MRGR bid-ask spread and liquidity

ProShares Merger ETF

AlternativesProShares$16m net assets0.75% fee

Share on X Download as PDF

As of Oct 22, 2026, MRGR’s median bid-ask spread over 30 days was 0.13%, and its IQ Liquidity Score is 73, Liquid.

Overview Dividends Trading Flows Compare

IQ Liquidity Score

4 of 6 measured · Oct 22, 2026

Liquid

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 →

Liquid: trades at a typical spread of 0.13%.

Ask IQ about this page

Ask IQ about MRGR bid-ask spread and liquidity

Answers cite the figures on this page.

Small but liquid

Cost to trade

0.13% median spread, 30 days to Oct 22, 2026

59.4

Capacity

Not measured · no book of its holdings is read

Price fidelity

95% of days within ±0.49% of NAV, 250 days to Oct 22, 2026

71.7

Primary market

6 active dealers of 39; largest 54% of creations and redemptions, N-CEN to May 31, 2026

85.0

Bad-day behaviour

Premium 0.8129× normal on the 10 worst S&P 500 days, to Oct 22, 2026

100.0

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

MRGR: cost for your order at each size, round trip
Order	Dollars	Percent	Basis
$1,000	$0.65	0.065%	spread
$10,000	$6.50	0.065%	spread

Spread 0.13% 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

1.06%$106

fee alone 0.75% · $75

5 years

4.06%$406

fee alone 3.75% · $375

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

Latest close, Oct 22

+0.07%

95% of days within

±0.49%

Days more than 1% from NAV

0 of 250

Widest

+0.77%, Jan 14, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ.

Capacity

What the holdings can absorb a day

Not measured: no book of its holdings is read.

Dealers

Authorized participants · N-CEN, the year to May 31, 2026

Active dealers

of 39 authorized

Largest

54%

of creations and redemptions

One dealer

6 active

6 of 39 authorized participants created or redeemed MRGR 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: UBS Securities LLC (54.4%), BNP Paribas Securities Corp. (14.0%), SG Americas Securities, LLC (14.0%), Mizuho Securities USA LLC (8.1%), BofA Securities, Inc. (8.0%), Virtu Americas LLC (1.4%). 33 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

$20m net created in 4 weeks and $17m net redeemed in 1, over the 52 weeks from Oct 27, 2025 to Oct 22, 2026, from the change in its shares outstanding.

How to trade MRGR

To buy or to sell, up to $100,000

Order type: Limit: midpoint + 3¢ to buy, midpoint − 3¢ to sell.At the Oct 22 close of $45.60, that’s $45.63 to buy and $45.57 to sell.
When: ETF spreads are usually widest in the first minutes after the open and the last before the close.
Watch: The premium. On 95% of days it is within ±0.49%; 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 MRGR liquid?

MRGR’s IQ Liquidity Score is 73 of 100, Liquid, as of Oct 22, 2026.

What is MRGR’s bid-ask spread?

0.13% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 3¢ a share at the Oct 22 close.

Does MRGR trade at a premium or discount to NAV?

It closed +0.07% from its NAV on Oct 22, 2026. On 95% of the 250 days to then it was within ±0.49%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for MRGR?

MRGR’s latest Form N-CEN, for the period ending May 31, 2026, lists 39 authorized participants (APs), and 6 created or redeemed shares. The largest were UBS Securities LLC (54.4%), BNP Paribas Securities Corp. (14.0%), SG Americas Securities, LLC (14.0%) of the dollars its APs created and redeemed.

Who is the LMM for MRGR?

MRGR’s lead market maker (LMM) on Cboe BZX is RBC Capital Markets, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026.

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

About $6.50 one way, 0.065%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $106 all in, against $75 for the fee alone.

How do I place a limit order for MRGR?

Set the limit at the midpoint + 3¢ to buy, or the midpoint − 3¢ to sell, in your broker’s quote. At the Oct 22 close of $45.60, that’s $45.63 to buy and $45.57 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 →MRGR fund page→

Cite this pageCitation, APA and Markdown

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

Open data →

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