{"url":"https://etfiq.com/funds/acsi/trading/","section":"funds","title":"ACSI Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"ACSI trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 4, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/acsi/trading/#data","name":"ACSI trading costs and liquidity","description":"ACSI 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/acsi/trading/","dateModified":"2026-11-04","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 ACSI?","acceptedAnswer":{"@type":"Answer","text":"ACSI\u2019s latest Form N-CEN, for the period ending Sep 30, 2025, lists 2 authorized participants (APs), and 2 created or redeemed shares. The largest were Mirae Asset Securities (USA) Inc. (65.5%), Goldman Sachs & Co. LLC (34.5%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for ACSI?","acceptedAnswer":{"@type":"Answer","text":"ACSI\u2019s lead market maker (LMM) on Cboe BZX is Wolverine Trading, LLC. Lead market maker per Cboe BZX, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/acsi#fund","name":"American Customer Satisfaction ETF","alternateName":"ACSI","url":"https://etfiq.com/funds/acsi","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"ACSI"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/acsi#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ACSI","item":"https://etfiq.com/funds/acsi"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/acsi/trading/"}]},{"@type":"WebPage","name":"ACSI Bid-Ask Spread, Liquidity and NAV Premium","description":"ACSI 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/acsi/trading/","dateModified":"2026-11-04","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3675,"truncated":false,"content":"ETFIQ / ACSI / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n ACSI bid-ask spread and liquidity\n As of Nov 4, 2026, ACSI\u2019s holdings can absorb $375m a day.\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 Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 85.8 Holdings can absorb $375m a day, Nov 4, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 45.0 2 active dealers of 2; largest 66% of creations and redemptions, N-CEN to Sep 30, 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 $375m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is Toronto-Dominion Bank (TD), 3.82% of the fund.\n Dealers\n 2 active of 2 authorized participants; the largest did 66% of creations and redemptions, in the year to Sep 30, 2025 (Form N-CEN filed Apr 10, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Mirae Asset Securities (USA) Inc. (65.5%), Goldman Sachs & Co. LLC (34.5%).\n How to trade ACSI\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 $3.7m is 1% of what its holdings can absorb in a day, for a buy or a sell. Where it trades\n In Q2 2026, odd lots were 23.9% of ACSI\u2019s exchange volume.\n 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 ACSI? ACSI\u2019s latest Form N-CEN, for the period ending Sep 30, 2025, lists 2 authorized participants (APs), and 2 created or redeemed shares. The largest were Mirae Asset Securities (USA) Inc. (65.5%), Goldman Sachs & Co. LLC (34.5%) of the dollars its APs created and redeemed. Who is the LMM for ACSI? ACSI\u2019s lead market maker (LMM) on Cboe BZX is Wolverine Trading, LLC. Lead market maker per Cboe BZX, as of Nov 1, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 4, 2026.\n Dealers: Form N-CEN, the year to Sep 30, 2025, accession 0001999371-26-008098.\n Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n ACSI 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 ACSI 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, ACSI trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/acsi/trading/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, ACSI trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/acsi/trading/ APA ETFIQ. (Nov 4, 2026). ACSI trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/acsi/trading/ Markdown [ACSI trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/acsi/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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, ACSI trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/acsi/trading/"}