# ORR Bid-Ask Spread, Liquidity and NAV Premium > ORR trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Feb 11, 2026. Rebuilt every trading night. As of Feb 11, 2026. Rebuilt every trading night. ## ORR bid-ask spread and liquidity ### IQ Liquidity Score Not scored, 1 of 6 measured. 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 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, 85.0 5 active dealers of 5; largest 60% of creations and redemptions, N-CEN to Nov 30, 2025 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 Not measured: no book of its holdings is read. ### Dealers 5 active of 5 authorized participants; the largest did 60% of creations and redemptions, in the year to Nov 30, 2025 (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 When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data. ### Coming with trade data Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### 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 - Dealers: Form N-CEN, the year to Nov 30, 2025, accession 0000894189-26-003572. ### Where to next The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, ORR trading: cost, capacity, premium and dealers, data as of Feb 11, 2026. https://etfiq.com/funds/orr/trading/ Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/orr/trading/