SETM bid-ask spread and liquidity

Sprott Critical Materials ETF
ThemesSprott$427m net assets0.65% fee
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As of Oct 20, 2026, SETM’s median bid-ask spread over 30 days was 0.38%.

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Ask IQ about SETM bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewHoldingsDividendsTradingFlowsCompare

IQ Liquidity Score

2 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
0.38% median spread, 30 days to Oct 20, 2026
36.1
Capacity
Holdings can absorb up to $22m a day; part of the book has no volume figure
·
Price fidelity
Not measured · no closing premium is held for this fund
·
Primary market
6 active dealers of 6; largest 62% of creations and redemptions, N-CEN to Dec 31, 2025
85.0
Bad-day behaviour
Not measured · no daily closing premium is held for this fund
·
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
SETM: cost for your order at each size, round trip
OrderDollarsPercentBasis
$1,000$1.900.19%spread
$10,000$190.19%spread

Spread 0.38% median, 30 days to Oct 20, 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.

Capacity

What the holdings can absorb a day, at 10% of each one’s volume
Holdings can absorb, at most
$22m

SETM’s holdings can absorb up to $22m 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: NGEx Minerals Ltd. (NGXXF), 0.21% of the fund, $461,809 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
6
of 6 authorized
Largest
62%
of creations and redemptions
One dealer
No
6 active

6 of 6 authorized participants created or redeemed SETM shares in the year to Dec 31, 2025. From the fund’s Form N-CEN, filed Mar 17, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (61.7%), UBS Securities LLC (14.0%), Jane Street Capital, LLC (10.6%), Virtu Americas LLC (8.1%), BofA Securities, Inc. (5.2%), Goldman Sachs & Co. LLC (0.5%).

How to trade SETM

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.
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

What is SETM’s bid-ask spread?

0.38% of the midpoint, the median over the 30 days to Oct 20, 2026, as its issuer states it.

Who is the AP for SETM?

SETM’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 6 authorized participants (APs), and 6 created or redeemed shares. The largest were J.P. Morgan Securities LLC (61.7%), UBS Securities LLC (14.0%), Jane Street Capital, LLC (10.6%) of the dollars its APs created and redeemed.

Who is the LMM for SETM?

SETM’s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026.

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

About $19 one way, 0.19%: half its 30-day median spread. In and out costs twice that.
Sources and dates
SpreadSprott (fund page), 30-day median · to Oct 20, 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 →SETM fund page→
Cite this pageCitation, APA and Markdown

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

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