{"url":"https://etfiq.com/funds/ztax/trading/","section":"funds","title":"ZTAX Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"ZTAX trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Dec 15, 2025","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/ztax/trading/#data","name":"ZTAX trading costs and liquidity","description":"ZTAX 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/ztax/trading/","dateModified":"2025-12-15","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 ZTAX?","acceptedAnswer":{"@type":"Answer","text":"ZTAX\u2019s latest Form N-CEN, for the period ending Sep 30, 2025, lists 1 authorized participant (APs), and 1 created or redeemed shares. The only active AP was BofA Securities, Inc.."}},{"@type":"Question","name":"Who is the LMM for ZTAX?","acceptedAnswer":{"@type":"Answer","text":"NYSE Arca\u2019s own list shows no lead market maker (LMM) for ZTAX. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/ztax#fund","name":"X-Square Municipal Income ETF","alternateName":"ZTAX","url":"https://etfiq.com/funds/ztax","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"ZTAX"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/ztax#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ZTAX","item":"https://etfiq.com/funds/ztax"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/ztax/trading/"}]},{"@type":"WebPage","name":"ZTAX Bid-Ask Spread, Liquidity and NAV Premium","description":"ZTAX 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/ztax/trading/","dateModified":"2025-12-15","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3144,"truncated":false,"content":"ETFIQ / ZTAX / Trading \n \n As of Dec 15, 2025. Rebuilt every trading night.\n ZTAX 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 Flags: One dealer.\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, 25.0 1 active dealer of 1; largest 100% of creations and redemptions, N-CEN to Sep 30, 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 1 active of 1 authorized participants; the largest did 100% of creations and redemptions, in the year to Sep 30, 2025 (Form N-CEN filed Dec 15, 2025).\n The active authorized participants, largest first, by share of the dollars created and redeemed: BofA Securities, Inc. (100.0%).\n How to trade ZTAX\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 ZTAX? ZTAX\u2019s latest Form N-CEN, for the period ending Sep 30, 2025, lists 1 authorized participant (APs), and 1 created or redeemed shares. The only active AP was BofA Securities, Inc.. Who is the LMM for ZTAX? NYSE Arca\u2019s own list shows no lead market maker (LMM) for ZTAX. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Sep 30, 2025, accession 0001049169-25-001072.\n Where to next\n ZTAX 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 ZTAX 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, ZTAX trading: cost, capacity, premium and dealers, data as of Dec 15, 2025. https://etfiq.com/funds/ztax/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, ZTAX trading: cost, capacity, premium and dealers, data as of Dec 15, 2025. https://etfiq.com/funds/ztax/trading/ APA ETFIQ. (Dec 15, 2025). ZTAX trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/ztax/trading/ Markdown [ZTAX trading: cost, capacity, premium and dealers (ETFIQ, Dec 15, 2025)](https://etfiq.com/funds/ztax/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, ZTAX trading: cost, capacity, premium and dealers, data as of Dec 15, 2025. https://etfiq.com/funds/ztax/trading/"}