{"url":"https://etfiq.com/funds/vmax/trading/","section":"funds","title":"VMAX Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"VMAX trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/vmax/trading/#data","name":"VMAX trading costs and liquidity","description":"VMAX 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/vmax/trading/","dateModified":"2026-10-22","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 VMAX?","acceptedAnswer":{"@type":"Answer","text":"VMAX\u2019s latest Form N-CEN, for the period ending Jul 31, 2025, lists 16 authorized participants (APs), and 2 created or redeemed shares. The largest were Virtu Americas LLC (89.2%), Merrill Lynch Professional Clearing Corp. (10.8%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for VMAX?","acceptedAnswer":{"@type":"Answer","text":"VMAX\u2019s lead market maker (LMM) on Cboe BZX is Susquehanna Securities, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/vmax#fund","name":"Hartford US Value ETF","alternateName":"VMAX","url":"https://etfiq.com/funds/vmax","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"VMAX"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/vmax#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"VMAX","item":"https://etfiq.com/funds/vmax"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/vmax/trading/"}]},{"@type":"WebPage","name":"VMAX Bid-Ask Spread, Liquidity and NAV Premium","description":"VMAX 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/vmax/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3597,"truncated":false,"content":"ETFIQ / VMAX / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n VMAX bid-ask spread and liquidity\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 Flags: One dealer.\n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 87.3 Holdings can absorb $417m a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 30.0 2 active dealers of 16; largest 89% of creations and redemptions, N-CEN to Jul 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 $417m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is Lincoln National Corp (LNC), 1.70% of the fund.\n Dealers\n 2 active of 16 authorized participants; the largest did 89% of creations and redemptions, in the year to Jul 31, 2025 (Form N-CEN filed Oct 9, 2025).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (89.2%), Merrill Lynch Professional Clearing Corp. (10.8%). 14 more were listed and created or redeemed nothing.\n How to trade VMAX\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 $4m is 1% of what its holdings can absorb in a day, for a buy or a sell. 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 VMAX? VMAX\u2019s latest Form N-CEN, for the period ending Jul 31, 2025, lists 16 authorized participants (APs), and 2 created or redeemed shares. The largest were Virtu Americas LLC (89.2%), Merrill Lynch Professional Clearing Corp. (10.8%) of the dollars its APs created and redeemed. Who is the LMM for VMAX? VMAX\u2019s lead market maker (LMM) on Cboe BZX is Susquehanna Securities, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Jul 31, 2025, accession 0001410368-25-014110.\n Where to next\n VMAX 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 VMAX 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, VMAX trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/vmax/trading/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, VMAX trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/vmax/trading/ APA ETFIQ. (Oct 22, 2026). VMAX trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/vmax/trading/ Markdown [VMAX trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/vmax/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":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, VMAX trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/vmax/trading/"}