# INDS Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 2, 2026, INDS closed −0.06% from its NAV, and on 95% of the 2 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. ## INDS bid-ask spread and liquidity As of Oct 2, 2026, INDS closed −0.06% from its NAV, and on 95% of the 2 days to then it was within ±0.26%. ### 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 Holdings can absorb up to $2m a day; part of the book has no volume figure Price fidelity Not measured: 2 days of closing premium are held, under the 20 needed Primary market, 45.0 2 active dealers of 2; largest 58% of creations and redemptions, N-CEN to Apr 30, 2026 Bad-day behaviour Not measured: 0 of the 10 worst days and 2 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 2, 2026: −0.06% - 95% of days within: ±0.26% - Days more than 1% from NAV: 0 of 2 - Widest: −0.26%, Sep 11, 2026 Close against the NAV its issuer struck the same day, 2 days from Sep 11, 2026 to Oct 2, 2026. Source: ETFIQ from the issuer’s NAV and closing price. ### Capacity Its holdings can absorb up to $2m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is Granite Real Estate Investment (GRTUF), 1.67% of the fund. ### Dealers 2 active of 2 authorized participants; the largest did 58% 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: J.P. Morgan Securities LLC (58.3%), Jane Street Capital, LLC (41.7%). ### How to trade INDS 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 Part of its book has no volume figure, so the room for a large order is an upper bound. 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 INDS trade at a premium or discount to NAV? It closed −0.06% from its NAV on Oct 2, 2026. On 95% of the 2 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 INDS? INDS’s latest Form N-CEN, for the period ending Apr 30, 2026, lists 2 authorized participants (APs), and 2 created or redeemed shares. The largest were J.P. Morgan Securities LLC (58.3%), Jane Street Capital, LLC (41.7%) of the dollars its APs created and redeemed. Who is the LMM for INDS? INDS’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, Sep 11, 2026 to Oct 2, 2026. - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 22, 2026. - Dealers: Form N-CEN, the year to Apr 30, 2026, accession 0000894189-26-021136. ### 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, INDS trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/inds/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/inds/trading/