SEF bid-ask spread and liquidity

ProShares Short Financials

LeverageProShares$14m net assets0.95% fee

As of Oct 22, 2026, SEF’s median bid-ask spread over 30 days was 0.06%, and its IQ Liquidity Score is 87, Trades like a giant.

Overview Holdings Dividends Trading Flows Compare

IQ Liquidity Score

5 of 6 measured · Oct 22, 2026

Trades like a giant82nd percentile of 107 leverage ETFs

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 →

Trades like a giant: trades at a typical spread of 0.06%, and its holdings can absorb $1.7bn a day.

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Ask IQ about SEF bid-ask spread and liquidity

Answers cite the figures on this page.

Small but liquid

Cost to trade

0.06% median spread, 30 days to Oct 22, 2026

76.1

Capacity

Holdings can absorb $1.7bn a day, Oct 22, 2026

100.0

Price fidelity

95% of days within ±0.11% of NAV, 250 days to Oct 22, 2026

100.0

Primary market

4 active dealers of 39; largest 70% of creations and redemptions, N-CEN to May 31, 2026

65.0

Bad-day behaviour

Premium 1× normal on the 10 worst S&P 500 days, to Oct 22, 2026

100.0

Depth

Not measured · needs trade and quote data (Phase 2)

Cost for your order

One way, half its 30-day median spread; sizes above $10,000 are estimates

SEF: cost for your order at each size, round trip
Order	Dollars	Percent	Basis
$1,000	$0.30	0.03%	spread
$10,000	$3.00	0.03%	spread
$100,000	$37	0.037%	estimate
$1,000,000	$518	0.052%	estimate

Spread 0.06% median, 30 days to Oct 22, 2026. Above $10,000 the cost adds an estimate of market impact that grows with the order against the holdings’ capacity; a patient limit pays less.

Full cost to own

At $10,000

1 year

1.04%$104

fee alone 0.95% · $95

5 years

4.84%$484

fee alone 4.75% · $475

Fee, plus the round-trip spread once, plus the median premium paid at entry. Against ROM (fee 0.93%): SEF costs less to own for about 2 years; after that ROM’s lower fee makes it the cheaper fund.

Premium or discount to value

Daily, 250 days to Oct 22, 2026 · the ±1% band marked

Latest close, Oct 22

−0.02%

95% of days within

±0.11%

Days more than 1% from NAV

0 of 250

Widest

−0.14%, Jul 31, 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

$1.7bn

SEF’s holdings can absorb $1.7bn a day, measured on the holdings of XLF, the asset its multiple is on, as of Oct 22, 2026. A $1m order is 0.06% of a day’s capacity.

The holding that sets the limit: BERKSHIRE HATHAWAY INC CL B (BRK-B), 12.75% of the fund, $2.2bn 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 May 31, 2026

Active dealers

of 39 authorized

Largest

70%

of creations and redemptions

One dealer

4 active

4 of 39 authorized participants created or redeemed SEF shares in the year to May 31, 2026. From the fund’s Form N-CEN, filed Aug 14, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (70.0%), Jane Street Capital, LLC (13.4%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (9.7%), ABN AMRO Clearing USA LLC (6.9%). 35 more were listed and created or redeemed nothing.

Creations and redemptions

By week, 52 weeks to Oct 22, 2026

Oct 27 2025Each week’s net creations (green) and redemptionsOct 22 2026

$16m net created in 8 weeks and $10m net redeemed in 8, over the 52 weeks from Oct 27, 2025 to Oct 22, 2026, from the change in its shares outstanding.

How to trade SEF

To buy or to sell, up to $100,000

Order type: Limit: midpoint + 1¢ to buy, midpoint − 1¢ to sell.At the Oct 22 close of $29.82, that’s $29.83 to buy and $29.81 to sell.
When: ETF spreads are usually widest in the first minutes after the open and the last before the close.
Size: Up to $17m is 1% of what its holdings can absorb in a day, for a buy or a sell.
Watch: The premium. On 95% of days it is within ±0.11%; 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

Is SEF liquid?

SEF’s IQ Liquidity Score is 87 of 100, Trades like a giant, the 82nd percentile of 107 leverage ETFs, as of Oct 22, 2026. Its holdings can absorb $1.7bn a day.

What is SEF’s bid-ask spread?

0.06% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 1¢ a share at the Oct 22 close.

Does SEF trade at a premium or discount to NAV?

It closed −0.02% from its NAV on Oct 22, 2026. On 95% of the 250 days to then it was within ±0.11%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for SEF?

SEF’s latest Form N-CEN, for the period ending May 31, 2026, lists 39 authorized participants (APs), and 4 created or redeemed shares. The largest were Virtu Americas LLC (70.0%), Jane Street Capital, LLC (13.4%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (9.7%) of the dollars its APs created and redeemed.

Who is the LMM for SEF?

SEF’s lead market maker (LMM) on NYSE Arca is Latour Trading LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026.

What does it cost to trade $10,000 of SEF?

About $3.00 one way, 0.03%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $104 all in, against $95 for the fee alone.

How do I place a limit order for SEF?

Set the limit at the midpoint + 1¢ to buy, or the midpoint − 1¢ to sell, in your broker’s quote. At the Oct 22 close of $29.82, that’s $29.83 to buy and $29.81 to sell.

Sources and dates

SpreadProShares (fund page), 30-day median · to Oct 22, 2026

Premium to NAVETFIQ, close against the issuer’s NAV · Oct 23, 2025 to Oct 22, 2026

CapacityETFIQ, each holding’s 20-day median dollar volume · to Oct 22, 2026

DealersForm N-CEN · the year to May 31, 2026

Creations and redemptionsShares outstanding, daily, from the issuer

IQ Liquidity ScoreETFIQ · Oct 22, 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 →SEF fund page→

Cite this pageCitation, APA and Markdown

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

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