# TLDR Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 21, 2026, TLDR’s median bid-ask spread over 30 days was 0.04%. A $10,000 order costs about $2.00 one way. Data as of Oct 21, 2026. Rebuilt every trading night. As of Oct 21, 2026. Rebuilt every trading night. ## TLDR bid-ask spread and liquidity As of Oct 21, 2026, TLDR’s median bid-ask spread over 30 days was 0.04%. ### 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, 84.9 0.04% median spread, 30 days to Oct 21, 2026 Capacity Not measured: it holds cash and bills, which have no volume source here Price fidelity Not measured: 3 days of closing premium are held, under the 20 needed Primary market Not measured: it first traded on 2026-01-21, and no N-CEN ETF row for series S000100368 is in the quarters read (2024q4 to 2026q3) Bad-day behaviour Not measured: 0 of the 10 worst days and 3 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) ### Cost for your order | Order | Dollars | Percent | Basis | | --- | --- | --- | --- | | $1,000 | $0.20 | 0.02% | spread | | $10,000 | $2.00 | 0.02% | spread | ### Premium or discount to NAV - Latest close, Oct 19, 2026: 0.00% - 95% of days within: ±0.04% - Days more than 1% from NAV: 0 of 3 - Widest: +0.04%, Oct 16, 2026 Close against the NAV its issuer struck the same day, 3 days from Oct 15, 2026 to Oct 19, 2026. Source: ETFIQ from the issuer’s NAV and closing price. ### Capacity Not measured: it holds cash and bills, which have no volume source here. ### How to trade TLDR Order type Limit: midpoint + 1¢ to buy, midpoint − 1¢ to sell. At the Oct 19 close of $25.02, that’s $25.03 to buy and $25.01 to sell. 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. Watch The premium. On 95% of days it is within ±0.04%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. ### 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 What is TLDR’s bid-ask spread? 0.04% of the midpoint, the median over the 30 days to Oct 21, 2026, as its issuer states it. Half of it is about 1¢ a share at the Oct 19 close. Does TLDR trade at a premium or discount to NAV? It closed 0.00% from its NAV on Oct 19, 2026. On 95% of the 3 days to then it was within ±0.04%, and it closed more than 1% from NAV on 0 of them. Who is the LMM for TLDR? TLDR’s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. What does it cost to trade $10,000 of TLDR? About $2.00 one way, 0.02%: half its 30-day median spread. In and out costs twice that. How do I place a limit order for TLDR? Set the limit at the midpoint + 1¢ to buy, or the midpoint − 1¢ to sell, in your broker’s quote. At the Oct 19 close of $25.02, that’s $25.03 to buy and $25.01 to sell. ### Sources and dates - Spread: REX (fund page), 30 days to Oct 21, 2026 ( the issuer’s page ). - Premium: ETFIQ, close against the issuer’s NAV, Oct 15, 2026 to Oct 19, 2026. ### 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, TLDR trading: cost, capacity, premium and dealers, data as of Oct 21, 2026. https://etfiq.com/funds/tldr/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/tldr/trading/