22, 2026, ERY closed 0.00% from its NAV, and on 95% of the 14 days to then it was within ±0.26%. No fund is recommended. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## ERY bid-ask spread and liquidity As of Oct 22, 2026, ERY closed 0.00% from its NAV, and on 95% of the 14 days to then it was within ±0.26%. ### IQ Liquidity Score Not scored, 2 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, 87.3 Holdings can absorb $415m a day, Oct 22, 2026 Price fidelity Not measured: 14 days of closing premium are held, under the 20 needed Primary market, 85.0 7 active dealers of 7; largest 39% of creations and redemptions, N-CEN to Oct 31, 2025 Bad-day behaviour Not measured: 0 of the 10 worst days and 14 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, Oct 22, 2026: 0.00% - 95% of days within: ±0.26% - Days more than 1% from NAV: 0 of 14 - Widest: −0.26%, Oct 21, 2026 Close against the NAV its issuer struck the same day, 14 days from Oct 1, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer’s NAV and closing price. ### Capacity Its holdings can absorb $415m a day, measured on the holdings of XLE, the asset its multiple is on, divided by its multiple of 2, as of Oct 22, 2026. The holding that sets the limit is EXXONMOBIL HOLDINGS CORP (XOM), 23.98% of the fund. ### Dealers 7 active of 7 authorized participants; the largest did 39% of creations and redemptions, in the year to Oct 31, 2025 (Form N-CEN filed Jan 14, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: ABN AMRO Clearing USA LLC (39.0%), BofA Securities, Inc. (36.1%), Goldman Sachs & Co. LLC (12.1%), Jane Street Capital, LLC (5.9%), Virtu Americas LLC (2.8%), BNP Paribas Securities Corp. (2.8%), HRT Financial LP (1.3%). ### How to trade ERY 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. Size Up to $4m is 1% of what its holdings can absorb in a day, for a buy or a sell. Watch The premium. On 95% of days it is within ±0.26%; 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 ERY trade at a premium or discount to NAV? It closed 0.00% from its NAV on Oct 22, 2026. On 95% of the 14 days to then it was within ±0.26%, and it closed more than 1% from NAV on 0 of them. Who is the AP for ERY? ERY’s latest Form N-CEN, for the period ending Oct 31, 2025, lists 7 authorized participants (APs), and 7 created or redeemed shares. The largest were ABN AMRO Clearing USA LLC (39.0%), BofA Securities, Inc. (36.1%), Goldman Sachs & Co. LLC (12.1%) of the dollars its APs created and redeemed. Who is the LMM for ERY? ERY’s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. ### Sources and dates - Premium: ETFIQ, close against the issuer’s NAV, Oct 1, 2026 to Oct 22, 2026. - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 22, 2026. - Dealers: Form N-CEN, the year to Oct 31, 2025, accession 0001193125-26-012900. ### 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, ERY trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ery/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/ery/trading/