IQ
AIED
Defiance LLM Catalyst Momentum ETF
Category StocksIssuer DefianceNet assets $20mFee 0.75%
Trading · Defiance LLM Catalyst Momentum ETF

AIED bid-ask spread and liquidity

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As of Nov 3, 2026, AIED closed −0.04% from its NAV, and on 95% of the 14 days to then it was within ±0.27%.

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AIED fund page
·
Not scored

IQ Liquidity Score

· 2 of 6 measured · Nov 4, 2026
$721m
its holdings can absorb a day
−0.04%
latest close, Nov 3
±0.27%
95% of days within
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
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Capacity
Holdings can absorb $721m a day, Nov 4, 2026
95.3
Price fidelity
Not measured · 14 days of closing premium are held, under the 20 needed
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Primary market
3 active dealers of 11; largest 43% of creations and redemptions, N-CEN to Apr 30, 2026
65.0
Bad-day behaviour
Not measured · 1 of the 10 worst days and 13 other days are held, under the 5 and 60 needed
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Depth
Not measured · needs trade and quote data
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Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

Premium or discount to valueDaily, 14 days to Nov 3, 2026 · the ±1% band marked

Above zero: a premium. Below: a discount.

AIED premium or discount to NAV, 14 days+1%0−1%Oct 15, 2026Nov 3, 2026
Latest close, Nov 3
−0.04%
95% of days within
±0.27%
Days more than 1% from NAV
0 of 14
Widest
−0.27%, Oct 23, 2026
CapacityWhat its holdings making up 95% of the weight can absorb a day, at 10% of each one’s volume
Holdings can absorb
$721m

AIED’s holdings can absorb $721m a day, measured on its own holdings, as of Nov 4, 2026. A $1m order is 0.14% of a day’s capacity.

The holding that sets the limit: Iqvia Holdings Inc. (IQV), 4.88% of the fund, $354m a day traded, the median of 20 days to Nov 4, 2026.

Who makes the market

Authorized participants · N-CEN, the year to Apr 30, 2026
Active dealers
3
of 11 authorized
Largest
43%
of creations and redemptions
One dealer
No
3 active

3 of 11 authorized participants created or redeemed AIED shares in the year to Apr 30, 2026. From the fund’s Form N-CEN, filed Jul 14, 2026.

APs create and redeem shares. Every AP →

Active APs, largest first, by share of dollars created and redeemed: Virtu Americas LLC (42.9%), Goldman Sachs & Co. LLC (28.9%), BofA Securities, Inc. (28.2%). 8 more were listed and created or redeemed nothing.

How to place the order

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.
Size
Up to $7.2m is 1% of what its holdings can absorb in a day, for a buy or a sell.
Watch
The premium to NAV, charted above: a buyer pays more, and a seller gets less, when it is wide.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Retail flow, estimated

Trades priced in fractions of a cent, a sign of retail orders.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

Does AIED trade at a premium or discount to NAV?

It closed −0.04% from its NAV on Nov 3, 2026. On 95% of the 14 days to then it was within ±0.27%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for AIED?

AIED’s latest Form N-CEN, for the period ending Apr 30, 2026, lists 11 authorized participants (APs), and 3 created or redeemed shares. The largest were Virtu Americas LLC (42.9%), Goldman Sachs & Co. LLC (28.9%), BofA Securities, Inc. (28.2%) of the dollars its APs created and redeemed.

Who is the LMM for AIED?

AIED is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange’s own program, so this does not mean it has no LMM.
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 →AIED fund page→
Sources and dates
Premium to NAVETFIQ, close against the issuer’s NAV · Oct 15, 2026 to Nov 3, 2026
CapacityETFIQ, each holding’s 20-day median dollar volume · to Nov 4, 2026
DealersForm N-CEN · the year to Apr 30, 2026

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

Cite this pageCitation, APA and Markdown

ETFIQ, AIED trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/aied/trading/

Open data →

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