{"url":"https://etfiq.com/funds/nism/trading/","section":"funds","title":"NISM Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"NISM trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 12, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/nism/trading/#data","name":"NISM trading costs and liquidity","description":"NISM 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/nism/trading/","dateModified":"2026-11-12","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":"InvestmentFund","@id":"https://etfiq.com/funds/nism#fund","name":"NYLIM International Small-Mid Cap Equity ETF","alternateName":"NISM","url":"https://etfiq.com/funds/nism","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"NISM"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/nism#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"NISM","item":"https://etfiq.com/funds/nism"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/nism/trading/"}]},{"@type":"WebPage","name":"NISM Bid-Ask Spread, Liquidity and NAV Premium","description":"NISM 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/nism/trading/","dateModified":"2026-11-12","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":2792,"truncated":false,"content":"ETFIQ / NISM / Trading \n \n As of Nov 12, 2026. Rebuilt every trading night.\n NISM bid-ask spread and liquidity\n As of Nov 12, 2026, NISM is not scored: ETFIQ reads 0 of its 6 trading measures.\n IQ Liquidity Score\n Not scored, 0 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 Not measured: 5.3% of its long weight could be measured; the largest part not measured is foreign Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: it first traded on 2026-05-13, and no N-CEN ETF row for series S000101653 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 Not measured: 5.3% of its long weight could be measured; the largest part not measured is foreign.\n How to trade NISM\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. Where it trades\n In Q2 2026, 100% of NISM\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 2.1% of its 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 Sources and dates\n Where it trades: SEC MIDAS, Q2 2026, against the fund\u2019s daily volume from Tiingo.\n Where to next\n NISM 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 NISM 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, NISM trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/nism/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, NISM trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/nism/trading/ APA ETFIQ. (Nov 12, 2026). NISM trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/nism/trading/ Markdown [NISM trading: cost, capacity, premium and dealers (ETFIQ, Nov 12, 2026)](https://etfiq.com/funds/nism/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, NISM trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/nism/trading/"}