IQ
SECT
Main Sector Rotation ETF
Category StocksIssuer MainNet assets $2.8bnFee 0.69%
Trading · Main Sector Rotation ETF

SECT bid-ask spread and liquidity

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As of Nov 4, 2026, SECT’s holdings can absorb at most up to $456m a day.

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SECT fund page
·
Not scored

IQ Liquidity Score

· 1 of 6 measured · Nov 4, 2026
$456m
its holdings can absorb a day, at most
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

One dealer
Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
·
Capacity
Holdings can absorb up to $456m a day; part of the book has no volume data
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Price fidelity
Not measured · no closing premium is held for this fund
·
Primary market
4 active dealers of 6; largest 85% of creations and redemptions, N-CEN to Oct 31, 2025
50.0
Bad-day behaviour
Not measured · no daily closing premium is held for this fund
·
Depth
Not measured · needs trade and quote data
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Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

CapacityWhat its holdings making up 95% of the weight can absorb a day, at 10% of each one’s volume
Holdings can absorb, at most
$456m

SECT’s holdings can absorb up to $456m a day, measured on its own holdings, as of Nov 4, 2026. Part of its book has no volume data, so this is an upper bound.

The holding that sets the limit: SELECT SECTOR SPDR TRUST (THE) (XLK), 38.39% of the fund, $1.8bn a day traded, the median of 20 days to Nov 4, 2026.

Who makes the market

Authorized participants · N-CEN, the year to Oct 31, 2025
Active dealers
4
of 6 authorized
Largest
85%
of creations and redemptions
One dealer
No
4 active

4 of 6 authorized participants created or redeemed SECT shares in the year to Oct 31, 2025. From the fund’s Form N-CEN, filed Jan 14, 2026.

APs create and redeem shares. Every AP →

Active APs, largest first, by share of dollars created and redeemed: Virtu Americas LLC (85.2%), Merrill Lynch Professional Clearing Corp. (9.0%), Goldman Sachs & Co. LLC (5.0%), Jane Street Capital, LLC (0.8%). 2 more were listed and created or redeemed nothing.

What retail orders paid

One way on $10,000, Sep 2026
All wholesalers read
$0.78
Fidelity customers
$0.27
Schwab customers
$1.26

In Sep 2026, retail market orders in SECT paid $0.78 one way on $10,000, against $2.49 at the quote.

80% of shares filled better than the quote.

Aug 2025Grey: old format, orders of 100 to 9,999 sharesSep 2026

Where it trades

Q2 2026, 62 trading days
Odd lots, of exchange volume
17.1%

In Q2 2026, odd lots were 17.1% of SECT’s exchange volume.

Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.

How to place the order

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 data, so the room for a large order is an upper bound.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Retail flow, estimated

Trades priced in fractions of a cent, a sign of retail orders.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

Who is the AP for SECT?

SECT’s latest Form N-CEN, for the period ending Oct 31, 2025, lists 6 authorized participants (APs), and 4 created or redeemed shares. The largest were Virtu Americas LLC (85.2%), Merrill Lynch Professional Clearing Corp. (9.0%), Goldman Sachs & Co. LLC (5.0%) of the dollars its APs created and redeemed.

Who is the LMM for SECT?

SECT’s lead market maker (LMM) on Cboe BZX is Virtu Americas LLC. Lead market maker per Cboe BZX, as of Nov 1, 2026.
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 →SECT fund page→
Sources and dates
CapacityETFIQ, each holding’s 20-day median dollar volume · to Nov 4, 2026
DealersForm N-CEN · the year to Oct 31, 2025
Retail ordersSEC Rule 605 reports · Sep 2026
Where it tradesSEC MIDAS · Q2 2026

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

Cite this pageCitation, APA and Markdown

ETFIQ, SECT trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/sect/trading/

Open data →

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