# SPLS Bid-Ask Spread, Liquidity and NAV Premium > SPLS trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Nov 11, 2026. Rebuilt every trading night. As of Nov 11, 2026. Rebuilt every trading night. ## SPLS bid-ask spread and liquidity As of Nov 11, 2026, SPLS’s holdings can absorb $356m a day. ### IQ Liquidity Score Not scored, 2 of 6 measured. 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 Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 85.1 Holdings can absorb $356m a day, Nov 11, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 45.0 2 active dealers of 27; largest 58% of creations and redemptions, N-CEN to Jun 30, 2026 Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2) ### Capacity Its holdings can absorb $356m a day, measured on its own holdings, as of Nov 11, 2026. The holding that sets the limit is iShares Core S&P 500 ETF (IVV), 97.31% of the fund. ### Dealers 2 active of 27 authorized participants; the largest did 58% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 14, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Citadel Securities LLC (58.1%), Merrill Lynch Professional Clearing Corp. (41.9%). 25 more were listed and created or redeemed nothing. ### How to trade SPLS When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data. Size Up to $3.6m is 1% of what its holdings can absorb in a day, for a buy or a sell. ### Retail order activity SPLS ranked 2334th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0008% of the market-order dollars in 3 retail brokers’ reports. Retail activity ranking ### Where it trades In Q2 2026, 62% of SPLS’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 11.2% of its exchange volume. ### Coming with trade data Spread through the day, buyers against sellers, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### Questions people ask Who is the AP for SPLS? SPLS’s latest Form N-CEN, for the period ending Jun 30, 2026, lists 27 authorized participants (APs), and 2 created or redeemed shares. The largest were Citadel Securities LLC (58.1%), Merrill Lynch Professional Clearing Corp. (41.9%) of the dollars its APs created and redeemed. Who is the LMM for SPLS? SPLS 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. ### Sources and dates - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 11, 2026. - Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0001410368-26-091413. - Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ’s request, so its orders are not counted. - Where it trades: SEC MIDAS, Q2 2026, against the fund’s daily volume from Tiingo. ### Where to next The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, SPLS trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/spls/trading/ Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/spls/trading/