OZEM bid-ask spread and liquidity

Roundhill GLP-1 & Weight Loss ETF
ThemesRoundhill$56m net assets0.59% fee
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As of Oct 22, 2026, OZEM closed +0.10% from its NAV, and on 95% of the 15 days to then it was within ±0.48%.

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Ask IQ about OZEM bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewHoldingsDividendsTradingFlowsCompare

IQ Liquidity Score

1 of 6 measured · Oct 22, 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
Holdings can absorb up to $32,122 a day; part of the book has no volume figure
·
Price fidelity
Not measured · 15 days of closing premium are held, under the 20 needed
·
Primary market
5 active dealers of 5; largest 61% of creations and redemptions, N-CEN to Dec 31, 2025
85.0
Bad-day behaviour
Not measured · 0 of the 10 worst days and 15 other days are held, under the 5 and 60 needed
·
Depth
Not measured · needs trade and quote data (Phase 2)
·

Premium or discount to value

Daily, 15 days to Oct 22, 2026 · the ±1% band marked
OZEM premium or discount to NAV, 15 days+1%0−1%Sep 11, 2026Oct 22, 2026
Latest close, Oct 22
+0.10%
95% of days within
±0.48%
Days more than 1% from NAV
0 of 15
Widest
−0.48%, Oct 19, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ.

Capacity

What the holdings can absorb a day, at 10% of each one’s volume
Holdings can absorb, at most
$32,122

OZEM’s holdings can absorb up to $32,122 a day, measured on its own holdings, as of Oct 22, 2026. Part of its book has no volume figure, so this is an upper bound.

The holding that sets the limit: Zealand Pharma A/S (ZLDPF), 3.41% of the fund, $10,974 a day traded, the median of 20 days to Oct 22, 2026. Capacity is the least of the holding-level ratios over the holdings making up 95% of the weight.

Dealers

Authorized participants · N-CEN, the year to Dec 31, 2025
Active dealers
5
of 5 authorized
Largest
61%
of creations and redemptions
One dealer
No
5 active

5 of 5 authorized participants created or redeemed OZEM shares in the year to Dec 31, 2025. From the fund’s Form N-CEN, filed Mar 13, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (60.6%), Jane Street Capital, LLC (18.8%), J.P. Morgan Securities LLC (11.4%), Virtu Americas LLC (4.6%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (4.6%).

How to trade OZEM

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.
Size
Part of its book has no volume figure, so the room for a large order is an upper bound.
Watch
The premium. On 95% of days it is within ±0.48%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.
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

Does OZEM trade at a premium or discount to NAV?

It closed +0.10% from its NAV on Oct 22, 2026. On 95% of the 15 days to then it was within ±0.48%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for OZEM?

OZEM’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (60.6%), Jane Street Capital, LLC (18.8%), J.P. Morgan Securities LLC (11.4%) of the dollars its APs created and redeemed.

Who is the LMM for OZEM?

OZEM’s lead market maker (LMM) on Nasdaq is Old Mission Capital LLC. Lead market maker per Nasdaq, as of Oct 23, 2026.
Sources and dates
Premium to NAVETFIQ, close against the issuer’s NAV · Sep 11, 2026 to Oct 22, 2026
CapacityETFIQ, each holding’s 20-day median dollar volume · to Oct 22, 2026
DealersForm N-CEN · the year to Dec 31, 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 →OZEM fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, OZEM trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/ozem/trading/

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