# XLSR Bid-Ask Spread, Liquidity and NAV Premium

> As of Nov 3, 2026, XLSR closed 0.00% from its NAV, and on 95% of the 251 days to then it was within ±0.08%. No fund is recommended.

Data as of Nov 4, 2026. Rebuilt every trading night.

As of Nov 4, 2026. Rebuilt every trading night.

## XLSR bid-ask spread and liquidity

As of Nov 3, 2026, XLSR closed 0.00% from its NAV, and on 95% of the 251 days to then it was within ±0.08%.

### IQ Liquidity Score

Not scored, 4 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, 93.5 Holdings can absorb $639m a day, Nov 4, 2026 Price fidelity, 100.0 95% of days within ±0.08% of NAV, 251 days to Nov 3, 2026 Primary market, 85.0 7 active dealers of 40; largest 55% of creations and redemptions, N-CEN to Jun 30, 2026 Bad-day behaviour, 100.0 Premium 1× normal on the 10 worst S&P 500 days, to Nov 3, 2026 Depth Not measured: needs trade and quote data (Phase 2)

### Premium or discount to NAV

- Latest close, Nov 3, 2026: 0.00%

- 95% of days within: ±0.08%

- Days more than 1% from NAV: 0 of 251

- Widest: +0.21%, Jun 23, 2026

Close against the NAV its issuer struck the same day, 251 days from Nov 4, 2025 to Nov 3, 2026. Source: ETFIQ from the issuer’s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

### Capacity

Its holdings can absorb $639m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is STATE STREET HEALTH CARE SELEC (XLV), 24.28% of the fund.

### Dealers

7 active of 40 authorized participants; the largest did 55% 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: Merrill Lynch Professional Clearing Corp. (54.9%), Morgan Stanley & Co. LLC (26.9%), Jane Street Capital, LLC (7.5%), Virtu Americas LLC (7.5%), Citadel Securities LLC (1.8%), Goldman Sachs & Co. LLC (1.1%), HRT Financial LP (0.2%). 33 more were listed and created or redeemed nothing.

### How to trade XLSR

When Its holdings trade on markets that close before New York, so its price can drift from their value later in the day. Size Up to $6.4m is 1% of what its holdings can absorb in a day, for a buy or a sell. Watch The premium. On 95% of days it is within ±0.08%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

### What retail orders paid

In Sep 2026, retail market orders in XLSR paid $0.67 one way on $10,000, against $3.02 at the quote. 90% of shares filled better than the quote.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $0.67 |
| Fidelity customers | $0.12 |
| Schwab customers | $1.43 |

| Month | One way on $10,000 |
| --- | --- |
| Aug 2025 (old format) | $0.72 |
| Sep 2025 (old format) | $0.80 |
| Oct 2025 (old format) | $0.87 |
| Nov 2025 (old format) | $1.02 |
| Dec 2025 (old format) | $0.45 |
| Jan 2026 (old format) | $0.41 |
| Feb 2026 (old format) | $0.84 |
| Mar 2026 (old format) | $0.60 |
| Apr 2026 (old format) | $0.92 |
| May 2026 (old format) | $1.40 |
| Jun 2026 (old format) | $2.02 |
| Jul 2026 (old format) | $0.89 |
| Aug 2026 | $0.76 |
| Sep 2026 | $0.67 |

### Where it trades

In Q2 2026, odd lots were 12.7% of XLSR’s exchange volume.

### 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

Does XLSR trade at a premium or discount to NAV? It closed 0.00% from its NAV on Nov 3, 2026. On 95% of the 251 days to then it was within ±0.08%, and it closed more than 1% from NAV on 0 of them. Who is the AP for XLSR? XLSR’s latest Form N-CEN, for the period ending Jun 30, 2026, lists 40 authorized participants (APs), and 7 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (54.9%), Morgan Stanley & Co. LLC (26.9%), Jane Street Capital, LLC (7.5%) of the dollars its APs created and redeemed. Who is the LMM for XLSR? XLSR’s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Nov 1, 2026.

### Sources and dates

- Premium: ETFIQ, close against the issuer’s NAV, Nov 4, 2025 to Nov 3, 2026.

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 4, 2026.

- Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0001410368-26-091248.

- 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.

### 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

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, XLSR trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/xlsr/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/xlsr/trading/