{"url":"https://etfiq.com/funds/ovs/trading/","section":"funds","title":"OVS Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"OVS trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/ovs/trading/#data","name":"OVS trading costs and liquidity","description":"OVS 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/ovs/trading/","dateModified":"2026-10-22","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":"FAQPage","mainEntity":[{"@type":"Question","name":"Who is the AP for OVS?","acceptedAnswer":{"@type":"Answer","text":"OVS\u2019s latest Form N-CEN, for the period ending Aug 31, 2024, lists 2 authorized participants (APs), and 2 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (86.3%), Virtu Americas LLC (13.7%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for OVS?","acceptedAnswer":{"@type":"Answer","text":"OVS\u2019s lead market maker (LMM) on Cboe BZX is Wolverine Trading, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/ovs#fund","name":"Overlay Shares Small Cap Equity ETF","alternateName":"OVS","url":"https://etfiq.com/funds/ovs","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"OVS"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/ovs#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"OVS","item":"https://etfiq.com/funds/ovs"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/ovs/trading/"}]},{"@type":"WebPage","name":"OVS Bid-Ask Spread, Liquidity and NAV Premium","description":"OVS 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/ovs/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3529,"truncated":false,"content":"ETFIQ / OVS / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n OVS bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 2 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 Flags: One dealer.\n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 56.0 Holdings can absorb $48m a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 30.0 2 active dealers of 2; largest 86% of creations and redemptions, N-CEN to Aug 31, 2024 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 Its holdings can absorb $48m a day, measured on its own holdings, a stock book measured in full, as of Oct 22, 2026. The holding that sets the limit is iShares Core S&P Small-Cap ETF (IJR), 100.03% of the fund.\n Dealers\n 2 active of 2 authorized participants; the largest did 86% of creations and redemptions, in the year to Aug 31, 2024 (Form N-CEN filed Nov 14, 2024).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (86.3%), Virtu Americas LLC (13.7%).\n How to trade OVS\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. Size Up to $478,557 is 1% of what its holdings can absorb in a day, for a buy or a sell. 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 Questions people ask\n Who is the AP for OVS? OVS\u2019s latest Form N-CEN, for the period ending Aug 31, 2024, lists 2 authorized participants (APs), and 2 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (86.3%), Virtu Americas LLC (13.7%) of the dollars its APs created and redeemed. Who is the LMM for OVS? OVS\u2019s lead market maker (LMM) on Cboe BZX is Wolverine Trading, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Aug 31, 2024, accession 0001145549-24-069226.\n Where to next\n OVS 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 OVS 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, OVS trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ovs/trading/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, OVS trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ovs/trading/ APA ETFIQ. (Oct 22, 2026). OVS trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/ovs/trading/ Markdown [OVS trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/ovs/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":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, OVS trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ovs/trading/"}