SNOU bid-ask spread and liquidity

T-REX 2X LONG SNOW DAILY TARGET ETF
LeverageT-REX$21m net assets1.50% fee
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As of Oct 21, 2026, SNOU’s median bid-ask spread over 30 days was 0.77%.

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Ask IQ about SNOU bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewHoldingsDividendsTradingFlowsCompare

IQ Liquidity Score

3 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
0.77% median spread, 30 days to Oct 21, 2026
20.7
Capacity
Holdings can absorb $71m a day, Oct 22, 2026
61.7
Price fidelity
Not measured · 6 days of closing premium are held, under the 20 needed
·
Primary market
6 active dealers of 6; largest 27% of creations and redemptions, N-CEN to Dec 31, 2025
85.0
Bad-day behaviour
Not measured · 0 of the 10 worst days and 6 other days are held, under the 5 and 60 needed
·
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
SNOU: cost for your order at each size, round trip
OrderDollarsPercentBasis
$1,000$3.850.39%spread
$10,000$390.39%spread
$100,000$6990.70%estimate
$1,000,000$13,7721.38%estimate

Spread 0.77% median, 30 days to Oct 21, 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.

Premium or discount to value

Daily, 6 days to Oct 21, 2026 · the ±1% band marked
SNOU premium or discount to NAV, 6 days+1%0−1%Sep 10, 2026Oct 21, 2026
Latest close, Oct 21
+0.15%
95% of days within
±0.65%
Days more than 1% from NAV
0 of 6
Widest
−0.65%, Oct 15, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ.

Capacity

What the holdings can absorb a day, at 10% of each one’s volume
Holdings can absorb
$71m

SNOU’s holdings can absorb $71m a day, measured on the trading volume of SNOW, the asset its multiple is on, divided by its multiple of 2, as of Oct 22, 2026. A $1m order is 1.41% of a day’s capacity.

The holding that sets the limit: SNOW (SNOW), $1.4bn 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
27%
of creations and redemptions
One dealer
No
6 active

6 of 6 authorized participants created or redeemed SNOU shares in the year to Dec 31, 2025. From the fund’s Form N-CEN, filed Mar 16, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: Cantor Fitzgerald & Co. (26.7%), Virtu Americas LLC (26.4%), Jane Street Capital, LLC (19.8%), ABN AMRO Clearing USA LLC (15.9%), Goldman Sachs & Co. LLC (8.2%), Merrill Lynch Professional Clearing Corp. (3.0%).

How to trade SNOU

To buy or to sell, up to $100,000
Order type
Limit: midpoint + 23¢ to buy, midpoint − 23¢ to sell.At the Oct 21 close of $59.41, that’s $59.64 to buy and $59.18 to sell.
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Size
Up to $710,910 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 ±0.65%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.
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 SNOU’s bid-ask spread?

0.77% of the midpoint, the median over the 30 days to Oct 21, 2026, as its issuer states it. Half of it is about 23¢ a share at the Oct 21 close.

Does SNOU trade at a premium or discount to NAV?

It closed +0.15% from its NAV on Oct 21, 2026. On 95% of the 6 days to then it was within ±0.65%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for SNOU?

SNOU’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 Cantor Fitzgerald & Co. (26.7%), Virtu Americas LLC (26.4%), Jane Street Capital, LLC (19.8%) of the dollars its APs created and redeemed.

Who is the LMM for SNOU?

SNOU’s lead market maker (LMM) on Cboe BZX is GTS Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026.

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

About $39 one way, 0.39%: half its 30-day median spread. In and out costs twice that.

How do I place a limit order for SNOU?

Set the limit at the midpoint + 23¢ to buy, or the midpoint − 23¢ to sell, in your broker’s quote. At the Oct 21 close of $59.41, that’s $59.64 to buy and $59.18 to sell.
Sources and dates
SpreadT-REX (fund page), 30-day median · to Oct 21, 2026
Premium to NAVETFIQ, close against the issuer’s NAV · Sep 10, 2026 to Oct 21, 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 →SNOU fund page→
Cite this pageCitation, APA and Markdown

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

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