{"url":"https://etfiq.com/funds/chps/trading/","section":"funds","title":"CHPS Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, CHPS closed \u22120.39% from its NAV, and on 95% of the 12 days to then it was within \u00b11.06%. No fund is recommended.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/chps/trading/#data","name":"CHPS trading costs and liquidity","description":"As of Oct 22, 2026, CHPS closed \u22120.39% from its NAV, and on 95% of the 12 days to then it was within \u00b11.06%. No fund is recommended.","url":"https://etfiq.com/funds/chps/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 CHPS trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed \u22120.39% from its NAV on Oct 22, 2026. On 95% of the 12 days to then it was within \u00b11.06%, and it closed more than 1% from NAV on 1 of them."}},{"@type":"Question","name":"Who is the AP for CHPS?","acceptedAnswer":{"@type":"Answer","text":"CHPS\u2019s latest Form N-CEN, for the period ending May 31, 2026, lists 24 authorized participants (APs), and 5 created or redeemed shares. The largest were J.P. Morgan Securities LLC (54.1%), Virtu Americas LLC (28.2%), Goldman Sachs & Co. LLC (10.5%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for CHPS?","acceptedAnswer":{"@type":"Answer","text":"CHPS\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/chps#fund","name":"Xtrackers Semiconductor Select Equity ETF","alternateName":"CHPS","url":"https://etfiq.com/funds/chps","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"CHPS"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/chps#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"CHPS","item":"https://etfiq.com/funds/chps"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/chps/trading/"}]},{"@type":"WebPage","name":"CHPS Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, CHPS closed \u22120.39% from its NAV, and on 95% of the 12 days to then it was within \u00b11.06%. No fund is recommended.","url":"https://etfiq.com/funds/chps/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":4634,"truncated":false,"content":"ETFIQ / CHPS / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n CHPS bid-ask spread and liquidity\n As of Oct 22, 2026, CHPS closed \u22120.39% from its NAV, and on 95% of the 12 days to then it was within \u00b11.06%.\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 Holdings can absorb up to $5m a day; part of the book has no volume figure Price fidelity Not measured: 12 days of closing premium are held, under the 20 needed Primary market, 85.0 5 active dealers of 24; largest 54% of creations and redemptions, N-CEN to May 31, 2026 Bad-day behaviour Not measured: 0 of the 10 worst days and 12 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: \u22120.39%\n 95% of days within: \u00b11.06%\n Days more than 1% from NAV: 1 of 12\n Widest: \u22121.06%, Oct 16, 2026\n Close against the NAV its issuer struck the same day, 12 days from Oct 6, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.\n Capacity\n Its holdings can absorb up to $5m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is DISCO CORP (DISPF), 0.67% of the fund.\n Dealers\n 5 active of 24 authorized participants; the largest did 54% of creations and redemptions, in the year to May 31, 2026 (Form N-CEN filed Aug 13, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (54.1%), Virtu Americas LLC (28.2%), Goldman Sachs & Co. LLC (10.5%), BofA Securities, Inc. (3.7%), Jane Street Capital, LLC (3.4%). 19 more were listed and created or redeemed nothing.\n How to trade CHPS\n When Its holdings trade on markets that close before New York, so its price can drift from their value later in the day. Size Part of its book has no volume figure, so the room for a large order is an upper bound. Watch The premium. On 95% of days it is within \u00b11.06%; 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 CHPS trade at a premium or discount to NAV? It closed \u22120.39% from its NAV on Oct 22, 2026. On 95% of the 12 days to then it was within \u00b11.06%, and it closed more than 1% from NAV on 1 of them. Who is the AP for CHPS? CHPS\u2019s latest Form N-CEN, for the period ending May 31, 2026, lists 24 authorized participants (APs), and 5 created or redeemed shares. The largest were J.P. Morgan Securities LLC (54.1%), Virtu Americas LLC (28.2%), Goldman Sachs & Co. LLC (10.5%) of the dollars its APs created and redeemed. Who is the LMM for CHPS? CHPS\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 6, 2026 to Oct 22, 2026.\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Dealers: Form N-CEN, the year to May 31, 2026, accession 0000940400-26-029029.\n Where to next\n CHPS 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 CHPS 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, CHPS trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/chps/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, CHPS trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/chps/trading/ APA ETFIQ. (Oct 22, 2026). CHPS trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/chps/trading/ Markdown [CHPS trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/chps/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, CHPS trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/chps/trading/"}