USOY bid-ask spread and liquidity

Defiance Oil Enhanced Options Income ETF
IncomeDefiance$76m net assets1.12% fee
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As of Oct 22, 2026, USOY closed +0.13% from its NAV, and on 95% of the 15 days to then it was within ±0.39%.

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Ask IQ about USOY bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewDividendsTradingFlowsCompare

IQ Liquidity Score

1 of 6 measured · Oct 22, 2026
·
Not scored
0 · Hard to trade100 · Trades like a giant

The IQ Liquidity Score: 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 trades, not whether to own it. Method →

One dealer
Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
·
Capacity
Not measured · its book carries no long weight outside cash
·
Price fidelity
Not measured · 15 days of closing premium are held, under the 20 needed
·
Primary market
3 active dealers of 3; largest 86% of creations and redemptions, N-CEN to Aug 31, 2024
50.0
Bad-day behaviour
Not measured · 0 of the 10 worst days and 15 other days are held, under the 5 and 60 needed
·
Depth
Not measured · needs trade and quote data (Phase 2)
·

Premium or discount to value

Daily, 15 days to Oct 22, 2026 · the ±1% band marked
USOY premium or discount to NAV, 15 days+1%0−1%Sep 11, 2026Oct 22, 2026
Latest close, Oct 22
+0.13%
95% of days within
±0.39%
Days more than 1% from NAV
0 of 15
Widest
+0.39%, Oct 21, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ.

Capacity

What the holdings can absorb a day

Not measured: its book carries no long weight outside cash.

Dealers

Authorized participants · N-CEN, the year to Aug 31, 2024
Active dealers
3
of 3 authorized
Largest
86%
of creations and redemptions
One dealer
No
3 active

3 of 3 authorized participants created or redeemed USOY shares in the year to Aug 31, 2024. From the fund’s Form N-CEN, filed Nov 14, 2024.

The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (86.0%), J.P. Morgan Securities LLC (7.0%), Merrill Lynch Professional Clearing Corp. (7.0%).

How to trade USOY

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Watch
The premium. On 95% of days it is within ±0.39%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.
Phase 2 · drawn now, filled when trade data arrives
Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Share of volume at the ask against at the bid.

Retail flow, estimatedComing with trade data

Sub-penny prints as a share of volume.

Large tradesComing with trade data

Prints above $500k, count and share.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

Does USOY trade at a premium or discount to NAV?

It closed +0.13% from its NAV on Oct 22, 2026. On 95% of the 15 days to then it was within ±0.39%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for USOY?

USOY’s latest Form N-CEN, for the period ending Aug 31, 2024, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (86.0%), J.P. Morgan Securities LLC (7.0%), Merrill Lynch Professional Clearing Corp. (7.0%) of the dollars its APs created and redeemed.

Who is the LMM for USOY?

USOY’s lead market maker (LMM) on Nasdaq is Old Mission Capital LLC. Lead market maker per Nasdaq, as of Oct 23, 2026.
Sources and dates
Premium to NAVETFIQ, close against the issuer’s NAV · Sep 11, 2026 to Oct 22, 2026
DealersForm N-CEN · the year to Aug 31, 2024
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →USOY fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, USOY trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/usoy/trading/

Open data →

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.