{"url":"https://etfiq.com/funds/aied/trading/","section":"funds","title":"AIED Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Nov 3, 2026, AIED closed \u22120.04% from its NAV, and on 95% of the 14 days to then it was within \u00b10.27%. No fund is recommended.","as_of":"Nov 4, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/aied/trading/#data","name":"AIED trading costs and liquidity","description":"As of Nov 3, 2026, AIED closed \u22120.04% from its NAV, and on 95% of the 14 days to then it was within \u00b10.27%. No fund is recommended.","url":"https://etfiq.com/funds/aied/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":"Does AIED trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed \u22120.04% from its NAV on Nov 3, 2026. On 95% of the 14 days to then it was within \u00b10.27%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for AIED?","acceptedAnswer":{"@type":"Answer","text":"AIED\u2019s 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."}},{"@type":"Question","name":"Who is the LMM for AIED?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s own program, so this does not mean it has no LMM."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/aied#fund","name":"Defiance LLM Catalyst Momentum ETF","alternateName":"AIED","url":"https://etfiq.com/funds/aied","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"AIED"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/aied#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"AIED","item":"https://etfiq.com/funds/aied"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/aied/trading/"}]},{"@type":"WebPage","name":"AIED Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Nov 3, 2026, AIED closed \u22120.04% from its NAV, and on 95% of the 14 days to then it was within \u00b10.27%. No fund is recommended.","url":"https://etfiq.com/funds/aied/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":4535,"truncated":false,"content":"ETFIQ / AIED / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n AIED bid-ask spread and liquidity\n As of Nov 3, 2026, AIED closed \u22120.04% from its NAV, and on 95% of the 14 days to then it was within \u00b10.27%.\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, 95.3 Holdings can absorb $721m a day, Nov 4, 2026 Price fidelity Not measured: 14 days of closing premium are held, under the 20 needed Primary market, 65.0 3 active dealers of 11; largest 43% of creations and redemptions, N-CEN to Apr 30, 2026 Bad-day behaviour Not measured: 1 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) \n Premium or discount to NAV\n Latest close, Nov 3, 2026: \u22120.04%\n 95% of days within: \u00b10.27%\n Days more than 1% from NAV: 0 of 14\n Widest: \u22120.27%, Oct 23, 2026\n Close against the NAV its issuer struck the same day, 14 days from Oct 15, 2026 to Nov 3, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Its holdings can absorb $721m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is Iqvia Holdings Inc. (IQV), 4.88% of the fund.\n Dealers\n 3 active of 11 authorized participants; the largest did 43% of creations and redemptions, in the year to Apr 30, 2026 (Form N-CEN filed Jul 14, 2026).\n The active authorized participants, largest first, by share of the 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.\n How to trade AIED\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 $7.2m 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 \u00b10.27%; 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 Does AIED trade at a premium or discount to NAV? It closed \u22120.04% from its NAV on Nov 3, 2026. On 95% of the 14 days to then it was within \u00b10.27%, and it closed more than 1% from NAV on 0 of them. Who is the AP for AIED? AIED\u2019s 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\u2019s own program, so this does not mean it has no LMM. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 15, 2026 to Nov 3, 2026.\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 4, 2026.\n Dealers: Form N-CEN, the year to Apr 30, 2026, accession 0000910472-26-010465.\n Where to next\n AIED 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 AIED 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, AIED trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/aied/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, AIED trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/aied/trading/ APA ETFIQ. (Nov 4, 2026). AIED trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/aied/trading/ Markdown [AIED trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/aied/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, AIED trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/aied/trading/"}