ION bid-ask spread and liquidity

ProShares S&P Global Core Battery Metals ETF
ThemesProShares$10m net assets0.58% fee
Share

As of Oct 22, 2026, ION’s median bid-ask spread over 30 days was 0.56%, and its IQ Liquidity Score is 41, Thin.

OverviewHoldingsDividendsTradingFlowsCompare

IQ Liquidity Score

4 of 6 measured · Oct 22, 2026
41
Thin
0 · Hard to trade100 · Trades like a giant

The IQ Liquidity Score: 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 trades, not whether to own it. Method →

Thin: its typical spread is 0.56% of its price.

Ask IQ about this page

Ask IQ about ION bid-ask spread and liquidity

Answers cite the figures on this page.

Price can drift from value
Cost to trade
0.56% median spread, 30 days to Oct 22, 2026
27.6
Capacity
Not measured · 16.7% of its long weight could be measured; the largest part not measured is unresolved
·
Price fidelity
95% of days within ±1.97% of NAV, 250 days to Oct 22, 2026
31.3
Primary market
4 active dealers of 39; largest 31% of creations and redemptions, N-CEN to May 31, 2026
65.0
Bad-day behaviour
Premium 1.6773× normal on the 10 worst S&P 500 days, to Oct 22, 2026
62.7
Depth
Not measured · needs trade and quote data (Phase 2)
·

Cost for your order

One way, half its 30-day median spread; sizes above $10,000 are estimates
ION: cost for your order at each size, round trip
OrderDollarsPercentBasis
$1,000$2.800.28%spread
$10,000$280.28%spread

Spread 0.56% median, 30 days to Oct 22, 2026. Above $10,000 the cost adds an estimate of market impact that grows with the order against the holdings’ capacity; a patient limit pays less.

Full cost to own

At $10,000
1 year
1.76%$176
fee alone 0.58% · $58
5 years
4.08%$408
fee alone 2.90% · $290

Fee, plus the round-trip spread once, plus the median premium paid at entry.

Premium or discount to value

Daily, 250 days to Oct 22, 2026 · the ±1% band marked
ION premium or discount to NAV, 250 days+1%0−1%Oct 23, 2025Oct 22, 2026
Latest close, Oct 22
−0.80%
95% of days within
±1.97%
Days more than 1% from NAV
71 of 250
Widest
−3.42%, Jun 5, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

Capacity

What the holdings can absorb a day

Not measured: 16.7% of its long weight could be measured; the largest part not measured is unresolved.

Dealers

Authorized participants · N-CEN, the year to May 31, 2026
Active dealers
4
of 39 authorized
Largest
31%
of creations and redemptions
One dealer
No
4 active

4 of 39 authorized participants created or redeemed ION shares in the year to May 31, 2026. From the fund’s Form N-CEN, filed Aug 14, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (31.4%), Jane Street Capital, LLC (30.9%), UBS Securities LLC (29.0%), BofA Securities, Inc. (8.7%). 35 more were listed and created or redeemed nothing.

Creations and redemptions

By week, 52 weeks to Oct 22, 2026
Oct 27 2025Each week’s net creations (green) and redemptionsOct 22 2026

$13m net created in 7 weeks and $3m net redeemed in 2, over the 52 weeks from Oct 27, 2025 to Oct 22, 2026, from the change in its shares outstanding.

How to trade ION

To buy or to sell, up to $100,000
Order type
Limit: midpoint + 11¢ to buy, midpoint − 11¢ to sell.At the Oct 22 close of $38.94, that’s $39.05 to buy and $38.83 to sell.
When
Its holdings trade on markets that close before New York, so its price can drift from their value later in the day.
Watch
The premium. On 95% of days it is within ±1.97%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.
Phase 2 · drawn now, filled when trade data arrives
Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Share of volume at the ask against at the bid.

Retail flow, estimatedComing with trade data

Sub-penny prints as a share of volume.

Large tradesComing with trade data

Prints above $500k, count and share.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

Is ION liquid?

ION’s IQ Liquidity Score is 41 of 100, Thin, as of Oct 22, 2026.

What is ION’s bid-ask spread?

0.56% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 11¢ a share at the Oct 22 close.

Does ION trade at a premium or discount to NAV?

It closed −0.80% from its NAV on Oct 22, 2026. On 95% of the 250 days to then it was within ±1.97%, and it closed more than 1% from NAV on 71 of them.

Who is the AP for ION?

ION’s latest Form N-CEN, for the period ending May 31, 2026, lists 39 authorized participants (APs), and 4 created or redeemed shares. The largest were J.P. Morgan Securities LLC (31.4%), Jane Street Capital, LLC (30.9%), UBS Securities LLC (29.0%) of the dollars its APs created and redeemed.

Who is the LMM for ION?

ION’s lead market maker (LMM) on NYSE Arca is Susquehanna Securities, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026.

What does it cost to trade $10,000 of ION?

About $28 one way, 0.28%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $176 all in, against $58 for the fee alone.

How do I place a limit order for ION?

Set the limit at the midpoint + 11¢ to buy, or the midpoint − 11¢ to sell, in your broker’s quote. At the Oct 22 close of $38.94, that’s $39.05 to buy and $38.83 to sell.
Sources and dates
SpreadProShares (fund page), 30-day median · to Oct 22, 2026
Premium to NAVETFIQ, close against the issuer’s NAV · Oct 23, 2025 to Oct 22, 2026
DealersForm N-CEN · the year to May 31, 2026
Creations and redemptionsShares outstanding, daily, from the issuer
IQ Liquidity ScoreETFIQ · Oct 22, 2026
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →ION fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, ION trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ion/trading/

Open data →

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.