# USVM Bid-Ask Spread, Liquidity and NAV Premium > USVM trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Oct 16, 2026. Rebuilt every trading night. As of Oct 16, 2026. Rebuilt every trading night. ## USVM bid-ask spread and liquidity ### 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, 81.1 Holdings can absorb $271m a day, Oct 16, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 6 active dealers of 19; largest 41% 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 $271m a day, measured on its own holdings, as of Oct 16, 2026. The holding that sets the limit is Otter Tail Corporation (OTTR), 0.60% of the fund. ### Dealers 6 active of 19 authorized participants; the largest did 41% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 11, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Citigroup Global Markets Inc. (41.4%), Jane Street Capital, LLC (32.7%), Merrill Lynch Professional Clearing Corp. (17.7%), Virtu Americas LLC (5.1%), RBC Capital Markets, LLC (1.5%), Goldman Sachs & Co. LLC (1.4%). 13 more were listed and created or redeemed nothing. ### How to trade USVM 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 $3m is 1% of what its holdings can absorb in a day, for a buy or a sell. ### Coming with trade data Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### Questions people ask Who is the AP for USVM? USVM’s latest Form N-CEN, for the period ending Jun 30, 2026, lists 19 authorized participants (APs), and 6 created or redeemed shares. The largest were Citigroup Global Markets Inc. (41.4%), Jane Street Capital, LLC (32.7%), Merrill Lynch Professional Clearing Corp. (17.7%) of the dollars its APs created and redeemed. Who is the LMM for USVM? USVM’s lead market maker (LMM) on Nasdaq is Susquehanna Securities, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. ### Sources and dates - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 16, 2026. - Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0001004726-26-008117. ### 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, USVM trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/usvm/trading/ Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/usvm/trading/