{"url":"https://etfiq.com/funds/smz/trading/","section":"funds","title":"SMZ Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"SMZ 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/smz/trading/#data","name":"SMZ trading costs and liquidity","description":"SMZ 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/smz/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":"InvestmentFund","@id":"https://etfiq.com/funds/smz#fund","name":"Tradr 2X Short SMR Daily ETF","alternateName":"SMZ","url":"https://etfiq.com/funds/smz","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"SMZ"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/smz#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"SMZ","item":"https://etfiq.com/funds/smz"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/smz/trading/"}]},{"@type":"WebPage","name":"SMZ Bid-Ask Spread, Liquidity and NAV Premium","description":"SMZ 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/smz/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":2692,"truncated":false,"content":"ETFIQ / SMZ / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n SMZ bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 1 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, 35.4 Holdings can absorb $11m a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: it first traded on 2026-02-11, and no N-CEN ETF row for series S000100822 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 $11m a day, measured on the trading volume of SMR, the asset its multiple is on, divided by its multiple of 2, as of Oct 22, 2026. The holding that sets the limit is SMR (SMR).\n How to trade SMZ\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 $114,988 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 Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Where to next\n SMZ 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 SMZ 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, SMZ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/smz/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, SMZ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/smz/trading/ APA ETFIQ. (Oct 22, 2026). SMZ trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/smz/trading/ Markdown [SMZ trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/smz/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, SMZ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/smz/trading/"}