{"url":"https://etfiq.com/funds/sepz/trading/","section":"funds","title":"SEPZ Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"SEPZ 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/sepz/trading/#data","name":"SEPZ trading costs and liquidity","description":"SEPZ 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/sepz/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 SEPZ?","acceptedAnswer":{"@type":"Answer","text":"SEPZ\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (96.4%), Merrill Lynch Professional Clearing Corp. (2.2%), Virtu Americas LLC (1.4%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for SEPZ?","acceptedAnswer":{"@type":"Answer","text":"SEPZ\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/sepz#fund","name":"TrueShares Structured Outcome (September) ETF","alternateName":"SEPZ","url":"https://etfiq.com/funds/sepz","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"SEPZ"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/sepz#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"SEPZ","item":"https://etfiq.com/funds/sepz"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/sepz/trading/"}]},{"@type":"WebPage","name":"SEPZ Bid-Ask Spread, Liquidity and NAV Premium","description":"SEPZ 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/sepz/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":3638,"truncated":false,"content":"ETFIQ / SEPZ / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n SEPZ 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, 100.0 Holdings can absorb $14.3bn a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 50.0 3 active dealers of 3; largest 96% of creations and redemptions, N-CEN to Dec 31, 2025 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 $14.3bn a day, measured on the holdings of SPY, its reference asset, as of Oct 22, 2026. The holding that sets the limit is BERKSHIRE HATHAWAY INC CL B (BRK-B), 1.54% of the fund.\n Dealers\n 3 active of 3 authorized participants; the largest did 96% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 13, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (96.4%), Merrill Lynch Professional Clearing Corp. (2.2%), Virtu Americas LLC (1.4%).\n How to trade SEPZ\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 $143m 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 SEPZ? SEPZ\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (96.4%), Merrill Lynch Professional Clearing Corp. (2.2%), Virtu Americas LLC (1.4%) of the dollars its APs created and redeemed. Who is the LMM for SEPZ? SEPZ\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 Dec 31, 2025, accession 0001936157-26-000077.\n Where to next\n SEPZ 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 SEPZ 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, SEPZ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/sepz/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, SEPZ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/sepz/trading/ APA ETFIQ. (Oct 22, 2026). SEPZ trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/sepz/trading/ Markdown [SEPZ trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/sepz/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, SEPZ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/sepz/trading/"}