# TXS Bid-Ask Spread, Liquidity and NAV Premium > TXS trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## TXS bid-ask spread and liquidity ### IQ Liquidity Score Not scored, 2 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, 75.5 Holdings can absorb $184m a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 3 active dealers of 3; largest 53% of creations and redemptions, N-CEN to Dec 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) ### Capacity Its holdings can absorb $184m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is DAVE & BUSTER'S ENTERTAINMENT INC (PLAY), 0.67% of the fund. ### Dealers 3 active of 3 authorized participants; the largest did 53% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 11, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (52.8%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (39.0%), Goldman Sachs & Co. LLC (8.2%). ### How to trade TXS 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. Size Up to $2m is 1% of what its holdings can absorb in a day, for a buy or a sell. ### 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 AP for TXS? TXS’s 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 Virtu Americas LLC (52.8%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (39.0%), Goldman Sachs & Co. LLC (8.2%) of the dollars its APs created and redeemed. Who is the LMM for TXS? TXS is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange’s own program, so this does not mean it has no LMM. ### Sources and dates - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 22, 2026. - Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0000910472-26-003943. ### 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 --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, TXS trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/txs/trading/ Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/txs/trading/