IQ
TOAK
Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF
Category AlternativesIssuer Manager Directed PortfoliosNet assets $90mFee 0.26%
Trading · Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF

TOAK bid-ask spread and liquidity

In the year to May 31, 2026, 3 of TOAK’s 3 authorized participants created or redeemed shares.

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askIQ about TOAK bid-ask spread and liquidity
Share
TOAK fund page
·
Not scored

IQ Liquidity Score

· 1 of 6 measured · Aug 18, 2026
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
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Capacity
Not measured · no book of its holdings is read
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Price fidelity
Not measured · no closing premium is held for this fund
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Primary market
3 active dealers of 3; largest 68% of creations and redemptions, N-CEN to May 31, 2026
65.0
Bad-day behaviour
Not measured · no daily closing premium is held for this fund
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Depth
Not measured · needs trade and quote data
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Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

CapacityWhat the holdings can absorb a day

Not measured: no book of its holdings is read.

Who makes the market

Authorized participants · N-CEN, the year to May 31, 2026
Active dealers
3
of 3 authorized
Largest
68%
of creations and redemptions
One dealer
No
3 active

3 of 3 authorized participants created or redeemed TOAK shares in the year to May 31, 2026. From the fund’s Form N-CEN, filed Aug 18, 2026.

APs create and redeem shares. Every AP →

The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (67.7%), Goldman Sachs & Co. LLC (32.1%), J.P. Morgan Securities LLC (0.2%).

How to place the order

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Volume bought at the ask against volume sold at the bid.

Retail flow, estimatedComing with trade data

Trades priced in fractions of a cent, a sign of retail orders.

Large tradesComing with trade data

Trades above $500k: how many, and their share of volume.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

Who is the AP for TOAK?

TOAK’s latest Form N-CEN, for the period ending May 31, 2026, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (67.7%), Goldman Sachs & Co. LLC (32.1%), J.P. Morgan Securities LLC (0.2%) of the dollars its APs created and redeemed.

Who is the LMM for TOAK?

TOAK’s lead market maker (LMM) on NYSE Arca is Old Mission Capital LLC. Lead market maker per NYSE Arca, as of Oct 25, 2026.
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →TOAK fund page→
Sources and dates
DealersForm N-CEN · the year to May 31, 2026

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.

Cite this pageCitation, APA and Markdown

ETFIQ, TOAK trading: cost, capacity, premium and dealers, data as of Aug 18, 2026. https://etfiq.com/funds/toak/trading/

Open data →

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.