{"url":"https://etfiq.com/funds/tenj/trading/","section":"funds","title":"TENJ Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, TENJ closed \u22120.05% from its NAV, and on 95% of the 251 days to then it was within \u00b10.14%. No fund is recommended.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/tenj/trading/#data","name":"TENJ trading costs and liquidity","description":"As of Oct 22, 2026, TENJ closed \u22120.05% from its NAV, and on 95% of the 251 days to then it was within \u00b10.14%. No fund is recommended.","url":"https://etfiq.com/funds/tenj/trading/","dateModified":"2026-10-22","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 TENJ trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed \u22120.05% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within \u00b10.14%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the LMM for TENJ?","acceptedAnswer":{"@type":"Answer","text":"TENJ\u2019s lead market maker (LMM) on Cboe BZX is Susquehanna Securities, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/tenj#fund","name":"iShares Large Cap 10% Target Buffer Jun ETF","alternateName":"TENJ","url":"https://etfiq.com/funds/tenj","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"TENJ"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/tenj#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"TENJ","item":"https://etfiq.com/funds/tenj"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/tenj/trading/"}]},{"@type":"WebPage","name":"TENJ Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, TENJ closed \u22120.05% from its NAV, and on 95% of the 251 days to then it was within \u00b10.14%. No fund is recommended.","url":"https://etfiq.com/funds/tenj/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3749,"truncated":false,"content":"ETFIQ / TENJ / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n TENJ bid-ask spread and liquidity\n As of Oct 22, 2026, TENJ closed \u22120.05% from its NAV, and on 95% of the 251 days to then it was within \u00b10.14%.\n IQ Liquidity Score\n Not scored, 3 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, 100.0 Holdings can absorb $14.7bn a day, Oct 22, 2026 Price fidelity, 100.0 95% of days within \u00b10.14% of NAV, 251 days to Oct 22, 2026 Primary market Not measured: it first traded on 2025-10-22, and no N-CEN ETF row for series S000095365 is in the quarters read (2024q4 to 2026q3) Bad-day behaviour, 100.0 Premium 1\u00d7 normal on the 10 worst S&P 500 days, to Oct 22, 2026 Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Oct 22, 2026: \u22120.05%\n 95% of days within: \u00b10.14%\n Days more than 1% from NAV: 0 of 251\n Widest: +0.84%, Jun 26, 2026\n Close against the NAV its issuer struck the same day, 251 days from Oct 23, 2025 to Oct 22, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Its holdings can absorb $14.7bn a day, measured on the holdings of IVV, its reference asset, as of Oct 22, 2026. The holding that sets the limit is BERKSHIRE HATHAWAY INC CLASS B (BRK-B), 1.50% of the fund.\n How to trade TENJ\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 $147m 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 \u00b10.14%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. 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 TENJ trade at a premium or discount to NAV? It closed \u22120.05% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within \u00b10.14%, and it closed more than 1% from NAV on 0 of them. Who is the LMM for TENJ? TENJ\u2019s lead market maker (LMM) on Cboe BZX is Susquehanna Securities, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 23, 2025 to Oct 22, 2026.\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Where to next\n TENJ 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 TENJ 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, TENJ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/tenj/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, TENJ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/tenj/trading/ APA ETFIQ. (Oct 22, 2026). TENJ trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/tenj/trading/ Markdown [TENJ trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/tenj/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, TENJ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/tenj/trading/"}