# XXV Bid-Ask Spread, Liquidity and NAV Premium

> As of Nov 11, 2026, XXV closed −0.01% from its NAV, and on 95% of the 4 days to then it was within ±0.65%. No fund is recommended.

Data as of Nov 11, 2026. Rebuilt every trading night.

As of Nov 11, 2026. Rebuilt every trading night.

## XXV bid-ask spread and liquidity

As of Nov 11, 2026, XXV closed −0.01% from its NAV, and on 95% of the 4 days to then it was within ±0.65%.

### IQ Liquidity Score

Not scored, 1 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 Not measured: no book of its holdings is read Price fidelity Not measured: 4 days of closing premium are held, under the 20 needed Primary market, 65.0 4 active dealers of 16; largest 78% of creations and redemptions, N-CEN to Jun 30, 2026 Bad-day behaviour Not measured: 0 of the 10 worst days and 4 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2)

### Premium or discount to NAV

- Latest close, Nov 11, 2026: −0.01%

- 95% of days within: ±0.65%

- Days more than 1% from NAV: 0 of 4

- Widest: −0.65%, Nov 6, 2026

Close against the NAV its issuer struck the same day, 4 days from Nov 6, 2026 to Nov 11, 2026. Source: ETFIQ from the issuer’s NAV and closing price.

### Capacity

Not measured: no book of its holdings is read.

### Dealers

4 active of 16 authorized participants; the largest did 78% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 23, 2026).

The active authorized participants, largest first, by share of the 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.

### How to trade XXV

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. Watch The premium. On 95% of days it is within ±0.65%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

### What retail orders paid

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.

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

| Month | One way on $10,000 |
| --- | --- |
| Dec 2025 (old format) | $3.02 |
| Jan 2026 (old format) | $3.47 |
| Feb 2026 (old format) | $5.17 |
| Mar 2026 (old format) | $3.70 |
| Apr 2026 (old format) | $0.83 |
| May 2026 (old format) | $3.45 |
| Jun 2026 (old format) | $5.30 |
| Jul 2026 (old format) | $5.44 |
| Aug 2026 | $3.82 |
| Sep 2026 | $3.28 |

XXV ranked 2351st of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0008% of the market-order dollars in 4 retail brokers’ reports. Retail activity ranking

### Where it trades

In Q2 2026, 86% of XXV’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 9.3% of its exchange volume.

### Coming with trade data

Spread through the day, buyers against sellers, large trades and the closing auction’s share, each once ETFIQ has trade and quote data.

### 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.

### Sources and dates

- Premium: ETFIQ, close against the issuer’s NAV, Nov 6, 2026 to Nov 11, 2026.

- Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0000940400-26-037960.

- Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ’s request, so its orders are not counted.

- Where it trades: SEC MIDAS, Q2 2026, against the fund’s daily volume from Tiingo.

### 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

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, XXV trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/xxv/trading/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/xxv/trading/