{"url":"https://etfiq.com/funds/tmgn/trading/","section":"funds","title":"TMGN Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"TMGN trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 5, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/tmgn/trading/#data","name":"TMGN trading costs and liquidity","description":"TMGN 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/tmgn/trading/","dateModified":"2026-11-05","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 LMM for TMGN?","acceptedAnswer":{"@type":"Answer","text":"TMGN\u2019s lead market maker (LMM) on Cboe BZX is Jane Street Capital, LLC. Lead market maker per Cboe BZX, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/tmgn#fund","name":"TappAlpha Cboe Magnificent 10 Growth & Daily Income ETF","alternateName":"TMGN","url":"https://etfiq.com/funds/tmgn","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"TMGN"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/tmgn#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"TMGN","item":"https://etfiq.com/funds/tmgn"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/tmgn/trading/"}]},{"@type":"WebPage","name":"TMGN Bid-Ask Spread, Liquidity and NAV Premium","description":"TMGN 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/tmgn/trading/","dateModified":"2026-11-05","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3584,"truncated":false,"content":"ETFIQ / TMGN / Trading \n \n As of Nov 5, 2026. Rebuilt every trading night.\n TMGN bid-ask spread and liquidity\n As of Nov 5, 2026, TMGN is not scored: ETFIQ reads 0 of its 6 trading measures.\n IQ Liquidity Score\n Not scored, 0 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 Not measured: its book is a proxy book Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: it first traded on 2026-07-15, and no N-CEN ETF row for series S000104690 is in the quarters read (2024q4 to 2026q3) 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 Not measured: its book is a proxy book.\n How to trade TMGN\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. What retail orders paid\n In Sep 2026, retail market orders in TMGN paid $3.64 one way on $10,000, against $11 at the quote. 88% of shares filled better than the quote.\n TMGN: what retail market orders paid one way on $10,000, Sep 2026, half the effective spread. Source: SEC Rule 605 reports; computed by ETFIQ. Orders One way on $10,000 \n All wholesalers read $3.64 \n Vanguard customers $0.86 \n Fidelity customers $2.76 \n Schwab customers $2.79 \n Robinhood customers $4.17 \n TMGN: what retail market orders paid one way on $10,000, by month, at the wholesalers. Old format: orders of 100 to 9,999 shares, to Jul 2026. Month One way on $10,000 \n Jul 2026 (old format) $3.93 \n Aug 2026 $3.76 \n Sep 2026 $3.64 \n 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 LMM for TMGN? TMGN\u2019s lead market maker (LMM) on Cboe BZX is Jane Street Capital, LLC. Lead market maker per Cboe BZX, as of Nov 1, 2026. Sources and dates\n 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\u2019s request, so its orders are not counted.\n Where to next\n TMGN 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 TMGN 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, TMGN trading: cost, capacity, premium and dealers, data as of Nov 5, 2026. https://etfiq.com/funds/tmgn/trading/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, TMGN trading: cost, capacity, premium and dealers, data as of Nov 5, 2026. https://etfiq.com/funds/tmgn/trading/ APA ETFIQ. (Nov 5, 2026). TMGN trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/tmgn/trading/ Markdown [TMGN trading: cost, capacity, premium and dealers (ETFIQ, Nov 5, 2026)](https://etfiq.com/funds/tmgn/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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, TMGN trading: cost, capacity, premium and dealers, data as of Nov 5, 2026. https://etfiq.com/funds/tmgn/trading/"}