{"url":"https://etfiq.com/funds/xoef/trading/","section":"funds","title":"XOEF Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, XOEF closed +0.02% from its NAV, and on 95% of the 251 days to then it was within \u00b10.12%. No fund is recommended.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/xoef/trading/#data","name":"XOEF trading costs and liquidity","description":"As of Oct 22, 2026, XOEF closed +0.02% from its NAV, and on 95% of the 251 days to then it was within \u00b10.12%. No fund is recommended.","url":"https://etfiq.com/funds/xoef/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 XOEF trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.02% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within \u00b10.12%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for XOEF?","acceptedAnswer":{"@type":"Answer","text":"XOEF\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 36 authorized participants (APs), and 4 created or redeemed shares. The largest were Citigroup Global Markets Inc. (45.6%), ABN AMRO Clearing USA LLC (43.0%), UBS Securities LLC (7.7%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for XOEF?","acceptedAnswer":{"@type":"Answer","text":"XOEF\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/xoef#fund","name":"iShares S&P 500 ex S&P 100 ETF","alternateName":"XOEF","url":"https://etfiq.com/funds/xoef","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"XOEF"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/xoef#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"XOEF","item":"https://etfiq.com/funds/xoef"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/xoef/trading/"}]},{"@type":"WebPage","name":"XOEF Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, XOEF closed +0.02% from its NAV, and on 95% of the 251 days to then it was within \u00b10.12%. No fund is recommended.","url":"https://etfiq.com/funds/xoef/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":4497,"truncated":false,"content":"ETFIQ / XOEF / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n XOEF bid-ask spread and liquidity\n As of Oct 22, 2026, XOEF closed +0.02% from its NAV, and on 95% of the 251 days to then it was within \u00b10.12%.\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 $5.6bn a day, Oct 22, 2026 Price fidelity, 100.0 95% of days within \u00b10.12% of NAV, 251 days to Oct 22, 2026 Primary market, 65.0 4 active dealers of 36; largest 46% of creations and redemptions, N-CEN to Mar 31, 2026 Bad-day behaviour, 93.9 Premium 1.0881\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: +0.02%\n 95% of days within: \u00b10.12%\n Days more than 1% from NAV: 0 of 251\n Widest: +0.50%, Nov 13, 2025\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 $5.6bn a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is AFLAC (AFL), 0.31% of the fund.\n Dealers\n 4 active of 36 authorized participants; the largest did 46% of creations and redemptions, in the year to Mar 31, 2026 (Form N-CEN filed Jun 15, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Citigroup Global Markets Inc. (45.6%), ABN AMRO Clearing USA LLC (43.0%), UBS Securities LLC (7.7%), Virtu Americas LLC (3.8%). 32 more were listed and created or redeemed nothing.\n How to trade XOEF\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 $56m 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 \u00b10.12%; 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 XOEF trade at a premium or discount to NAV? It closed +0.02% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within \u00b10.12%, and it closed more than 1% from NAV on 0 of them. Who is the AP for XOEF? XOEF\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 36 authorized participants (APs), and 4 created or redeemed shares. The largest were Citigroup Global Markets Inc. (45.6%), ABN AMRO Clearing USA LLC (43.0%), UBS Securities LLC (7.7%) of the dollars its APs created and redeemed. Who is the LMM for XOEF? XOEF\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 Mar 31, 2026, accession 0001004726-26-004646.\n Where to next\n XOEF 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 XOEF 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, XOEF trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/xoef/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, XOEF trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/xoef/trading/ APA ETFIQ. (Oct 22, 2026). XOEF trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/xoef/trading/ Markdown [XOEF trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/xoef/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, XOEF trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/xoef/trading/"}