{"url":"https://etfiq.com/funds/smmd/trading/","section":"funds","title":"SMMD Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Nov 4, 2026, SMMD closed 0.00% from its NAV, and on 95% of the 251 days to then it was within \u00b10.13%. No fund is recommended.","as_of":"Nov 4, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/smmd/trading/#data","name":"SMMD trading costs and liquidity","description":"As of Nov 4, 2026, SMMD closed 0.00% from its NAV, and on 95% of the 251 days to then it was within \u00b10.13%. No fund is recommended.","url":"https://etfiq.com/funds/smmd/trading/","dateModified":"2026-11-04","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":"Does SMMD trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed 0.00% from its NAV on Nov 4, 2026. On 95% of the 251 days to then it was within \u00b10.13%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for SMMD?","acceptedAnswer":{"@type":"Answer","text":"SMMD\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 36 authorized participants (APs), and 11 created or redeemed shares. The largest were Citadel Securities LLC (27.3%), Jane Street Capital, LLC (19.3%), BofA Securities, Inc. (18.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for SMMD?","acceptedAnswer":{"@type":"Answer","text":"SMMD\u2019s lead market maker (LMM) on Cboe BZX is Latour Trading LLC. Lead market maker per Cboe BZX, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/smmd#fund","name":"iShares Russell 2500 ETF","alternateName":"SMMD","url":"https://etfiq.com/funds/smmd","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"SMMD"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/smmd#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"SMMD","item":"https://etfiq.com/funds/smmd"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/smmd/trading/"}]},{"@type":"WebPage","name":"SMMD Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Nov 4, 2026, SMMD closed 0.00% from its NAV, and on 95% of the 251 days to then it was within \u00b10.13%. No fund is recommended.","url":"https://etfiq.com/funds/smmd/trading/","dateModified":"2026-11-04","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":6104,"truncated":false,"content":"ETFIQ / SMMD / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n SMMD bid-ask spread and liquidity\n As of Nov 4, 2026, SMMD closed 0.00% from its NAV, and on 95% of the 251 days to then it was within \u00b10.13%.\n IQ Liquidity Score\n Not scored, 4 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, 100.0 Holdings can absorb $1.6bn a day, Nov 4, 2026 Price fidelity, 94.5 95% of days within \u00b10.13% of NAV, 251 days to Nov 4, 2026 Primary market, 100.0 11 active dealers of 36; largest 27% of creations and redemptions, N-CEN to Mar 31, 2026 Bad-day behaviour, 67.3 Premium 1.5746\u00d7 normal on the 10 worst S&P 500 days, to Nov 4, 2026 Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Nov 4, 2026: 0.00%\n 95% of days within: \u00b10.13%\n Days more than 1% from NAV: 0 of 251\n Widest: +0.28%, Feb 26, 2026\n Close against the NAV its issuer struck the same day, 251 days from Nov 5, 2025 to Nov 4, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Its holdings can absorb $1.6bn a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is ISHARES RUSSELL 2000 ETF (IWM), 40.62% of the fund.\n Dealers\n 11 active of 36 authorized participants; the largest did 27% 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: Citadel Securities LLC (27.3%), Jane Street Capital, LLC (19.3%), BofA Securities, Inc. (18.6%), Goldman Sachs & Co. LLC (11.3%), Virtu Americas LLC (7.1%), J.P. Morgan Securities LLC (6.8%), RBC Capital Markets, LLC (3.8%), ABN AMRO Clearing USA LLC (3.2%), Cowen and Company, LLC (1.3%), Citigroup Global Markets Inc. (1.1%), BNY Mellon Capital Markets, LLC (0.2%). 25 more were listed and created or redeemed nothing.\n How to trade SMMD\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 $16m 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 \u00b10.13%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. What retail orders paid\n In Sep 2026, retail market orders in SMMD paid $2.42 one way on $10,000, against $3.63 at the quote. 73% of shares filled better than the quote.\n SMMD: what retail market orders paid one way on $10,000, Sep 2026, half the effective spread. Source: SEC Rule 605 reports; computed by ETFIQ. Orders One way on $10,000 \n All wholesalers read $2.42 \n Schwab customers $1.28 \n Fidelity customers $3.45 \n SMMD: what retail market orders paid one way on $10,000, by month, at the wholesalers. Old format: orders of 100 to 9,999 shares, to Jul 2026. Month One way on $10,000 \n Aug 2025 (old format) $3.54 \n Sep 2025 (old format) $2.44 \n Oct 2025 (old format) $2.06 \n Nov 2025 (old format) $1.62 \n Dec 2025 (old format) $1.81 \n Jan 2026 (old format) $1.51 \n Feb 2026 (old format) $2.32 \n Mar 2026 (old format) $1.98 \n Apr 2026 (old format) $2.68 \n May 2026 (old format) $2.15 \n Jun 2026 (old format) $1.87 \n Jul 2026 (old format) $2.14 \n Aug 2026 $1.30 \n Sep 2026 $2.42 \n Where it trades\n In Q2 2026, odd lots were 14.6% of SMMD\u2019s exchange volume.\n 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 Does SMMD trade at a premium or discount to NAV? It closed 0.00% from its NAV on Nov 4, 2026. On 95% of the 251 days to then it was within \u00b10.13%, and it closed more than 1% from NAV on 0 of them. Who is the AP for SMMD? SMMD\u2019s latest Form N-CEN, for the period ending Mar 31, 2026, lists 36 authorized participants (APs), and 11 created or redeemed shares. The largest were Citadel Securities LLC (27.3%), Jane Street Capital, LLC (19.3%), BofA Securities, Inc. (18.6%) of the dollars its APs created and redeemed. Who is the LMM for SMMD? SMMD\u2019s lead market maker (LMM) on Cboe BZX is Latour Trading LLC. Lead market maker per Cboe BZX, as of Nov 1, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Nov 5, 2025 to Nov 4, 2026.\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 4, 2026.\n Dealers: Form N-CEN, the year to Mar 31, 2026, accession 0001004726-26-004646.\n Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ\u2019s request, so its orders are not counted.\n Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n SMMD 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 SMMD 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, SMMD trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/smmd/trading/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, SMMD trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/smmd/trading/ APA ETFIQ. (Nov 4, 2026). SMMD trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/smmd/trading/ Markdown [SMMD trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/smmd/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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, SMMD trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/smmd/trading/"}