# IALT Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 22, 2026, IALT closed −0.01% from its NAV, and on 95% of the 218 days to then it was within ±0.90%. No fund is recommended. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## IALT bid-ask spread and liquidity As of Oct 22, 2026, IALT closed −0.01% from its NAV, and on 95% of the 218 days to then it was within ±0.90%. ### 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: no book of its holdings is read Price fidelity, 50.8 95% of days within ±0.90% of NAV, 218 days to Oct 22, 2026 Primary market, 65.0 3 active dealers of 37; largest 49% of creations and redemptions, N-CEN to Apr 30, 2026 Bad-day behaviour, 72.3 Premium 1.4686× 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: −0.01% - 95% of days within: ±0.90% - Days more than 1% from NAV: 7 of 218 - Widest: +2.14%, Apr 10, 2026 Close against the NAV its issuer struck the same day, 218 days from Dec 10, 2025 to Oct 22, 2026. Source: ETFIQ from the issuer’s NAV and closing price. ### Capacity Not measured: no book of its holdings is read. ### Dealers 3 active of 37 authorized participants; the largest did 49% of creations and redemptions, in the year to Apr 30, 2026 (Form N-CEN filed Jul 14, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: BofA Securities, Inc. (49.0%), Jane Street Capital, LLC (46.7%), Virtu Americas LLC (4.4%). 34 more were listed and created or redeemed nothing. ### How to trade IALT 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 ±0.90%; 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 IALT trade at a premium or discount to NAV? It closed −0.01% from its NAV on Oct 22, 2026. On 95% of the 218 days to then it was within ±0.90%, and it closed more than 1% from NAV on 7 of them. Who is the AP for IALT? IALT’s latest Form N-CEN, for the period ending Apr 30, 2026, lists 37 authorized participants (APs), and 3 created or redeemed shares. The largest were BofA Securities, Inc. (49.0%), Jane Street Capital, LLC (46.7%), Virtu Americas LLC (4.4%) of the dollars its APs created and redeemed. Who is the LMM for IALT? IALT’s lead market maker (LMM) on Nasdaq is Citadel Securities LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. ### Sources and dates - Premium: ETFIQ, close against the issuer’s NAV, Dec 10, 2025 to Oct 22, 2026. - Dealers: Form N-CEN, the year to Apr 30, 2026, accession 0001410368-26-069644. ### 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, IALT trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ialt/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/ialt/trading/