{"url":"https://etfiq.com/funds/his/trading/","section":"funds","title":"HIS Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"HIS trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 4, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/his/trading/#data","name":"HIS trading costs and liquidity","description":"HIS 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/his/trading/","dateModified":"2026-11-04","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 HIS?","acceptedAnswer":{"@type":"Answer","text":"HIS\u2019s lead market maker (LMM) on Nasdaq is RBC Capital Markets, LLC. Lead market maker per Nasdaq, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/his#fund","name":"Humilis US Focused Opportunities ETF","alternateName":"HIS","url":"https://etfiq.com/funds/his","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"HIS"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/his#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"HIS","item":"https://etfiq.com/funds/his"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/his/trading/"}]},{"@type":"WebPage","name":"HIS Bid-Ask Spread, Liquidity and NAV Premium","description":"HIS 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/his/trading/","dateModified":"2026-11-04","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3946,"truncated":false,"content":"ETFIQ / HIS / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n HIS bid-ask spread and liquidity\n As of Nov 4, 2026, HIS\u2019s holdings can absorb $2.0bn 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 $2.0bn a day, Nov 4, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: it first traded on 2026-05-19, and no N-CEN ETF row for series S000104622 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 $2.0bn a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is Delta Air Lines Inc (DAL), 2.54% of the fund.\n How to trade HIS\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 $20m 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 HIS filled $0.03 better than the midpoint on $10,000, on average. 97% of shares filled better than the quote.\n HIS: 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 \u2212$0.03 \n Schwab customers $0.81 \n Fidelity customers $1.13 \n HIS: what retail market orders paid one way on $10,000, by month, at the wholesalers. Old format: orders of 100 to 9,999 shares, to Jul 2026. Month One way on $10,000 \n Jun 2026 (old format) $0.51 \n Jul 2026 (old format) $1.54 \n Aug 2026 $0.14 \n Sep 2026 \u2212$0.03 \n Where it trades\n In Q2 2026, odd lots were 7.3% of HIS\u2019s 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 Who is the LMM for HIS? HIS\u2019s lead market maker (LMM) on Nasdaq is RBC Capital Markets, LLC. Lead market maker per Nasdaq, as of Nov 1, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 4, 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 it trades: SEC MIDAS, Q2 2026.\n Where to next\n HIS 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 HIS 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, HIS trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/his/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, HIS trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/his/trading/ APA ETFIQ. (Nov 4, 2026). HIS trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/his/trading/ Markdown [HIS trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/his/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, HIS trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/his/trading/"}