# IVAL Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 22, 2026, IVAL closed +0.25% from its NAV, and on 95% of the 10 days to then it was within ±0.74%. No fund is recommended. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## IVAL bid-ask spread and liquidity As of Oct 22, 2026, IVAL closed +0.25% from its NAV, and on 95% of the 10 days to then it was within ±0.74%. ### 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: 12.1% of its long weight could be measured; the largest part not measured is foreign Price fidelity Not measured: 10 days of closing premium are held, under the 20 needed Primary market, 65.0 4 active dealers of 4; largest 47% of creations and redemptions, N-CEN to Sep 30, 2024 Bad-day behaviour Not measured: 0 of the 10 worst days and 10 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: +0.25% - 95% of days within: ±0.74% - Days more than 1% from NAV: 0 of 10 - Widest: +0.75%, Oct 15, 2026 Close against the NAV its issuer struck the same day, 10 days from Oct 9, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer’s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then. ### Capacity Not measured: 12.1% of its long weight could be measured; the largest part not measured is foreign. ### Dealers 4 active of 4 authorized participants; the largest did 47% of creations and redemptions, in the year to Sep 30, 2024 (Form N-CEN filed Dec 13, 2024). The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (46.9%), Mirae Asset Securities (USA) Inc. (46.1%), J.P. Morgan Securities LLC (6.1%), Virtu Americas LLC (0.9%). ### How to trade IVAL When Its holdings trade on markets that close before New York, so its price can drift from their value later in the day. Watch The premium. On 95% of days it is within ±0.74%; 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 IVAL trade at a premium or discount to NAV? It closed +0.25% from its NAV on Oct 22, 2026. On 95% of the 10 days to then it was within ±0.74%, and it closed more than 1% from NAV on 0 of them. Who is the AP for IVAL? IVAL’s latest Form N-CEN, for the period ending Sep 30, 2024, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (46.9%), Mirae Asset Securities (USA) Inc. (46.1%), J.P. Morgan Securities LLC (6.1%) of the dollars its APs created and redeemed. Who is the LMM for IVAL? IVAL’s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. ### Sources and dates - Premium: ETFIQ, close against the issuer’s NAV, Oct 9, 2026 to Oct 22, 2026. - Dealers: Form N-CEN, the year to Sep 30, 2024, accession 0001145549-24-078631. ### 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, IVAL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ival/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/ival/trading/