{"url":"https://etfiq.com/funds/lfeq/trading/","section":"funds","title":"LFEQ Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Nov 11, 2026, LFEQ closed \u22120.02% from its NAV, and on 95% of the 1 days to then it was within \u00b10.02%. No fund is recommended.","as_of":"Nov 11, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/lfeq/trading/#data","name":"LFEQ trading costs and liquidity","description":"As of Nov 11, 2026, LFEQ closed \u22120.02% from its NAV, and on 95% of the 1 days to then it was within \u00b10.02%. No fund is recommended.","url":"https://etfiq.com/funds/lfeq/trading/","dateModified":"2026-11-11","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 LFEQ trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed \u22120.02% from its NAV on Nov 11, 2026. On 95% of the 1 days to then it was within \u00b10.02%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for LFEQ?","acceptedAnswer":{"@type":"Answer","text":"LFEQ\u2019s latest Form N-CEN, for the period ending Sep 30, 2025, lists 37 authorized participants (APs), and 4 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (87.6%), Virtu Americas LLC (5.0%), Citadel Securities LLC (4.9%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for LFEQ?","acceptedAnswer":{"@type":"Answer","text":"LFEQ 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/lfeq#fund","name":"VanEck Long/Flat Trend ETF","alternateName":"LFEQ","url":"https://etfiq.com/funds/lfeq","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"LFEQ"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/lfeq#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"LFEQ","item":"https://etfiq.com/funds/lfeq"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/lfeq/trading/"}]},{"@type":"WebPage","name":"LFEQ Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Nov 11, 2026, LFEQ closed \u22120.02% from its NAV, and on 95% of the 1 days to then it was within \u00b10.02%. No fund is recommended.","url":"https://etfiq.com/funds/lfeq/trading/","dateModified":"2026-11-11","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4865,"truncated":false,"content":"ETFIQ / LFEQ / Trading \n \n As of Nov 11, 2026. Rebuilt every trading night.\n LFEQ bid-ask spread and liquidity\n As of Nov 11, 2026, LFEQ closed \u22120.02% from its NAV, and on 95% of the 1 days to then it was within \u00b10.02%.\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 Flags: One dealer.\n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 87.7 Holdings can absorb $426m a day, Nov 11, 2026 Price fidelity Not measured: 1 days of closing premium are held, under the 20 needed Primary market, 50.0 4 active dealers of 37; largest 88% of creations and redemptions, N-CEN to Sep 30, 2025 Bad-day behaviour Not measured: 0 of the 10 worst days and 1 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 11, 2026: \u22120.02%\n 95% of days within: \u00b10.02%\n Days more than 1% from NAV: 0 of 1\n Widest: \u22120.02%, Nov 11, 2026\n Close against the NAV its issuer struck the same day, 1 days from Nov 11, 2026 to Nov 11, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Its holdings can absorb $426m a day, measured on its own holdings, as of Nov 11, 2026. The holding that sets the limit is Vanguard S&P 500 ETF (VOO), 99.66% of the fund.\n Dealers\n 4 active of 37 authorized participants; the largest did 88% of creations and redemptions, in the year to Sep 30, 2025 (Form N-CEN filed Dec 9, 2025).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (87.6%), Virtu Americas LLC (5.0%), Citadel Securities LLC (4.9%), Goldman Sachs & Co. LLC (2.5%). 33 more were listed and created or redeemed nothing.\n How to trade LFEQ\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 $4.3m 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 \u00b10.02%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. Where it trades\n In Q2 2026, 51% of LFEQ\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 8.4% of its 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 Does LFEQ trade at a premium or discount to NAV? It closed \u22120.02% from its NAV on Nov 11, 2026. On 95% of the 1 days to then it was within \u00b10.02%, and it closed more than 1% from NAV on 0 of them. Who is the AP for LFEQ? LFEQ\u2019s latest Form N-CEN, for the period ending Sep 30, 2025, lists 37 authorized participants (APs), and 4 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (87.6%), Virtu Americas LLC (5.0%), Citadel Securities LLC (4.9%) of the dollars its APs created and redeemed. Who is the LMM for LFEQ? LFEQ 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, Nov 11, 2026 to Nov 11, 2026.\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 11, 2026.\n Dealers: Form N-CEN, the year to Sep 30, 2025, accession 0001410368-25-033784.\n Where it trades: SEC MIDAS, Q2 2026, against the fund\u2019s daily volume from Tiingo.\n Where to next\n LFEQ 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 LFEQ 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, LFEQ trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/lfeq/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, LFEQ trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/lfeq/trading/ APA ETFIQ. (Nov 11, 2026). LFEQ trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/lfeq/trading/ Markdown [LFEQ trading: cost, capacity, premium and dealers (ETFIQ, Nov 11, 2026)](https://etfiq.com/funds/lfeq/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, LFEQ trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/lfeq/trading/"}