UPAL bid-ask spread and liquidity

ProShares Ultra Palladium K-1 Free ETF
LeverageProShares$297,238 net assets0.95% fee
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As of Oct 22, 2026, UPAL’s median bid-ask spread over 30 days was 0.66%, and its IQ Liquidity Score is 37, Thin.

OverviewHoldingsDividendsTradingFlowsCompare

IQ Liquidity Score

3 of 6 measured · Oct 22, 2026
37
Thin1st percentile of 107 leverage ETFs
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 →

Thin: its typical spread is 0.66% of its price.

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Ask IQ about UPAL bid-ask spread and liquidity

Answers cite the figures on this page.

One dealer
Cost to trade
0.66% median spread, 30 days to Oct 22, 2026
24.1
Capacity
Not measured · its reference PALL is not measured (no book of its holdings is read)
·
Price fidelity
95% of days within ±0.58% of NAV, 128 days to Oct 22, 2026
68.0
Primary market
2 active dealers of 39; largest 92% of creations and redemptions, N-CEN to May 31, 2026
30.0
Bad-day behaviour
Not measured · 3 of the 10 worst days and 125 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
UPAL: cost for your order at each size, round trip
OrderDollarsPercentBasis
$1,000$3.300.33%spread
$10,000$330.33%spread

Spread 0.66% median, 30 days to Oct 22, 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.

Full cost to own

At $10,000
1 year
1.80%$180
fee alone 0.95% · $95
5 years
5.60%$560
fee alone 4.75% · $475

Fee, plus the round-trip spread once, plus the median premium paid at entry.

Premium or discount to value

Daily, 128 days to Oct 22, 2026 · the ±1% band marked
UPAL premium or discount to NAV, 128 days+1%0−1%Apr 21, 2026Oct 22, 2026
Latest close, Oct 22
−0.21%
95% of days within
±0.58%
Days more than 1% from NAV
2 of 128
Widest
+6.22%, Apr 21, 2026

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

Capacity

What the holdings can absorb a day

Not measured: its reference PALL is not measured (no book of its holdings is read).

Dealers

Authorized participants · N-CEN, the year to May 31, 2026
Active dealers
2
of 39 authorized
Largest
92%
of creations and redemptions
One dealer
No
2 active

2 of 39 authorized participants created or redeemed UPAL shares in the year to May 31, 2026. From the fund’s Form N-CEN, filed Aug 14, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: BNP Paribas Securities Corp. (91.9%), Macquarie Capital (USA) Inc. (8.1%). 37 more were listed and created or redeemed nothing.

Creations and redemptions

By week, 27 weeks to Oct 22, 2026
Apr 22 2026Each week’s net creations (green) and redemptionsOct 22 2026

$586,110 net created in 2 weeks and $2m net redeemed in 1, over the 27 weeks from Apr 22, 2026 to Oct 22, 2026, from the change in its shares outstanding.

How to trade UPAL

To buy or to sell, up to $100,000
Order type
Limit: midpoint + 5¢ to buy, midpoint − 5¢ to sell.At the Oct 22 close of $14.83, that’s $14.88 to buy and $14.78 to sell.
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Watch
The premium. On 95% of days it is within ±0.58%; 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

Is UPAL liquid?

UPAL’s IQ Liquidity Score is 37 of 100, Thin, the 1st percentile of 107 leverage ETFs, as of Oct 22, 2026.

What is UPAL’s bid-ask spread?

0.66% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 5¢ a share at the Oct 22 close.

Does UPAL trade at a premium or discount to NAV?

It closed −0.21% from its NAV on Oct 22, 2026. On 95% of the 128 days to then it was within ±0.58%, and it closed more than 1% from NAV on 2 of them.

Who is the AP for UPAL?

UPAL’s latest Form N-CEN, for the period ending May 31, 2026, lists 39 authorized participants (APs), and 2 created or redeemed shares. The largest were BNP Paribas Securities Corp. (91.9%), Macquarie Capital (USA) Inc. (8.1%) of the dollars its APs created and redeemed.

Who is the LMM for UPAL?

UPAL’s lead market maker (LMM) on NYSE Arca is IMC-Chicago, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026.

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

About $33 one way, 0.33%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $180 all in, against $95 for the fee alone.

How do I place a limit order for UPAL?

Set the limit at the midpoint + 5¢ to buy, or the midpoint − 5¢ to sell, in your broker’s quote. At the Oct 22 close of $14.83, that’s $14.88 to buy and $14.78 to sell.
Sources and dates
SpreadProShares (fund page), 30-day median · to Oct 22, 2026
Premium to NAVETFIQ, close against the issuer’s NAV · Apr 21, 2026 to Oct 22, 2026
DealersForm N-CEN · the year to May 31, 2026
Creations and redemptionsShares outstanding, daily, from the issuer
IQ Liquidity ScoreETFIQ · Oct 22, 2026
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 →UPAL fund page→
Cite this pageCitation, APA and Markdown

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

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