{"url":"https://etfiq.com/funds/texx/trading/","section":"funds","title":"TEXX Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"TEXX trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/texx/trading/#data","name":"TEXX trading costs and liquidity","description":"TEXX 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/texx/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":"Who is the LMM for TEXX?","acceptedAnswer":{"@type":"Answer","text":"TEXX\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/texx#fund","name":"Horizon Kinetics Texas ETF","alternateName":"TEXX","url":"https://etfiq.com/funds/texx","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"TEXX"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/texx#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"TEXX","item":"https://etfiq.com/funds/texx"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/texx/trading/"}]},{"@type":"WebPage","name":"TEXX Bid-Ask Spread, Liquidity and NAV Premium","description":"TEXX 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/texx/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":2837,"truncated":false,"content":"ETFIQ / TEXX / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n TEXX 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, 20.9 Holdings can absorb $4m a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: it first traded on 2026-01-22, and no N-CEN ETF row for series S000100870 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 $4m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is Permian Basin Royalty Trust (PBT), 6.96% of the fund.\n How to trade TEXX\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 $42,461 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 LMM for TEXX? TEXX\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Where to next\n TEXX 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 TEXX 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, TEXX trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/texx/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, TEXX trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/texx/trading/ APA ETFIQ. (Oct 22, 2026). TEXX trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/texx/trading/ Markdown [TEXX trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/texx/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, TEXX trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/texx/trading/"}