IQ
XXV
Simplify Ancorato Target 25 Distribution ETF
Category IncomeIssuer SimplifyNet assets $48mFee 0.78%

XXV bid-ask spread and liquidity

See what XXV costs to trade and how closely it tracks its value.

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Not scored

IQ Liquidity Score

· 1 of 6 measured · Nov 11, 2026
−0.01%
latest close, Nov 11
±0.65%
95% of days within
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 · 4 days of closing premium are held, under the 20 needed
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Primary market
4 active dealers of 16; largest 78% of creations and redemptions, N-CEN to Jun 30, 2026
65.0
Bad-day behaviour
Not measured · 0 of the 10 worst days and 4 other days are held, under the 5 and 60 needed
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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 →

XXV is not scored: its spread is not read, so it has no point on this chart. 174 scored Income ETFs are plotted for comparison, Nov 12, 2026.

Spread against score

XXV among Income ETFs

Cheaper to trade sits left, easier to trade sits up.

174 scored
Hard to tradeThinLiquid with careLiquidTrades like a giantNov 12, 2026
Premium or discount to valueDaily, 4 days to Nov 11, 2026 · the ±1% band marked

Above zero: a premium. Below: a discount.

XXV premium or discount to NAV, 4 days+1%0−1%Nov 6, 2026Nov 11, 2026
Latest close, Nov 11
−0.01%
95% of days within
±0.65%
Days more than 1% from NAV
0 of 4
Widest
−0.65%, Nov 6, 2026
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 Jun 30, 2026
Active dealers
4
of 16 authorized
Largest
78%
of creations and redemptions
One dealer
No
4 active

4 of 16 authorized participants created or redeemed XXV shares in the year to Jun 30, 2026. From the fund’s Form N-CEN, filed Sep 23, 2026.

APs create and redeem shares. Every AP →

Active APs, largest first, by share of dollars created and redeemed: Jane Street Capital, LLC (77.7%), Goldman Sachs & Co. LLC (10.0%), Virtu Americas LLC (7.2%), BofA Securities, Inc. (5.0%). 12 more were listed and created or redeemed nothing.

What retail orders paid

One way on $10,000, Sep 2026
All wholesalers read
$3.28
Vanguard customers
$1.22
Schwab customers
$3.40
Robinhood customers
$3.60
Fidelity customers
$4.37

In Sep 2026, retail market orders in XXV paid $3.28 one way on $10,000, against $9.13 at the quote.

91% of shares filled better than the quote.

Dec 2025Grey: old format, orders of 100 to 9,999 sharesSep 2026

XXV ranked 2351st of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate.

0.0008% of the market-order dollars in 4 retail brokers’ reports. Buys and sells together. Retail activity ranking →

Where it trades

Q2 2026, 62 trading days
Off exchange
86%
Odd lots, of exchange volume
9.3%

In Q2 2026, 86% of XXV’s shares traded off exchange on the median day.

Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.

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.
Watch
The premium to NAV, charted above: a buyer pays more, and a seller gets less, when it is wide.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

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

Large trades

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

Closing auction

Share of the day’s volume at the close.

Questions people ask

Does XXV trade at a premium or discount to NAV?

It closed −0.01% from its NAV on Nov 11, 2026. On 95% of the 4 days to then it was within ±0.65%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for XXV?

XXV’s latest Form N-CEN, for the period ending Jun 30, 2026, lists 16 authorized participants (APs), and 4 created or redeemed shares. The largest were Jane Street Capital, LLC (77.7%), Goldman Sachs & Co. LLC (10.0%), Virtu Americas LLC (7.2%) of the dollars its APs created and redeemed.

Who is the LMM for XXV?

XXV’s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Nov 9, 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 →XXV fund page→
Sources and dates
Premium to NAVETFIQ, close against the issuer’s NAV · Nov 6, 2026 to Nov 11, 2026
DealersForm N-CEN · the year to Jun 30, 2026
Retail ordersSEC Rule 605 reports · Sep 2026
Where it tradesSEC MIDAS · Q2 2026

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

Cite this pageCitation, APA and Markdown

ETFIQ, XXV trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/xxv/trading/

Open data →

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