{"url":"https://etfiq.com/funds/tpls/trading/","section":"funds","title":"TPLS Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"TPLS 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, 2025","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/tpls/trading/#data","name":"TPLS trading costs and liquidity","description":"TPLS 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/tpls/trading/","dateModified":"2025-11-05","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 AP for TPLS?","acceptedAnswer":{"@type":"Answer","text":"TPLS\u2019s latest Form N-CEN, for the period ending Aug 31, 2025, lists 6 authorized participants (APs), and 2 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (73.2%), Jane Street Capital, LLC (26.8%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for TPLS?","acceptedAnswer":{"@type":"Answer","text":"TPLS\u2019s lead market maker (LMM) on Nasdaq is Jane Street Capital, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/tpls#fund","name":"Thornburg Core Plus Bond ETF","alternateName":"TPLS","url":"https://etfiq.com/funds/tpls","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"TPLS"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/tpls#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"TPLS","item":"https://etfiq.com/funds/tpls"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/tpls/trading/"}]},{"@type":"WebPage","name":"TPLS Bid-Ask Spread, Liquidity and NAV Premium","description":"TPLS 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/tpls/trading/","dateModified":"2025-11-05","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3326,"truncated":false,"content":"ETFIQ / TPLS / Trading \n \n As of Nov 5, 2025. Rebuilt every trading night.\n TPLS bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 1 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 holdings are bonds, which have no volume source here Price fidelity Not measured: no closing premium is held for this fund Primary market, 45.0 2 active dealers of 6; largest 73% of creations and redemptions, N-CEN to Aug 31, 2025 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 holdings are bonds, which have no volume source here.\n Dealers\n 2 active of 6 authorized participants; the largest did 73% of creations and redemptions, in the year to Aug 31, 2025 (Form N-CEN filed Nov 5, 2025).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (73.2%), Jane Street Capital, LLC (26.8%). 4 more were listed and created or redeemed nothing.\n How to trade TPLS\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. 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 AP for TPLS? TPLS\u2019s latest Form N-CEN, for the period ending Aug 31, 2025, lists 6 authorized participants (APs), and 2 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (73.2%), Jane Street Capital, LLC (26.8%) of the dollars its APs created and redeemed. Who is the LMM for TPLS? TPLS\u2019s lead market maker (LMM) on Nasdaq is Jane Street Capital, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Aug 31, 2025, accession 0001410368-25-021158.\n Where to next\n TPLS 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 TPLS 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, TPLS trading: cost, capacity, premium and dealers, data as of Nov 5, 2025. https://etfiq.com/funds/tpls/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, TPLS trading: cost, capacity, premium and dealers, data as of Nov 5, 2025. https://etfiq.com/funds/tpls/trading/ APA ETFIQ. (Nov 5, 2025). TPLS trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/tpls/trading/ Markdown [TPLS trading: cost, capacity, premium and dealers (ETFIQ, Nov 5, 2025)](https://etfiq.com/funds/tpls/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, TPLS trading: cost, capacity, premium and dealers, data as of Nov 5, 2025. https://etfiq.com/funds/tpls/trading/"}