{"url":"https://etfiq.com/funds/tsyw/trading/","section":"funds","title":"TSYW Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, TSYW closed 0.00% from its NAV, and on 95% of the 15 days to then it was within \u00b10.15%. No fund is recommended.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/tsyw/trading/#data","name":"TSYW trading costs and liquidity","description":"As of Oct 22, 2026, TSYW closed 0.00% from its NAV, and on 95% of the 15 days to then it was within \u00b10.15%. No fund is recommended.","url":"https://etfiq.com/funds/tsyw/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 TSYW trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed 0.00% from its NAV on Oct 22, 2026. On 95% of the 15 days to then it was within \u00b10.15%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for TSYW?","acceptedAnswer":{"@type":"Answer","text":"TSYW\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (70.0%), Virtu Americas LLC (20.0%), Jane Street Capital, LLC (10.0%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for TSYW?","acceptedAnswer":{"@type":"Answer","text":"TSYW\u2019s lead market maker (LMM) on Cboe BZX is Susquehanna Securities, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/tsyw#fund","name":"Roundhill Treasury Bond WeeklyPay ETF","alternateName":"TSYW","url":"https://etfiq.com/funds/tsyw","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"TSYW"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/tsyw#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"TSYW","item":"https://etfiq.com/funds/tsyw"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/tsyw/trading/"}]},{"@type":"WebPage","name":"TSYW Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, TSYW closed 0.00% from its NAV, and on 95% of the 15 days to then it was within \u00b10.15%. No fund is recommended.","url":"https://etfiq.com/funds/tsyw/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":4200,"truncated":false,"content":"ETFIQ / TSYW / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n TSYW bid-ask spread and liquidity\n As of Oct 22, 2026, TSYW closed 0.00% from its NAV, and on 95% of the 15 days to then it was within \u00b10.15%.\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 book carries no long weight outside cash Price fidelity Not measured: 15 days of closing premium are held, under the 20 needed Primary market, 65.0 3 active dealers of 3; largest 70% of creations and redemptions, N-CEN to Dec 31, 2025 Bad-day behaviour Not measured: 0 of the 10 worst days and 15 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: 0.00%\n 95% of days within: \u00b10.15%\n Days more than 1% from NAV: 0 of 15\n Widest: \u22120.15%, Oct 16, 2026\n Close against the NAV its issuer struck the same day, 15 days from Sep 11, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Not measured: its book carries no long weight outside cash.\n Dealers\n 3 active of 3 authorized participants; the largest did 70% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 13, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (70.0%), Virtu Americas LLC (20.0%), Jane Street Capital, LLC (10.0%).\n How to trade TSYW\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. Watch The premium. On 95% of days it is within \u00b10.15%; 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 TSYW trade at a premium or discount to NAV? It closed 0.00% from its NAV on Oct 22, 2026. On 95% of the 15 days to then it was within \u00b10.15%, and it closed more than 1% from NAV on 0 of them. Who is the AP for TSYW? TSYW\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (70.0%), Virtu Americas LLC (20.0%), Jane Street Capital, LLC (10.0%) of the dollars its APs created and redeemed. Who is the LMM for TSYW? TSYW\u2019s lead market maker (LMM) on Cboe BZX is Susquehanna Securities, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Sep 11, 2026 to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0000894189-26-007830.\n Where to next\n TSYW 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 TSYW 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, TSYW trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/tsyw/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, TSYW trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/tsyw/trading/ APA ETFIQ. (Oct 22, 2026). TSYW trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/tsyw/trading/ Markdown [TSYW trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/tsyw/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, TSYW trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/tsyw/trading/"}