{"url":"https://etfiq.com/funds/emty/trading/","section":"funds","title":"EMTY Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Nov 12, 2026, EMTY closed +0.05% from its NAV, and on 95% of the 5 days to then it was within \u00b10.15%. No fund is recommended.","as_of":"Nov 12, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/emty/trading/#data","name":"EMTY trading costs and liquidity","description":"As of Nov 12, 2026, EMTY closed +0.05% from its NAV, and on 95% of the 5 days to then it was within \u00b10.15%. No fund is recommended.","url":"https://etfiq.com/funds/emty/trading/","dateModified":"2026-11-12","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 EMTY trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.05% from its NAV on Nov 12, 2026. On 95% of the 5 days to then it was within \u00b10.15%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for EMTY?","acceptedAnswer":{"@type":"Answer","text":"EMTY\u2019s latest Form N-CEN, for the period ending May 31, 2026, lists 39 authorized participants (APs), and 3 created or redeemed shares. The largest were Merrill Lynch, Pierce, Fenner and Smith Incorporated (43.8%), Jane Street Capital, LLC (30.0%), SG Americas Securities, LLC (26.2%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for EMTY?","acceptedAnswer":{"@type":"Answer","text":"EMTY\u2019s lead market maker (LMM) on NYSE Arca is SG Americas Securities, LLC. Lead market maker per NYSE Arca, as of Nov 9, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/emty#fund","name":"ProShares Decline of the Retail Store ETF","alternateName":"EMTY","url":"https://etfiq.com/funds/emty","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"EMTY"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/emty#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"EMTY","item":"https://etfiq.com/funds/emty"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/emty/trading/"}]},{"@type":"WebPage","name":"EMTY Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Nov 12, 2026, EMTY closed +0.05% from its NAV, and on 95% of the 5 days to then it was within \u00b10.15%. No fund is recommended.","url":"https://etfiq.com/funds/emty/trading/","dateModified":"2026-11-12","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4500,"truncated":false,"content":"ETFIQ / EMTY / Trading \n \n As of Nov 12, 2026. Rebuilt every trading night.\n EMTY bid-ask spread and liquidity\n As of Nov 12, 2026, EMTY closed +0.05% from its NAV, and on 95% of the 5 days to then it was within \u00b10.15%.\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 reference asset on its record Price fidelity Not measured: 5 days of closing premium are held, under the 20 needed Primary market, 65.0 3 active dealers of 39; largest 44% of creations and redemptions, N-CEN to May 31, 2026 Bad-day behaviour Not measured: 0 of the 10 worst days and 5 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Nov 12, 2026: +0.05%\n 95% of days within: \u00b10.15%\n Days more than 1% from NAV: 0 of 5\n Widest: \u22120.15%, Nov 6, 2026\n Close against the NAV its issuer struck the same day, 5 days from Nov 6, 2026 to Nov 12, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Not measured: no reference asset on its record.\n Dealers\n 3 active of 39 authorized participants; the largest did 44% of creations and redemptions, in the year to May 31, 2026 (Form N-CEN filed Aug 14, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch, Pierce, Fenner and Smith Incorporated (43.8%), Jane Street Capital, LLC (30.0%), SG Americas Securities, LLC (26.2%). 36 more were listed and created or redeemed nothing.\n How to trade EMTY\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. Watch The premium. On 95% of days it is within \u00b10.15%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. Where it trades\n In Q2 2026, 78% of EMTY\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 15.3% of its exchange volume.\n 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 EMTY trade at a premium or discount to NAV? It closed +0.05% from its NAV on Nov 12, 2026. On 95% of the 5 days to then it was within \u00b10.15%, and it closed more than 1% from NAV on 0 of them. Who is the AP for EMTY? EMTY\u2019s latest Form N-CEN, for the period ending May 31, 2026, lists 39 authorized participants (APs), and 3 created or redeemed shares. The largest were Merrill Lynch, Pierce, Fenner and Smith Incorporated (43.8%), Jane Street Capital, LLC (30.0%), SG Americas Securities, LLC (26.2%) of the dollars its APs created and redeemed. Who is the LMM for EMTY? EMTY\u2019s lead market maker (LMM) on NYSE Arca is SG Americas Securities, LLC. Lead market maker per NYSE Arca, as of Nov 9, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Nov 6, 2026 to Nov 12, 2026.\n Dealers: Form N-CEN, the year to May 31, 2026, accession 0002071691-26-017775.\n Where it trades: SEC MIDAS, Q2 2026, against the fund\u2019s daily volume from Tiingo.\n Where to next\n EMTY 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 EMTY 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, EMTY trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/emty/trading/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, EMTY trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/emty/trading/ APA ETFIQ. (Nov 12, 2026). EMTY trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/emty/trading/ Markdown [EMTY trading: cost, capacity, premium and dealers (ETFIQ, Nov 12, 2026)](https://etfiq.com/funds/emty/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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, EMTY trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/emty/trading/"}