IQ
SPAQ
Horizon Kinetics SPAC Active ETF
Category StocksIssuer Horizon KineticsNet assets $10mFee 0.85%

SPAQ bid-ask spread and liquidity

See what SPAQ costs to trade and how closely it tracks its value.

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Not scored

IQ Liquidity Score

· 1 of 6 measured · Nov 11, 2026
$1,067
its holdings can absorb a day, at most
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

One dealer
Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
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Capacity
Holdings can absorb up to $1,067 a day; part of the book has no volume data
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Price fidelity
Not measured · no closing premium is held for this fund
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Primary market
2 active dealers of 2; largest 88% of creations and redemptions, N-CEN to Dec 31, 2025
30.0
Bad-day behaviour
Not measured · no daily closing premium is held for this fund
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Depth
Not measured · needs trade and quote data
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Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

SPAQ is not scored: its spread is not read, so it has no point on this chart. 680 scored Stocks ETFs are plotted for comparison, Nov 12, 2026.

Spread against score

SPAQ among Stocks ETFs

Cheaper to trade sits left, easier to trade sits up.

680 scored
Hard to tradeThinLiquid with careLiquidTrades like a giantNov 12, 2026
CapacityWhat its holdings making up 95% of the weight can absorb a day, at 10% of each one’s volume
Holdings can absorb, at most
$1,067

SPAQ’s holdings can absorb up to $1,067 a day, measured on its own holdings, as of Nov 11, 2026. Part of its book has no volume data, so this is an upper bound.

The holding that sets the limit: Spartacus Acquisition Corp II (TMTS), 3.97% of the fund, $431 a day traded, the median of 20 days to Nov 12, 2026.

Who makes the market

Authorized participants · N-CEN, the year to Dec 31, 2025
Active dealers
2
of 2 authorized
Largest
88%
of creations and redemptions
One dealer
No
2 active

2 of 2 authorized participants created or redeemed SPAQ shares in the year to Dec 31, 2025. From the fund’s Form N-CEN, filed Mar 13, 2026.

APs create and redeem shares. Every AP →

Active APs, largest first, by share of dollars created and redeemed: Virtu Americas LLC (88.4%), Merrill Lynch Professional Clearing Corp. (11.6%).

Where it trades

Q2 2026, 62 trading days
Off exchange
100%
Odd lots, of exchange volume
10.6%

In Q2 2026, 100% of SPAQ’s shares traded off exchange on the median day.

Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.

How to place the order

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Size
Part of its book has no volume data, so the room for a large order is an upper bound.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Retail flow, estimated

Trades priced in fractions of a cent, a sign of retail orders.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

Who is the AP for SPAQ?

SPAQ’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 2 authorized participants (APs), and 2 created or redeemed shares. The largest were Virtu Americas LLC (88.4%), Merrill Lynch Professional Clearing Corp. (11.6%) of the dollars its APs created and redeemed.

Who is the LMM for SPAQ?

SPAQ 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’s own program, so this does not mean it has no LMM.
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 →SPAQ fund page→
Sources and dates
CapacityETFIQ, each holding’s 20-day median dollar volume · to Nov 11, 2026
DealersForm N-CEN · the year to Dec 31, 2025
Where it tradesSEC MIDAS · Q2 2026

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

Cite this pageCitation, APA and Markdown

ETFIQ, SPAQ trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/spaq/trading/

Open data →

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