{"url":"https://etfiq.com/funds/tdax/trading/","section":"funds","title":"TDAX Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"TDAX trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 11, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/tdax/trading/#data","name":"TDAX trading costs and liquidity","description":"TDAX 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/tdax/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":"Who is the LMM for TDAX?","acceptedAnswer":{"@type":"Answer","text":"TDAX\u2019s lead market maker (LMM) on Cboe BZX is GTS Securities LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/tdax#fund","name":"TDAQ LIFT ETF","alternateName":"TDAX","url":"https://etfiq.com/funds/tdax","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"TDAX"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/tdax#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"TDAX","item":"https://etfiq.com/funds/tdax"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/tdax/trading/"}]},{"@type":"WebPage","name":"TDAX Bid-Ask Spread, Liquidity and NAV Premium","description":"TDAX 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/tdax/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":4493,"truncated":false,"content":"ETFIQ / TDAX / Trading \n \n As of Nov 11, 2026. Rebuilt every trading night.\n TDAX bid-ask spread and liquidity\n As of Nov 11, 2026, TDAX\u2019s holdings can absorb $85m a day.\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, 64.4 Holdings can absorb $85m a day, Nov 11, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: it first traded on 2026-01-07, and no N-CEN ETF row for series S000100025 is in the quarters read (2024q4 to 2026q3) 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 $85m a day, measured on the holdings of TDAQ, the asset its multiple is on, divided by its multiple of 1.3, as of Nov 11, 2026. The holding that sets the limit is Invesco Nasdaq 100 ETF (QQQM), 99.56% of the fund.\n How to trade TDAX\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 $853,444 is 1% of what its holdings can absorb in a day, for a buy or a sell. What retail orders paid\n In Sep 2026, retail market orders in TDAX paid $5.47 one way on $10,000, against $19 at the quote. 87% of shares filled better than the quote.\n TDAX: what retail market orders paid one way on $10,000, Sep 2026, half the effective spread. Source: SEC Rule 605 reports; computed by ETFIQ. Orders One way on $10,000 \n All wholesalers read $5.47 \n Fidelity customers \u2212$1.61 \n Schwab customers $6.19 \n Robinhood customers $11 \n TDAX: what retail market orders paid one way on $10,000, by month, at the wholesalers. Old format: orders of 100 to 9,999 shares, to Jul 2026. Month One way on $10,000 \n Jan 2026 (old format) $6.43 \n Feb 2026 (old format) $4.57 \n Mar 2026 (old format) $5.78 \n Apr 2026 (old format) $6.56 \n May 2026 (old format) $6.04 \n Jun 2026 (old format) $14 \n Jul 2026 (old format) $9.12 \n Aug 2026 $9.89 \n Sep 2026 $5.47 \n TDAX ranked 1794th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0017% of the market-order dollars in 3 retail brokers\u2019 reports. Retail activity ranking \n Where it trades\n In Q2 2026, 71% of TDAX\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 16.3% of its exchange volume.\n Coming with trade data\n Spread through the day, buyers against sellers, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n Who is the LMM for TDAX? TDAX\u2019s lead market maker (LMM) on Cboe BZX is GTS Securities LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 11, 2026.\n Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ\u2019s request, so its orders are not counted.\n Where it trades: SEC MIDAS, Q2 2026, against the fund\u2019s daily volume from Tiingo.\n Where to next\n TDAX 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 TDAX 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, TDAX trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/tdax/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, TDAX trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/tdax/trading/ APA ETFIQ. (Nov 11, 2026). TDAX trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/tdax/trading/ Markdown [TDAX trading: cost, capacity, premium and dealers (ETFIQ, Nov 11, 2026)](https://etfiq.com/funds/tdax/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, TDAX trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/tdax/trading/"}