{"url":"https://etfiq.com/funds/tilt/trading/","section":"funds","title":"TILT Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"TILT trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Oct 16, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/tilt/trading/#data","name":"TILT trading costs and liquidity","description":"TILT 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/tilt/trading/","dateModified":"2026-10-16","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 AP for TILT?","acceptedAnswer":{"@type":"Answer","text":"TILT\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 24 authorized participants (APs), and 3 created or redeemed shares. The largest were BofA Securities, Inc. (56.1%), Goldman Sachs & Co. LLC (32.9%), Virtu Americas LLC (11.0%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for TILT?","acceptedAnswer":{"@type":"Answer","text":"TILT\u2019s lead market maker (LMM) on Cboe BZX is Latour Trading LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/tilt#fund","name":"Northern Trust Morningstar US Market Factor Tilt ETF","alternateName":"TILT","url":"https://etfiq.com/funds/tilt","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"TILT"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/tilt#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"TILT","item":"https://etfiq.com/funds/tilt"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/tilt/trading/"}]},{"@type":"WebPage","name":"TILT Bid-Ask Spread, Liquidity and NAV Premium","description":"TILT 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/tilt/trading/","dateModified":"2026-10-16","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3603,"truncated":false,"content":"ETFIQ / TILT / Trading \n \n As of Oct 16, 2026. Rebuilt every trading night.\n TILT bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 2 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, 87.1 Holdings can absorb $411m a day, Oct 16, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 3 active dealers of 24; largest 56% of creations and redemptions, N-CEN to Oct 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) \n Capacity\n Its holdings can absorb $411m a day, measured on its own holdings, as of Oct 16, 2026. The holding that sets the limit is Two Harbors Investment Corp. (TWOD), 0.01% of the fund.\n Dealers\n 3 active of 24 authorized participants; the largest did 56% of creations and redemptions, in the year to Oct 31, 2025 (Form N-CEN filed Jan 14, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: BofA Securities, Inc. (56.1%), Goldman Sachs & Co. LLC (32.9%), Virtu Americas LLC (11.0%). 21 more were listed and created or redeemed nothing.\n How to trade TILT\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 $4m 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 AP for TILT? TILT\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 24 authorized participants (APs), and 3 created or redeemed shares. The largest were BofA Securities, Inc. (56.1%), Goldman Sachs & Co. LLC (32.9%), Virtu Americas LLC (11.0%) of the dollars its APs created and redeemed. Who is the LMM for TILT? TILT\u2019s lead market maker (LMM) on Cboe BZX is Latour Trading LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 16, 2026.\n Dealers: Form N-CEN, the year to Oct 31, 2025, accession 0002071691-26-000168.\n Where to next\n TILT 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 TILT 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, TILT trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/tilt/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, TILT trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/tilt/trading/ APA ETFIQ. (Oct 16, 2026). TILT trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/tilt/trading/ Markdown [TILT trading: cost, capacity, premium and dealers (ETFIQ, Oct 16, 2026)](https://etfiq.com/funds/tilt/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, TILT trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/tilt/trading/"}