{"url":"https://etfiq.com/funds/zsl/trading/","section":"funds","title":"ZSL Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, ZSL\u2019s median bid-ask spread over 30 days was 0.04%, and its IQ Liquidity Score is 58, Liquid with care. No fund is recommended.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/zsl/trading/#data","name":"ZSL trading costs and liquidity","description":"As of Oct 22, 2026, ZSL\u2019s median bid-ask spread over 30 days was 0.04%, and its IQ Liquidity Score is 58, Liquid with care. No fund is recommended.","url":"https://etfiq.com/funds/zsl/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":"Is ZSL liquid?","acceptedAnswer":{"@type":"Answer","text":"ZSL\u2019s IQ Liquidity Score is 58 of 100, Liquid with care, the 10th percentile of 107 leverage ETFs, as of Oct 22, 2026."}},{"@type":"Question","name":"What is ZSL\u2019s bid-ask spread?","acceptedAnswer":{"@type":"Answer","text":"0.04% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 1\u00a2 a share at the Oct 22 close."}},{"@type":"Question","name":"Does ZSL trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +1.07% from its NAV on Oct 22, 2026. On 95% of the 250 days to then it was within \u00b15.26%, and it closed more than 1% from NAV on 123 of them."}},{"@type":"Question","name":"Who is the LMM for ZSL?","acceptedAnswer":{"@type":"Answer","text":"ZSL\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}},{"@type":"Question","name":"What does it cost to trade $10,000 of ZSL?","acceptedAnswer":{"@type":"Answer","text":"About $2.00 one way, 0.02%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $197 all in, against $95 for the fee alone."}},{"@type":"Question","name":"How do I place a limit order for ZSL?","acceptedAnswer":{"@type":"Answer","text":"Set the limit at the midpoint + 1\u00a2 to buy, or the midpoint \u2212 1\u00a2 to sell, in your broker\u2019s quote. At the Oct 22 close of $33.23, that\u2019s $33.24 to buy and $33.22 to sell."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/zsl#fund","name":"ProShares UltraShort Silver","alternateName":"ZSL","url":"https://etfiq.com/funds/zsl","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"ZSL"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/zsl#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ZSL","item":"https://etfiq.com/funds/zsl"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/zsl/trading/"}]},{"@type":"WebPage","name":"ZSL Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, ZSL\u2019s median bid-ask spread over 30 days was 0.04%, and its IQ Liquidity Score is 58, Liquid with care. No fund is recommended.","url":"https://etfiq.com/funds/zsl/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":5174,"truncated":false,"content":"ETFIQ / ZSL / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n ZSL bid-ask spread and liquidity\n As of Oct 22, 2026, ZSL\u2019s median bid-ask spread over 30 days was 0.04%, and its IQ Liquidity Score is 58, Liquid with care.\n IQ Liquidity Score\n 58 of 100, Liquid with care, 10th percentile of 107 leverage ETFs, 3 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 Liquid with care: its price is typically 0.98% from its value, and 5.26% or more on one day in 20.\n Flags: Price can drift from value.\n Cost to trade, 84.9 0.04% median spread, 30 days to Oct 22, 2026 Capacity Not measured: its reference SLV is not measured (it holds commodities or futures, which have no volume source here) Price fidelity, 9.7 95% of days within \u00b15.26% of NAV, 250 days to Oct 22, 2026 Primary market Not measured: no SEC series id or CIK on its record Bad-day behaviour, 50.7 Premium 1.9814\u00d7 normal on the 10 worst S&P 500 days, to Oct 22, 2026 Depth Not measured: needs trade and quote data (Phase 2) \n Cost for your order\n ZSL one-way cost at each order size: half its 30-day median spread to Oct 22, 2026; sizes above $10,000 add an estimate of market impact. Source: ETFIQ. Order Dollars Percent Basis \n $1,000 $0.20 0.02% spread \n $10,000 $2.00 0.02% spread \n Full cost to own\n At $10,000: 1.97% ($197) over 1 year, and 5.77% ($577) over 5 years; the fee alone is 0.95% ($95) a year. Fee, plus the round-trip spread once, plus the median premium paid at entry.\n Premium or discount to NAV\n Latest close, Oct 22, 2026: +1.07%\n 95% of days within: \u00b15.26%\n Days more than 1% from NAV: 123 of 250\n Widest: \u221212.00%, Jan 27, 2026\n Close against the NAV its issuer struck the same day, 250 days from Oct 23, 2025 to Oct 22, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.\n Capacity\n Not measured: its reference SLV is not measured (it holds commodities or futures, which have no volume source here).\n How to trade ZSL\n Order type Limit: midpoint + 1\u00a2 to buy, midpoint \u2212 1\u00a2 to sell. At the Oct 22 close of $33.23, that\u2019s $33.24 to buy and $33.22 to sell. When Its holdings trade on markets that close before New York, so its price can drift from their value later in the day. Watch The premium. On 95% of days it is within \u00b15.26%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. 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 Is ZSL liquid? ZSL\u2019s IQ Liquidity Score is 58 of 100, Liquid with care, the 10th percentile of 107 leverage ETFs, as of Oct 22, 2026. What is ZSL\u2019s bid-ask spread? 0.04% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 1\u00a2 a share at the Oct 22 close. Does ZSL trade at a premium or discount to NAV? It closed +1.07% from its NAV on Oct 22, 2026. On 95% of the 250 days to then it was within \u00b15.26%, and it closed more than 1% from NAV on 123 of them. Who is the LMM for ZSL? ZSL\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. What does it cost to trade $10,000 of ZSL? About $2.00 one way, 0.02%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $197 all in, against $95 for the fee alone. How do I place a limit order for ZSL? Set the limit at the midpoint + 1\u00a2 to buy, or the midpoint \u2212 1\u00a2 to sell, in your broker\u2019s quote. At the Oct 22 close of $33.23, that\u2019s $33.24 to buy and $33.22 to sell. Sources and dates\n Spread: ProShares (fund page), 30 days to Oct 22, 2026 ( the issuer\u2019s page ).\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 23, 2025 to Oct 22, 2026.\n Score: ETFIQ, Oct 22, 2026. The method is at /methodology/liquidity.\n Where to next\n ZSL 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 ZSL 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, ZSL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/zsl/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, ZSL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/zsl/trading/ APA ETFIQ. (Oct 22, 2026). ZSL trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/zsl/trading/ Markdown [ZSL trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/zsl/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, ZSL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/zsl/trading/"}