{"url":"https://etfiq.com/funds/expn/trading/","section":"funds","title":"EXPN Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"EXPN trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 11, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/expn/trading/#data","name":"EXPN trading costs and liquidity","description":"EXPN 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/expn/trading/","dateModified":"2026-11-11","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 LMM for EXPN?","acceptedAnswer":{"@type":"Answer","text":"EXPN\u2019s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/expn#fund","name":"HORIZON EXPANSION LEADERS ETF","alternateName":"EXPN","url":"https://etfiq.com/funds/expn","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"EXPN"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/expn#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"EXPN","item":"https://etfiq.com/funds/expn"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/expn/trading/"}]},{"@type":"WebPage","name":"EXPN Bid-Ask Spread, Liquidity and NAV Premium","description":"EXPN 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/expn/trading/","dateModified":"2026-11-11","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3534,"truncated":false,"content":"ETFIQ / EXPN / Trading \n \n As of Nov 11, 2026. Rebuilt every trading night.\n EXPN bid-ask spread and liquidity\n As of Nov 11, 2026, EXPN\u2019s holdings can absorb $1.1bn a day.\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, 100.0 Holdings can absorb $1.1bn a day, Nov 11, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: it first traded on 2026-08-12, and no N-CEN ETF row for series S000106953 is in the quarters read (2024q4 to 2026q3) 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 Its holdings can absorb $1.1bn a day, measured on its own holdings, as of Nov 11, 2026. The holding that sets the limit is Corteva Inc (CTVA), 2.08% of the fund.\n How to trade EXPN\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 $11m is 1% of what its holdings can absorb in a day, for a buy or a sell. What retail orders paid\n In Sep 2026, retail market orders in EXPN paid $2.23 one way on $10,000, against $15 at the quote. 100% of shares filled better than the quote.\n EXPN: what retail market orders paid one way on $10,000, Sep 2026, half the effective spread. Source: SEC Rule 605 reports; computed by ETFIQ. Orders One way on $10,000 \n All wholesalers read $2.23 \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 Who is the LMM for EXPN? EXPN\u2019s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 11, 2026.\n Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ\u2019s request, so its orders are not counted.\n Where to next\n EXPN 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 EXPN 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, EXPN trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/expn/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, EXPN trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/expn/trading/ APA ETFIQ. (Nov 11, 2026). EXPN trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/expn/trading/ Markdown [EXPN trading: cost, capacity, premium and dealers (ETFIQ, Nov 11, 2026)](https://etfiq.com/funds/expn/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, EXPN trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/expn/trading/"}