{"url":"https://etfiq.com/funds/smom/trading/","section":"funds","title":"SMOM Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"SMOM trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 11, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/smom/trading/#data","name":"SMOM trading costs and liquidity","description":"SMOM 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/smom/trading/","dateModified":"2026-11-11","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 LMM for SMOM?","acceptedAnswer":{"@type":"Answer","text":"SMOM\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Nov 9, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/smom#fund","name":"Symmetry Panoramic Sector Momentum ETF","alternateName":"SMOM","url":"https://etfiq.com/funds/smom","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"SMOM"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/smom#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"SMOM","item":"https://etfiq.com/funds/smom"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/smom/trading/"}]},{"@type":"WebPage","name":"SMOM Bid-Ask Spread, Liquidity and NAV Premium","description":"SMOM 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/smom/trading/","dateModified":"2026-11-11","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4566,"truncated":false,"content":"ETFIQ / SMOM / Trading \n \n As of Nov 11, 2026. Rebuilt every trading night.\n SMOM bid-ask spread and liquidity\n As of Nov 11, 2026, SMOM\u2019s holdings can absorb at most up to $535m a day.\n IQ Liquidity Score\n Not scored, 0 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 Holdings can absorb up to $535m a day; part of the book has no volume data Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: it first traded on 2025-09-10, and no N-CEN ETF row for series S000094969 is in the quarters read (2024q4 to 2026q3) 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 up to $535m a day, measured on its own holdings, as of Nov 11, 2026. The holding that sets the limit is State Street Materials Select Sector SPDR ETF (XLB), 11.01% of the fund.\n How to trade SMOM\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 Part of its book has no volume data, so the room for a large order is an upper bound. What retail orders paid\n In Sep 2026, retail market orders in SMOM paid $1.11 one way on $10,000, against $5.72 at the quote. 92% of shares filled better than the quote.\n SMOM: 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 $1.11 \n Schwab customers $2.15 \n SMOM: 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 Sep 2025 (old format) $0.23 \n Oct 2025 (old format) $0.08 \n Nov 2025 (old format) $0.50 \n Dec 2025 (old format) $3.81 \n Jan 2026 (old format) $1.11 \n Feb 2026 (old format) $2.14 \n Mar 2026 (old format) $0.81 \n Apr 2026 (old format) $0.80 \n May 2026 (old format) $0.27 \n Jun 2026 (old format) $0.76 \n Jul 2026 (old format) $3.63 \n Aug 2026 $0.04 \n Sep 2026 $1.11 \n SMOM ranked 3420th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0002% of the market-order dollars in 3 retail brokers\u2019 reports. Retail activity ranking \n Where it trades\n In Q2 2026, 72% of SMOM\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 8.0% of its exchange volume.\n Coming with trade data\n Spread through the day, buyers against sellers, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n Who is the LMM for SMOM? SMOM\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Nov 9, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 11, 2026.\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, against the fund\u2019s daily volume from Tiingo.\n Where to next\n SMOM 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 SMOM 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, SMOM trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/smom/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, SMOM trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/smom/trading/ APA ETFIQ. (Nov 11, 2026). SMOM trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/smom/trading/ Markdown [SMOM trading: cost, capacity, premium and dealers (ETFIQ, Nov 11, 2026)](https://etfiq.com/funds/smom/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, SMOM trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/smom/trading/"}