ZVOL bid-ask spread and liquidity

Volatility Premium Plus ETF
AlternativesVolatility Shares$21m net assets1.42% fee
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Ask IQ about ZVOL bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewDividendsTradingFlowsCompare

IQ Liquidity Score

1 of 6 measured · May 14, 2026
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Not scored
0 · Hard to trade100 · Trades like a giant

The IQ Liquidity Score: 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 trades, not whether to own it. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
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Capacity
Not measured · no book of its holdings is read
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Price fidelity
Not measured · no closing premium is held for this fund
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Primary market
4 active dealers of 7; largest 47% of creations and redemptions, N-CEN to Feb 28, 2026
65.0
Bad-day behaviour
Not measured · no daily closing premium is held for this fund
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Depth
Not measured · needs trade and quote data (Phase 2)
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Capacity

What the holdings can absorb a day

Not measured: no book of its holdings is read.

Dealers

Authorized participants · N-CEN, the year to Feb 28, 2026
Active dealers
4
of 7 authorized
Largest
47%
of creations and redemptions
One dealer
No
4 active

4 of 7 authorized participants created or redeemed ZVOL shares in the year to Feb 28, 2026. From the fund’s Form N-CEN, filed May 14, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (47.4%), Jane Street Capital, LLC (36.7%), Merrill Lynch Professional Clearing Corp. (13.8%), Virtu Americas LLC (2.1%). 3 more were listed and created or redeemed nothing.

How to trade ZVOL

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Phase 2 · drawn now, filled when trade data arrives
Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Share of volume at the ask against at the bid.

Retail flow, estimatedComing with trade data

Sub-penny prints as a share of volume.

Large tradesComing with trade data

Prints above $500k, count and share.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

Who is the AP for ZVOL?

ZVOL’s latest Form N-CEN, for the period ending Feb 28, 2026, lists 7 authorized participants (APs), and 4 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (47.4%), Jane Street Capital, LLC (36.7%), Merrill Lynch Professional Clearing Corp. (13.8%) of the dollars its APs created and redeemed.

Who is the LMM for ZVOL?

ZVOL’s lead market maker (LMM) on Cboe BZX is Flow Traders U.S. LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026.
Sources and dates
DealersForm N-CEN · the year to Feb 28, 2026
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →ZVOL fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, ZVOL trading: cost, capacity, premium and dealers, data as of May 14, 2026. https://etfiq.com/funds/zvol/trading/

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The score measures trading conditions, not the fund. ETFIQ makes no recommendations.