{"url":"https://etfiq.com/funds/snav/trading/","section":"funds","title":"SNAV Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"SNAV trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 4, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/snav/trading/#data","name":"SNAV trading costs and liquidity","description":"SNAV 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/snav/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":"Who is the AP for SNAV?","acceptedAnswer":{"@type":"Answer","text":"SNAV\u2019s latest Form N-CEN, for the period ending Sep 30, 2024, lists 15 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (73.2%), Merrill Lynch Professional Clearing Corp. (20.4%), Virtu Americas LLC (6.3%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for SNAV?","acceptedAnswer":{"@type":"Answer","text":"SNAV is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange\u2019s own program, so this does not mean it has no LMM."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/snav#fund","name":"Mohr Sector Nav ETF","alternateName":"SNAV","url":"https://etfiq.com/funds/snav","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"SNAV"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/snav#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"SNAV","item":"https://etfiq.com/funds/snav"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/snav/trading/"}]},{"@type":"WebPage","name":"SNAV Bid-Ask Spread, Liquidity and NAV Premium","description":"SNAV 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/snav/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":3937,"truncated":false,"content":"ETFIQ / SNAV / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n SNAV bid-ask spread and liquidity\n As of Nov 4, 2026, SNAV\u2019s holdings can absorb at most up to $541m a day.\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 Holdings can absorb up to $541m a day; part of the book has no volume data Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 3 active dealers of 15; largest 73% of creations and redemptions, N-CEN to Sep 30, 2024 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 $541m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is Invesco S&P 500 Equal Weight ETF (RSP), 33.93% of the fund.\n Dealers\n 3 active of 15 authorized participants; the largest did 73% of creations and redemptions, in the year to Sep 30, 2024 (Form N-CEN filed Dec 13, 2024).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (73.2%), Merrill Lynch Professional Clearing Corp. (20.4%), Virtu Americas LLC (6.3%). 12 more were listed and created or redeemed nothing.\n How to trade SNAV\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. Where it trades\n In Q2 2026, odd lots were 18.0% of SNAV\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 Who is the AP for SNAV? SNAV\u2019s latest Form N-CEN, for the period ending Sep 30, 2024, lists 15 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (73.2%), Merrill Lynch Professional Clearing Corp. (20.4%), Virtu Americas LLC (6.3%) of the dollars its APs created and redeemed. Who is the LMM for SNAV? SNAV is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange\u2019s own program, so this does not mean it has no LMM. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 4, 2026.\n Dealers: Form N-CEN, the year to Sep 30, 2024, accession 0001752724-24-281965.\n Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n SNAV 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 SNAV 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, SNAV trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/snav/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, SNAV trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/snav/trading/ APA ETFIQ. (Nov 4, 2026). SNAV trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/snav/trading/ Markdown [SNAV trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/snav/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, SNAV trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/snav/trading/"}