{"url":"https://etfiq.com/funds/tafl/trading/","section":"funds","title":"TAFL Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"TAFL trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Feb 12, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/tafl/trading/#data","name":"TAFL trading costs and liquidity","description":"TAFL 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/tafl/trading/","dateModified":"2026-02-12","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 TAFL?","acceptedAnswer":{"@type":"Answer","text":"TAFL\u2019s latest Form N-CEN, for the period ending Nov 30, 2025, lists 21 authorized participants (APs), and 4 created or redeemed shares. The largest were Jane Street Capital, LLC (76.3%), Virtu Americas LLC (11.9%), Pershing LLC (7.7%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for TAFL?","acceptedAnswer":{"@type":"Answer","text":"TAFL\u2019s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/tafl#fund","name":"AB Tax-Aware Long Municipal ETF","alternateName":"TAFL","url":"https://etfiq.com/funds/tafl","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"TAFL"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/tafl#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"TAFL","item":"https://etfiq.com/funds/tafl"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/tafl/trading/"}]},{"@type":"WebPage","name":"TAFL Bid-Ask Spread, Liquidity and NAV Premium","description":"TAFL 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/tafl/trading/","dateModified":"2026-02-12","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3388,"truncated":false,"content":"ETFIQ / TAFL / Trading \n \n As of Feb 12, 2026. Rebuilt every trading night.\n TAFL bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 1 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 Not measured: its holdings are bonds, which have no volume source here Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 4 active dealers of 21; largest 76% 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) \n Capacity\n Not measured: its holdings are bonds, which have no volume source here.\n Dealers\n 4 active of 21 authorized participants; the largest did 76% of creations and redemptions, in the year to Nov 30, 2025 (Form N-CEN filed Feb 12, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (76.3%), Virtu Americas LLC (11.9%), Pershing LLC (7.7%), Merrill Lynch Professional Clearing Corp. (4.0%). 17 more were listed and created or redeemed nothing.\n How to trade TAFL\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. 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 TAFL? TAFL\u2019s latest Form N-CEN, for the period ending Nov 30, 2025, lists 21 authorized participants (APs), and 4 created or redeemed shares. The largest were Jane Street Capital, LLC (76.3%), Virtu Americas LLC (11.9%), Pershing LLC (7.7%) of the dollars its APs created and redeemed. Who is the LMM for TAFL? TAFL\u2019s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Nov 30, 2025, accession 0001410368-26-010918.\n Where to next\n TAFL 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 TAFL 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, TAFL trading: cost, capacity, premium and dealers, data as of Feb 12, 2026. https://etfiq.com/funds/tafl/trading/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, TAFL trading: cost, capacity, premium and dealers, data as of Feb 12, 2026. https://etfiq.com/funds/tafl/trading/ APA ETFIQ. (Feb 12, 2026). TAFL trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/tafl/trading/ Markdown [TAFL trading: cost, capacity, premium and dealers (ETFIQ, Feb 12, 2026)](https://etfiq.com/funds/tafl/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":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, TAFL trading: cost, capacity, premium and dealers, data as of Feb 12, 2026. https://etfiq.com/funds/tafl/trading/"}