# EXPN Bid-Ask Spread, Liquidity and NAV Premium

> EXPN trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.

Data as of Nov 11, 2026. Rebuilt every trading night.

As of Nov 11, 2026. Rebuilt every trading night.

## EXPN bid-ask spread and liquidity

As of Nov 11, 2026, EXPN’s holdings can absorb $1.1bn a day.

### IQ Liquidity Score

Not scored, 1 of 6 measured.

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

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)

### Capacity

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.

### How to trade EXPN

When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s 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

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.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $2.23 |

### Coming with trade data

Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data.

### Questions people ask

Who is the LMM for EXPN? EXPN’s 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

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 11, 2026.

- 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’s request, so its orders are not counted.

### Where to next

The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, EXPN trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/expn/trading/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/expn/trading/