# THTA Bid-Ask Spread, Liquidity and NAV Premium > THTA trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of May 14, 2026. Rebuilt every trading night. As of May 14, 2026. Rebuilt every trading night. ## THTA 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 Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: its book carries no long weight outside cash Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 4 active dealers of 4; largest 43% of creations and redemptions, N-CEN to Feb 28, 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: its book carries no long weight outside cash. ### Dealers 4 active of 4 authorized participants; the largest did 43% of creations and redemptions, in the year to Feb 28, 2026 (Form N-CEN filed May 14, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (43.0%), Goldman Sachs & Co. LLC (39.1%), J.P. Morgan Securities LLC (10.6%), Virtu Americas LLC (7.3%). ### How to trade THTA 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 THTA? THTA’s latest Form N-CEN, for the period ending Feb 28, 2026, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (43.0%), Goldman Sachs & Co. LLC (39.1%), J.P. Morgan Securities LLC (10.6%) of the dollars its APs created and redeemed. Who is the LMM for THTA? THTA’s lead market maker (LMM) on NYSE Arca is Susquehanna Securities, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. ### Sources and dates - Dealers: Form N-CEN, the year to Feb 28, 2026, accession 0002000324-26-001913. ### 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, THTA trading: cost, capacity, premium and dealers, data as of May 14, 2026. https://etfiq.com/funds/thta/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/thta/trading/