# EDGE Bid-Ask Spread, Liquidity and NAV Premium > EDGE trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Feb 11, 2026. Rebuilt every trading night. As of Feb 11, 2026. Rebuilt every trading night. ## EDGE bid-ask spread and liquidity In the year to Nov 30, 2025, 2 of EDGE’s 2 authorized participants created or redeemed shares. ### IQ Liquidity Score Not scored, 1 of 6 measured. 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 Flags: One dealer. Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: no book of its holdings is read Price fidelity Not measured: no closing premium is held for this fund Primary market, 30.0 2 active dealers of 2; largest 85% of creations and redemptions, N-CEN to Nov 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) ### Capacity Not measured: no book of its holdings is read. ### Dealers 2 active of 2 authorized participants; the largest did 85% of creations and redemptions, in the year to Nov 30, 2025 (Form N-CEN filed Feb 11, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (84.7%), Jane Street Capital, LLC (15.3%). ### How to trade EDGE When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data. ### Where it trades In Q2 2026, 40% of EDGE’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 4.0% of its exchange volume. ### Coming with trade data Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### Questions people ask Who is the AP for EDGE? EDGE’s latest Form N-CEN, for the period ending Nov 30, 2025, lists 2 authorized participants (APs), and 2 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (84.7%), Jane Street Capital, LLC (15.3%) of the dollars its APs created and redeemed. Who is the LMM for EDGE? EDGE’s lead market maker (LMM) on Cboe BZX is Wolverine Trading, LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026. ### Sources and dates - Dealers: Form N-CEN, the year to Nov 30, 2025, accession 0000894189-26-003572. - Where it trades: SEC MIDAS, Q2 2026, against the fund’s daily volume from Tiingo. ### Where to next The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, EDGE trading: cost, capacity, premium and dealers, data as of Feb 11, 2026. https://etfiq.com/funds/edge/trading/ Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/edge/trading/