{"url":"https://etfiq.com/funds/tna/trading/","section":"funds","title":"TNA Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, TNA closed +0.02% from its NAV, and on 95% of the 13 days to then it was within \u00b10.14%. No fund is recommended.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/tna/trading/#data","name":"TNA trading costs and liquidity","description":"As of Oct 22, 2026, TNA closed +0.02% from its NAV, and on 95% of the 13 days to then it was within \u00b10.14%. No fund is recommended.","url":"https://etfiq.com/funds/tna/trading/","dateModified":"2026-10-22","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":"Does TNA trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.02% from its NAV on Oct 22, 2026. On 95% of the 13 days to then it was within \u00b10.14%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for TNA?","acceptedAnswer":{"@type":"Answer","text":"TNA\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 7 authorized participants (APs), and 7 created or redeemed shares. The largest were BofA Securities, Inc. (31.6%), Goldman Sachs & Co. LLC (29.3%), ABN AMRO Clearing USA LLC (19.3%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for TNA?","acceptedAnswer":{"@type":"Answer","text":"TNA\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/tna#fund","name":"Direxion Daily Small Cap Bull 3X ETF","alternateName":"TNA","url":"https://etfiq.com/funds/tna","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"TNA"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/tna#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"TNA","item":"https://etfiq.com/funds/tna"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/tna/trading/"}]},{"@type":"WebPage","name":"TNA Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, TNA closed +0.02% from its NAV, and on 95% of the 13 days to then it was within \u00b10.14%. No fund is recommended.","url":"https://etfiq.com/funds/tna/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4603,"truncated":false,"content":"ETFIQ / TNA / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n TNA bid-ask spread and liquidity\n As of Oct 22, 2026, TNA closed +0.02% from its NAV, and on 95% of the 13 days to then it was within \u00b10.14%.\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, 78.8 Holdings can absorb $232m a day, Oct 22, 2026 Price fidelity Not measured: 13 days of closing premium are held, under the 20 needed Primary market, 85.0 7 active dealers of 7; largest 32% of creations and redemptions, N-CEN to Oct 31, 2025 Bad-day behaviour Not measured: 0 of the 10 worst days and 13 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Oct 22, 2026: +0.02%\n 95% of days within: \u00b10.14%\n Days more than 1% from NAV: 0 of 13\n Widest: +0.14%, Oct 7, 2026\n Close against the NAV its issuer struck the same day, 13 days from Oct 1, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Its holdings can absorb $232m a day, measured on the holdings of IWM, the asset its multiple is on, divided by its multiple of 3, as of Oct 22, 2026. The holding that sets the limit is CITIZENS AND NORTHERN CORP (CZNC), 0.02% of the fund.\n Dealers\n 7 active of 7 authorized participants; the largest did 32% 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. (31.6%), Goldman Sachs & Co. LLC (29.3%), ABN AMRO Clearing USA LLC (19.3%), Jane Street Capital, LLC (17.2%), HRT Financial LP (1.6%), Virtu Americas LLC (0.6%), Citadel Securities LLC (0.3%).\n How to trade TNA\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 $2m is 1% of what its holdings can absorb in a day, for a buy or a sell. Watch The premium. On 95% of days it is within \u00b10.14%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. 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 Does TNA trade at a premium or discount to NAV? It closed +0.02% from its NAV on Oct 22, 2026. On 95% of the 13 days to then it was within \u00b10.14%, and it closed more than 1% from NAV on 0 of them. Who is the AP for TNA? TNA\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 7 authorized participants (APs), and 7 created or redeemed shares. The largest were BofA Securities, Inc. (31.6%), Goldman Sachs & Co. LLC (29.3%), ABN AMRO Clearing USA LLC (19.3%) of the dollars its APs created and redeemed. Who is the LMM for TNA? TNA\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 1, 2026 to Oct 22, 2026.\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Oct 31, 2025, accession 0001193125-26-012900.\n Where to next\n TNA 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 TNA 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, TNA trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/tna/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, TNA trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/tna/trading/ APA ETFIQ. (Oct 22, 2026). TNA trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/tna/trading/ Markdown [TNA trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/tna/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, TNA trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/tna/trading/"}