{"url":"https://etfiq.com/funds/spuc/trading/","section":"funds","title":"SPUC Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"SPUC 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/spuc/trading/#data","name":"SPUC trading costs and liquidity","description":"SPUC 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/spuc/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 SPUC?","acceptedAnswer":{"@type":"Answer","text":"SPUC\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Virtu Americas LLC (46.4%), Goldman Sachs & Co. LLC (43.7%), Jane Street Capital, LLC (4.5%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for SPUC?","acceptedAnswer":{"@type":"Answer","text":"SPUC\u2019s lead market maker (LMM) on NYSE Arca is Wolverine Trading, LLC. Lead market maker per NYSE Arca, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/spuc#fund","name":"Simplify US Equity Income ETF","alternateName":"SPUC","url":"https://etfiq.com/funds/spuc","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"SPUC"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/spuc#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"SPUC","item":"https://etfiq.com/funds/spuc"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/spuc/trading/"}]},{"@type":"WebPage","name":"SPUC Bid-Ask Spread, Liquidity and NAV Premium","description":"SPUC 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/spuc/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":4521,"truncated":false,"content":"ETFIQ / SPUC / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n SPUC bid-ask spread and liquidity\n As of Nov 4, 2026, SPUC\u2019s holdings can absorb $324m a day.\n IQ Liquidity Score\n Not scored, 2 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, 83.7 Holdings can absorb $324m a day, Nov 4, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 5 active dealers of 5; largest 46% 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) \n Capacity\n Its holdings can absorb $324m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is ISHARES TRUST (IVV), 99.70% of the fund.\n Dealers\n 5 active of 5 authorized participants; the largest did 46% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 23, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (46.4%), Goldman Sachs & Co. LLC (43.7%), Jane Street Capital, LLC (4.5%), J.P. Morgan Securities LLC (4.1%), BofA Securities, Inc. (1.3%).\n How to trade SPUC\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 Up to $3.2m is 1% of what its holdings can absorb in a day, for a buy or a sell. What retail orders paid\n In Sep 2026, retail market orders in SPUC paid $3.92 one way on $10,000, against $4.30 at the quote. 59% of shares filled better than the quote.\n SPUC: what retail market orders paid one way on $10,000, Sep 2026, half the effective spread. Source: SEC Rule 605 reports; computed by ETFIQ. Orders One way on $10,000 \n All wholesalers read $3.92 \n Vanguard customers $2.31 \n Fidelity customers $4.40 \n Schwab customers $4.59 \n Robinhood customers $5.41 \n Where it trades\n In Q2 2026, odd lots were 5.3% of SPUC\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 SPUC? SPUC\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Virtu Americas LLC (46.4%), Goldman Sachs & Co. LLC (43.7%), Jane Street Capital, LLC (4.5%) of the dollars its APs created and redeemed. Who is the LMM for SPUC? SPUC\u2019s lead market maker (LMM) on NYSE Arca is Wolverine Trading, LLC. Lead market maker per NYSE Arca, as of Nov 1, 2026. 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 Jun 30, 2026, accession 0000940400-26-037960.\n 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\u2019s request, so its orders are not counted.\n Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n SPUC 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 SPUC 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, SPUC trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/spuc/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, SPUC trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/spuc/trading/ APA ETFIQ. (Nov 4, 2026). SPUC trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/spuc/trading/ Markdown [SPUC trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/spuc/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, SPUC trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/spuc/trading/"}