{"url":"https://etfiq.com/funds/ilcv/trading/","section":"funds","title":"ILCV Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, ILCV closed +0.04% from its NAV, and on 95% of the 251 days to then it was within \u00b10.06%. No fund is recommended.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/ilcv/trading/#data","name":"ILCV trading costs and liquidity","description":"As of Oct 22, 2026, ILCV closed +0.04% from its NAV, and on 95% of the 251 days to then it was within \u00b10.06%. No fund is recommended.","url":"https://etfiq.com/funds/ilcv/trading/","dateModified":"2026-10-22","creator":{"@id":"https://etfiq.com/#org"},"license":"https://etfiq.com/license/","isAccessibleForFree":true,"creditText":"ETFIQ (etfiq.com)","variableMeasured":["30-day median bid-ask spread","Premium or discount to NAV","Capacity","Active authorized participants","IQ Liquidity Score","Cost to trade by order size"],"distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/trading-score.json"}],"publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published"},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Does ILCV trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.04% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within \u00b10.06%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for ILCV?","acceptedAnswer":{"@type":"Answer","text":"ILCV\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 36 authorized participants (APs), and 8 created or redeemed shares. The largest were Morgan Stanley & Co. LLC (39.3%), J.P. Morgan Securities LLC (30.0%), Citadel Securities LLC (10.2%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for ILCV?","acceptedAnswer":{"@type":"Answer","text":"ILCV\u2019s lead market maker (LMM) on NYSE Arca is Latour Trading LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/ilcv#fund","name":"iShares Morningstar Value ETF","alternateName":"ILCV","url":"https://etfiq.com/funds/ilcv","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"ILCV"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/ilcv#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ILCV","item":"https://etfiq.com/funds/ilcv"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/ilcv/trading/"}]},{"@type":"WebPage","name":"ILCV Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, ILCV closed +0.04% from its NAV, and on 95% of the 251 days to then it was within \u00b10.06%. No fund is recommended.","url":"https://etfiq.com/funds/ilcv/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4650,"truncated":false,"content":"ETFIQ / ILCV / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n ILCV bid-ask spread and liquidity\n As of Oct 22, 2026, ILCV closed +0.04% from its NAV, and on 95% of the 251 days to then it was within \u00b10.06%.\n IQ Liquidity Score\n Not scored, 4 of 6 measured.\n 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 \n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 100.0 Holdings can absorb $7.7bn a day, Oct 22, 2026 Price fidelity, 100.0 95% of days within \u00b10.06% of NAV, 251 days to Oct 22, 2026 Primary market, 85.0 8 active dealers of 36; largest 39% of creations and redemptions, N-CEN to Apr 30, 2026 Bad-day behaviour, 100.0 Premium 1\u00d7 normal on the 10 worst S&P 500 days, to Oct 22, 2026 Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Oct 22, 2026: +0.04%\n 95% of days within: \u00b10.06%\n Days more than 1% from NAV: 0 of 251\n Widest: \u22120.18%, Jun 26, 2026\n Close against the NAV its issuer struck the same day, 251 days from Oct 23, 2025 to Oct 22, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Its holdings can absorb $7.7bn a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is BERKSHIRE HATHAWAY INC CLASS B (BRK-B), 2.87% of the fund.\n Dealers\n 8 active of 36 authorized participants; the largest did 39% of creations and redemptions, in the year to Apr 30, 2026 (Form N-CEN filed Jul 14, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Morgan Stanley & Co. LLC (39.3%), J.P. Morgan Securities LLC (30.0%), Citadel Securities LLC (10.2%), Virtu Americas LLC (6.5%), RBC Capital Markets, LLC (4.8%), BofA Securities, Inc. (4.0%), Goldman Sachs & Co. LLC (3.2%), Jane Street Capital, LLC (2.1%). 28 more were listed and created or redeemed nothing.\n How to trade ILCV\n When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund\u2019s own day once it has trade data. Size Up to $77m 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 \u00b10.06%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. Coming with trade data\n Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n Does ILCV trade at a premium or discount to NAV? It closed +0.04% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within \u00b10.06%, and it closed more than 1% from NAV on 0 of them. Who is the AP for ILCV? ILCV\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 36 authorized participants (APs), and 8 created or redeemed shares. The largest were Morgan Stanley & Co. LLC (39.3%), J.P. Morgan Securities LLC (30.0%), Citadel Securities LLC (10.2%) of the dollars its APs created and redeemed. Who is the LMM for ILCV? ILCV\u2019s lead market maker (LMM) on NYSE Arca is Latour Trading LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 23, 2025 to Oct 22, 2026.\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Apr 30, 2026, accession 0001004726-26-005735.\n Where to next\n ILCV fund page ETF trading costs and liquidity Limit orders vs market orders for ETFs Why low volume does not mean illiquid How the IQ Liquidity Score is built Compare ILCV with another fund The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources \n Cite this page. ETFIQ, ILCV trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ilcv/trading/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, ILCV trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ilcv/trading/ APA ETFIQ. (Oct 22, 2026). ILCV trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/ilcv/trading/ Markdown [ILCV trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/ilcv/trading/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, ILCV trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ilcv/trading/"}