{"url":"https://etfiq.com/funds/spaq/trading/","section":"funds","title":"SPAQ Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"SPAQ 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/spaq/trading/#data","name":"SPAQ trading costs and liquidity","description":"SPAQ 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/spaq/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 AP for SPAQ?","acceptedAnswer":{"@type":"Answer","text":"SPAQ\u2019s 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."}},{"@type":"Question","name":"Who is the LMM for SPAQ?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s own program, so this does not mean it has no LMM."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/spaq#fund","name":"Horizon Kinetics SPAC Active ETF","alternateName":"SPAQ","url":"https://etfiq.com/funds/spaq","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"SPAQ"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/spaq#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"SPAQ","item":"https://etfiq.com/funds/spaq"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/spaq/trading/"}]},{"@type":"WebPage","name":"SPAQ Bid-Ask Spread, Liquidity and NAV Premium","description":"SPAQ 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/spaq/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":3967,"truncated":false,"content":"ETFIQ / SPAQ / Trading \n \n As of Nov 11, 2026. Rebuilt every trading night.\n SPAQ bid-ask spread and liquidity\n As of Nov 11, 2026, SPAQ\u2019s holdings can absorb at most up to $1,067 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 Flags: One dealer.\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 $1,067 a day; part of the book has no volume data Price fidelity Not measured: no closing premium is held for this fund Primary market, 30.0 2 active dealers of 2; largest 88% of creations and redemptions, N-CEN to Dec 31, 2025 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 $1,067 a day, measured on its own holdings, as of Nov 11, 2026. The holding that sets the limit is Spartacus Acquisition Corp II (TMTS), 3.97% of the fund.\n Dealers\n 2 active of 2 authorized participants; the largest did 88% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 13, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (88.4%), Merrill Lynch Professional Clearing Corp. (11.6%).\n How to trade SPAQ\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, 100% of SPAQ\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 10.6% of its 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 SPAQ? SPAQ\u2019s 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\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 11, 2026.\n Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0000894189-26-007824.\n Where it trades: SEC MIDAS, Q2 2026, against the fund\u2019s daily volume from Tiingo.\n Where to next\n SPAQ 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 SPAQ 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, SPAQ trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/spaq/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, SPAQ trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/spaq/trading/ APA ETFIQ. (Nov 11, 2026). SPAQ trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/spaq/trading/ Markdown [SPAQ trading: cost, capacity, premium and dealers (ETFIQ, Nov 11, 2026)](https://etfiq.com/funds/spaq/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, SPAQ trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/spaq/trading/"}