# ZSEP Bid-Ask Spread, Liquidity and NAV Premium

> As of Oct 22, 2026, ZSEP’s median bid-ask spread over 30 days was 0.14%. A $10,000 order costs about $7.00 one way.

Data as of Oct 22, 2026. Rebuilt every trading night.

As of Oct 22, 2026. Rebuilt every trading night.

## ZSEP bid-ask spread and liquidity

As of Oct 22, 2026, ZSEP’s median bid-ask spread over 30 days was 0.14%.

### IQ Liquidity Score

Not scored, 3 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, 57.7 0.14% median spread, 30 days to Oct 22, 2026 Capacity, 100.0 Holdings can absorb $14.3bn a day, Oct 22, 2026 Price fidelity Not measured: 13 days of closing premium are held, under the 20 needed Primary market, 85.0 6 active dealers of 6; largest 69% of creations and redemptions, N-CEN to Oct 31, 2025 Bad-day behaviour Not measured: 0 of the 10 worst days and 13 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2)

### Cost for your order

| Order | Dollars | Percent | Basis |
| --- | --- | --- | --- |
| $1,000 | $0.70 | 0.07% | spread |
| $10,000 | $7.00 | 0.07% | spread |
| $100,000 | $70 | 0.07% | estimate |
| $1,000,000 | $713 | 0.071% | estimate |

### Premium or discount to NAV

- Latest close, Oct 22, 2026: −0.04%

- 95% of days within: ±0.18%

- Days more than 1% from NAV: 0 of 13

- Widest: +0.18%, Sep 11, 2026

Close against the NAV its issuer struck the same day, 13 days from Sep 11, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer’s NAV and closing price.

### Capacity

Its holdings can absorb $14.3bn a day, measured on the holdings of SPY, its reference asset, as of Oct 22, 2026. The holding that sets the limit is BERKSHIRE HATHAWAY INC CL B (BRK-B), 1.54% of the fund.

### Dealers

6 active of 6 authorized participants; the largest did 69% of creations and redemptions, in the year to Oct 31, 2025 (Form N-CEN filed Jan 13, 2026).

The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (69.1%), Merrill Lynch Professional Clearing Corp. (12.5%), Virtu Americas LLC (9.1%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (6.7%), J.P. Morgan Securities LLC (1.7%), Jane Street Capital, LLC (1.1%).

### How to trade ZSEP

Order type Limit: midpoint + 2¢ to buy, midpoint − 2¢ to sell. At the Oct 22 close of $27.95, that’s $27.97 to buy and $27.93 to sell. 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 $143m 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 ±0.18%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

### 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

What is ZSEP’s bid-ask spread? 0.14% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 2¢ a share at the Oct 22 close. Does ZSEP trade at a premium or discount to NAV? It closed −0.04% from its NAV on Oct 22, 2026. On 95% of the 13 days to then it was within ±0.18%, and it closed more than 1% from NAV on 0 of them. Who is the AP for ZSEP? ZSEP’s latest Form N-CEN, for the period ending Oct 31, 2025, lists 6 authorized participants (APs), and 6 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (69.1%), Merrill Lynch Professional Clearing Corp. (12.5%), Virtu Americas LLC (9.1%) of the dollars its APs created and redeemed. Who is the LMM for ZSEP? ZSEP’s lead market maker (LMM) on Cboe BZX is Old Mission Capital LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. What does it cost to trade $10,000 of ZSEP? About $7.00 one way, 0.07%: half its 30-day median spread. In and out costs twice that. How do I place a limit order for ZSEP? Set the limit at the midpoint + 2¢ to buy, or the midpoint − 2¢ to sell, in your broker’s quote. At the Oct 22 close of $27.95, that’s $27.97 to buy and $27.93 to sell.

### Sources and dates

- Spread: Innovator (fund page), 30 days to Oct 22, 2026 ( the issuer’s page ).

- Premium: ETFIQ, close against the issuer’s NAV, Sep 11, 2026 to Oct 22, 2026.

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 22, 2026.

- Dealers: Form N-CEN, the year to Oct 31, 2025, accession 0000894189-26-000385.

### 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, ZSEP trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/zsep/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/zsep/trading/