# TMGN Bid-Ask Spread, Liquidity and NAV Premium

> TMGN 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 5, 2026. Rebuilt every trading night.

As of Nov 5, 2026. Rebuilt every trading night.

## TMGN bid-ask spread and liquidity

As of Nov 5, 2026, TMGN is not scored: ETFIQ reads 0 of its 6 trading measures.

### IQ Liquidity Score

Not scored, 0 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 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)

### Capacity

Not measured: its book is a proxy book.

### How to trade TMGN

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.

### What retail orders paid

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.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $3.64 |
| Vanguard customers | $0.86 |
| Fidelity customers | $2.76 |
| Schwab customers | $2.79 |
| Robinhood customers | $4.17 |

| Month | One way on $10,000 |
| --- | --- |
| Jul 2026 (old format) | $3.93 |
| Aug 2026 | $3.76 |
| Sep 2026 | $3.64 |

### 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 LMM for TMGN? TMGN’s 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

- 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 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, TMGN trading: cost, capacity, premium and dealers, data as of Nov 5, 2026. https://etfiq.com/funds/tmgn/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/tmgn/trading/