# OUSM Bid-Ask Spread, Liquidity and NAV Premium > OUSM trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## OUSM bid-ask spread and liquidity ### IQ Liquidity Score Not scored, 2 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, 61.7 Holdings can absorb $71m a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 8 active dealers of 8; largest 38% 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 Its holdings can absorb $71m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is National Healthcare Corp (NHC), 3.23% of the fund. ### Dealers 8 active of 8 authorized participants; the largest did 38% of creations and redemptions, in the year to Nov 30, 2025 (Form N-CEN filed Feb 13, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Citadel Securities LLC (38.0%), Merrill Lynch Professional Clearing Corp. (28.8%), RBC Capital Markets, LLC (13.0%), Goldman Sachs & Co. LLC (8.7%), Virtu Americas LLC (5.7%), Jane Street Capital, LLC (4.9%), ABN AMRO Clearing USA LLC (0.8%), HRT Financial LP (0.3%). ### How to trade OUSM 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. Size Up to $709,521 is 1% of what its holdings can absorb in a day, for a buy or a sell. ### 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 OUSM? OUSM’s latest Form N-CEN, for the period ending Nov 30, 2025, lists 8 authorized participants (APs), and 8 created or redeemed shares. The largest were Citadel Securities LLC (38.0%), Merrill Lynch Professional Clearing Corp. (28.8%), RBC Capital Markets, LLC (13.0%) of the dollars its APs created and redeemed. Who is the LMM for OUSM? OUSM’s lead market maker (LMM) on NYSE Arca is Latour Trading LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. ### Sources and dates - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 22, 2026. - Dealers: Form N-CEN, the year to Nov 30, 2025, accession 0001049169-26-000159. ### 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, OUSM trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ousm/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/ousm/trading/