# TFPN Bid-Ask Spread, Liquidity and NAV Premium > TFPN trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Sep 14, 2026. Rebuilt every trading night. As of Sep 14, 2026. Rebuilt every trading night. ## TFPN bid-ask spread and liquidity ### IQ Liquidity Score Not scored, 1 of 6 measured. 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 Flags: One dealer. Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: no book of its holdings is read Price fidelity Not measured: no closing premium is held for this fund Primary market, 50.0 3 active dealers of 3; largest 85% of creations and redemptions, N-CEN to Jun 30, 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) ### Capacity Not measured: no book of its holdings is read. ### Dealers 3 active of 3 authorized participants; the largest did 85% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 14, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (84.7%), Jane Street Execution Services, LLC (8.5%), Virtu Financial (6.7%). ### How to trade TFPN When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data. ### Coming with trade data Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### Questions people ask Who is the AP for TFPN? TFPN’s latest Form N-CEN, for the period ending Jun 30, 2026, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were J.P. Morgan Securities LLC (84.7%), Jane Street Execution Services, LLC (8.5%), Virtu Financial (6.7%) of the dollars its APs created and redeemed. Who is the LMM for TFPN? TFPN’s 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 - Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0002000324-26-004365. ### Where to next The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, TFPN trading: cost, capacity, premium and dealers, data as of Sep 14, 2026. https://etfiq.com/funds/tfpn/trading/ Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/tfpn/trading/