# THLV Bid-Ask Spread, Liquidity and NAV Premium

> THLV trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.

Data as of Nov 11, 2026. Rebuilt every trading night.

As of Nov 11, 2026. Rebuilt every trading night.

## THLV bid-ask spread and liquidity

As of Nov 11, 2026, THLV’s holdings can absorb at most up to $358m a day.

### 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

Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Holdings can absorb up to $358m a day; part of the book has no volume data Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 3 active dealers of 3; largest 58% of creations and redemptions, N-CEN to Aug 31, 2025 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

Its holdings can absorb up to $358m a day, measured on its own holdings, as of Nov 11, 2026. The holding that sets the limit is SELECT SECTOR SPDR TRUST (THE) (XLB), 16.49% of the fund.

### Dealers

3 active of 3 authorized participants; the largest did 58% of creations and redemptions, in the year to Aug 31, 2025 (Form N-CEN filed Nov 14, 2025).

The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Financial (58.4%), Goldman Sachs & Co. LLC (27.5%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (14.1%).

### How to trade THLV

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. Size Part of its book has no volume data, so the room for a large order is an upper bound.

### What retail orders paid

In Sep 2026, retail market orders in THLV paid $0.90 one way on $10,000, against $3.96 at the quote. 84% of shares filled better than the quote.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $0.90 |
| Schwab customers | $0.94 |
| Fidelity customers | $2.26 |

| Month | One way on $10,000 |
| --- | --- |
| Aug 2025 (old format) | $1.03 |
| Sep 2025 (old format) | $1.18 |
| Oct 2025 (old format) | $2.15 |
| Nov 2025 (old format) | $0.68 |
| Dec 2025 (old format) | $1.05 |
| Jan 2026 (old format) | $0.48 |
| Feb 2026 (old format) | $1.89 |
| Mar 2026 (old format) | $0.14 |
| Apr 2026 (old format) | $0.62 |
| May 2026 (old format) | $0.63 |
| Jun 2026 (old format) | $1.39 |
| Jul 2026 (old format) | $0.34 |
| Aug 2026 | $1.22 |
| Sep 2026 | $0.90 |

THLV ranked 3433rd of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0002% of the market-order dollars in 3 retail brokers’ reports. Retail activity ranking

### Where it trades

In Q2 2026, 79% of THLV’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 7.7% of its exchange volume.

### Coming with trade data

Spread through the day, buyers against sellers, large trades and the closing auction’s share, each once ETFIQ has trade and quote data.

### Questions people ask

Who is the AP for THLV? THLV’s latest Form N-CEN, for the period ending Aug 31, 2025, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Virtu Financial (58.4%), Goldman Sachs & Co. LLC (27.5%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (14.1%) of the dollars its APs created and redeemed. Who is the LMM for THLV? THLV is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange’s own program, so this does not mean it has no LMM.

### Sources and dates

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 11, 2026.

- Dealers: Form N-CEN, the year to Aug 31, 2025, accession 0000910472-25-003387.

- 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’s request, so its orders are not counted.

- Where it trades: SEC MIDAS, Q2 2026, against the fund’s daily volume from Tiingo.

### 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

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, THLV trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/thlv/trading/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/thlv/trading/