ORR bid-ask spread and liquidity

Militia Long/Short Equity ETF
AlternativesMilitia$367m net assets
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Ask IQ about ORR bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewTradingFlowsCompare

IQ Liquidity Score

1 of 6 measured · Feb 11, 2026
·
Not scored
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 →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
·
Capacity
Not measured · no book of its holdings is read
·
Price fidelity
Not measured · no closing premium is held for this fund
·
Primary market
5 active dealers of 5; largest 60% of creations and redemptions, N-CEN to Nov 30, 2025
85.0
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

What the holdings can absorb a day

Not measured: no book of its holdings is read.

Dealers

Authorized participants · N-CEN, the year to Nov 30, 2025
Active dealers
5
of 5 authorized
Largest
60%
of creations and redemptions
One dealer
No
5 active

5 of 5 authorized participants created or redeemed ORR shares in the year to Nov 30, 2025. From the fund’s Form N-CEN, filed Feb 11, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (60.0%), Jane Street Capital, LLC (16.5%), J.P. Morgan Securities LLC (15.9%), Virtu Americas LLC (6.5%), Merrill Lynch Professional Clearing Corp. (1.0%).

How to trade ORR

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
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

Who is the AP for ORR?

ORR’s latest Form N-CEN, for the period ending Nov 30, 2025, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (60.0%), Jane Street Capital, LLC (16.5%), J.P. Morgan Securities LLC (15.9%) of the dollars its APs created and redeemed.

Who is the LMM for ORR?

ORR’s lead market maker (LMM) on Nasdaq is GTS Securities LLC. Lead market maker per Nasdaq, as of Oct 23, 2026.
Sources and dates
DealersForm N-CEN · the year to Nov 30, 2025
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 →ORR fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, ORR trading: cost, capacity, premium and dealers, data as of Feb 11, 2026. https://etfiq.com/funds/orr/trading/

Open data →

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