{"url":"https://etfiq.com/funds/seis/trading/","section":"funds","title":"SEIS Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"SEIS 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/seis/trading/#data","name":"SEIS trading costs and liquidity","description":"SEIS 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/seis/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 SEIS?","acceptedAnswer":{"@type":"Answer","text":"SEIS\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 8 authorized participants (APs), and 5 created or redeemed shares. The largest were Virtu Americas LLC (72.9%), J.P. Morgan Securities LLC (13.3%), Macquarie Capital (USA) Inc. (11.2%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for SEIS?","acceptedAnswer":{"@type":"Answer","text":"SEIS\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/seis#fund","name":"SEI Select Small Cap ETF","alternateName":"SEIS","url":"https://etfiq.com/funds/seis","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"SEIS"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/seis#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"SEIS","item":"https://etfiq.com/funds/seis"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/seis/trading/"}]},{"@type":"WebPage","name":"SEIS Bid-Ask Spread, Liquidity and NAV Premium","description":"SEIS 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/seis/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":3671,"truncated":false,"content":"ETFIQ / SEIS / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n SEIS 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 Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 75.4 Holdings can absorb $183m a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 5 active dealers of 8; largest 73% of creations and redemptions, N-CEN to Mar 31, 2026 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 $183m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is ASTEC INDUSTRIES, INC. (ASTE), 0.40% of the fund.\n Dealers\n 5 active of 8 authorized participants; the largest did 73% of creations and redemptions, in the year to Mar 31, 2026 (Form N-CEN filed Jun 15, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (72.9%), J.P. Morgan Securities LLC (13.3%), Macquarie Capital (USA) Inc. (11.2%), Goldman Sachs & Co. LLC (2.0%), BofA Securities, Inc. (0.6%). 3 more were listed and created or redeemed nothing.\n How to trade SEIS\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 $2m 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 SEIS? SEIS\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 8 authorized participants (APs), and 5 created or redeemed shares. The largest were Virtu Americas LLC (72.9%), J.P. Morgan Securities LLC (13.3%), Macquarie Capital (USA) Inc. (11.2%) of the dollars its APs created and redeemed. Who is the LMM for SEIS? SEIS\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, 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 Mar 31, 2026, accession 0002048251-26-004795.\n Where to next\n SEIS 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 SEIS 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, SEIS trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/seis/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, SEIS trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/seis/trading/ APA ETFIQ. (Oct 22, 2026). SEIS trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/seis/trading/ Markdown [SEIS trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/seis/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, SEIS trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/seis/trading/"}