{"url":"https://etfiq.com/funds/ehls/trading/","section":"funds","title":"EHLS Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"EHLS trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Jun 9, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/ehls/trading/#data","name":"EHLS trading costs and liquidity","description":"EHLS trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/ehls/trading/","dateModified":"2026-06-09","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":"Who is the AP for EHLS?","acceptedAnswer":{"@type":"Answer","text":"EHLS\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Virtu Americas LLC (66.9%), Mirae Asset Securities (USA) Inc. (16.3%), Goldman Sachs & Co. LLC (7.5%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for EHLS?","acceptedAnswer":{"@type":"Answer","text":"EHLS\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/ehls#fund","name":"Even Herd Long Short ETF","alternateName":"EHLS","url":"https://etfiq.com/funds/ehls","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"EHLS"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/ehls#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"EHLS","item":"https://etfiq.com/funds/ehls"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/ehls/trading/"}]},{"@type":"WebPage","name":"EHLS Bid-Ask Spread, Liquidity and NAV Premium","description":"EHLS trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/ehls/trading/","dateModified":"2026-06-09","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3337,"truncated":false,"content":"ETFIQ / EHLS / Trading \n \n As of Jun 9, 2026. Rebuilt every trading night.\n EHLS bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 1 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 Not measured: no book of its holdings is read Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 5 active dealers of 5; largest 67% of creations and redemptions, N-CEN to Mar 31, 2026 Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2) \n Capacity\n Not measured: no book of its holdings is read.\n Dealers\n 5 active of 5 authorized participants; the largest did 67% of creations and redemptions, in the year to Mar 31, 2026 (Form N-CEN filed Jun 9, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (66.9%), Mirae Asset Securities (USA) Inc. (16.3%), Goldman Sachs & Co. LLC (7.5%), Merrill Lynch Professional Clearing Corp. (5.2%), Jane Street Capital, LLC (4.2%).\n How to trade EHLS\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. 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 Who is the AP for EHLS? EHLS\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Virtu Americas LLC (66.9%), Mirae Asset Securities (USA) Inc. (16.3%), Goldman Sachs & Co. LLC (7.5%) of the dollars its APs created and redeemed. Who is the LMM for EHLS? EHLS\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Mar 31, 2026, accession 0000894189-26-017700.\n Where to next\n EHLS 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 EHLS 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, EHLS trading: cost, capacity, premium and dealers, data as of Jun 9, 2026. https://etfiq.com/funds/ehls/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, EHLS trading: cost, capacity, premium and dealers, data as of Jun 9, 2026. https://etfiq.com/funds/ehls/trading/ APA ETFIQ. (Jun 9, 2026). EHLS trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/ehls/trading/ Markdown [EHLS trading: cost, capacity, premium and dealers (ETFIQ, Jun 9, 2026)](https://etfiq.com/funds/ehls/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, EHLS trading: cost, capacity, premium and dealers, data as of Jun 9, 2026. https://etfiq.com/funds/ehls/trading/"}