# MLN Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 22, 2026, MLN closed +0.42% from its NAV, and on 95% of the 250 days to then it was within ±0.49%. No fund is recommended. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## MLN bid-ask spread and liquidity As of Oct 22, 2026, MLN closed +0.42% from its NAV, and on 95% of the 250 days to then it was within ±0.49%. ### 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: its holdings are bonds, which have no volume source here Price fidelity, 70.5 95% of days within ±0.49% of NAV, 250 days to Oct 22, 2026 Primary market, 85.0 7 active dealers of 40; largest 36% of creations and redemptions, N-CEN to Apr 30, 2026 Bad-day behaviour, 100.0 Premium 0.9843× 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: +0.42% - 95% of days within: ±0.49% - Days more than 1% from NAV: 0 of 250 - Widest: +0.83%, Dec 23, 2025 Close against the NAV its issuer struck the same day, 250 days from Oct 23, 2025 to Oct 22, 2026. Source: ETFIQ from the issuer’s NAV and closing price. ### Capacity Not measured: its holdings are bonds, which have no volume source here. ### Dealers 7 active of 40 authorized participants; the largest did 36% of creations and redemptions, in the year to Apr 30, 2026 (Form N-CEN filed Jul 8, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (36.5%), Jane Street Capital, LLC (20.8%), Macquarie Capital (USA) Inc. (12.7%), J.P. Morgan Securities LLC (12.7%), Virtu Americas LLC (7.1%), Merrill Lynch Professional Clearing Corp. (6.7%), Pershing LLC (3.6%). 33 more were listed and created or redeemed nothing. ### How to trade MLN 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 ±0.49%; 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 MLN trade at a premium or discount to NAV? It closed +0.42% from its NAV on Oct 22, 2026. On 95% of the 250 days to then it was within ±0.49%, and it closed more than 1% from NAV on 0 of them. Who is the AP for MLN? MLN’s latest Form N-CEN, for the period ending Apr 30, 2026, lists 40 authorized participants (APs), and 7 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (36.5%), Jane Street Capital, LLC (20.8%), Macquarie Capital (USA) Inc. (12.7%) of the dollars its APs created and redeemed. Who is the LMM for MLN? MLN’s lead market maker (LMM) on Cboe BZX is Jane Street Capital, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. ### Sources and dates - Premium: ETFIQ, close against the issuer’s NAV, Oct 23, 2025 to Oct 22, 2026. - Dealers: Form N-CEN, the year to Apr 30, 2026, accession 0001410368-26-069245. ### 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, MLN trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/mln/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/mln/trading/