{"url":"https://etfiq.com/funds/tcv/trading/","section":"funds","title":"TCV Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"TCV trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Oct 16, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/tcv/trading/#data","name":"TCV trading costs and liquidity","description":"TCV 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/tcv/trading/","dateModified":"2026-10-16","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 TCV?","acceptedAnswer":{"@type":"Answer","text":"TCV\u2019s latest Form N-CEN, for the period ending May 31, 2026, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were Mirae Asset Securities (USA) Inc. (79.9%), Merrill Lynch Professional Clearing Corp. (13.4%), Virtu Americas LLC (3.9%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for TCV?","acceptedAnswer":{"@type":"Answer","text":"TCV\u2019s lead market maker (LMM) on NYSE Arca is RBC Capital Markets, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/tcv#fund","name":"Towle Small-Cap Value ETF","alternateName":"TCV","url":"https://etfiq.com/funds/tcv","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"TCV"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/tcv#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"TCV","item":"https://etfiq.com/funds/tcv"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/tcv/trading/"}]},{"@type":"WebPage","name":"TCV Bid-Ask Spread, Liquidity and NAV Premium","description":"TCV 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/tcv/trading/","dateModified":"2026-10-16","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3616,"truncated":false,"content":"ETFIQ / TCV / Trading \n \n As of Oct 16, 2026. Rebuilt every trading night.\n TCV bid-ask spread and liquidity\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, 41.7 Holdings can absorb $18m a day, Oct 16, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 4 active dealers of 4; largest 80% of creations and redemptions, N-CEN to May 31, 2026 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 Its holdings can absorb $18m a day, measured on its own holdings, as of Oct 16, 2026. The holding that sets the limit is AdvanSix Inc (ASIX), 2.07% of the fund.\n Dealers\n 4 active of 4 authorized participants; the largest did 80% of creations and redemptions, in the year to May 31, 2026 (Form N-CEN filed Aug 13, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Mirae Asset Securities (USA) Inc. (79.9%), Merrill Lynch Professional Clearing Corp. (13.4%), Virtu Americas LLC (3.9%), Jane Street Capital, LLC (2.8%).\n How to trade TCV\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 $178,218 is 1% of what its holdings can absorb in a day, for a buy or a sell. 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 TCV? TCV\u2019s latest Form N-CEN, for the period ending May 31, 2026, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were Mirae Asset Securities (USA) Inc. (79.9%), Merrill Lynch Professional Clearing Corp. (13.4%), Virtu Americas LLC (3.9%) of the dollars its APs created and redeemed. Who is the LMM for TCV? TCV\u2019s lead market maker (LMM) on NYSE Arca is RBC Capital Markets, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 16, 2026.\n Dealers: Form N-CEN, the year to May 31, 2026, accession 0001193125-26-348523.\n Where to next\n TCV 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 TCV 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, TCV trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/tcv/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, TCV trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/tcv/trading/ APA ETFIQ. (Oct 16, 2026). TCV trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/tcv/trading/ Markdown [TCV trading: cost, capacity, premium and dealers (ETFIQ, Oct 16, 2026)](https://etfiq.com/funds/tcv/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, TCV trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/tcv/trading/"}