{"url":"https://etfiq.com/funds/smup/trading/","section":"funds","title":"SMUP Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 21, 2026, SMUP\u2019s median bid-ask spread over 30 days was 0.56%. A $10,000 order costs about $28 one way.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/smup/trading/#data","name":"SMUP trading costs and liquidity","description":"As of Oct 21, 2026, SMUP\u2019s median bid-ask spread over 30 days was 0.56%. A $10,000 order costs about $28 one way.","url":"https://etfiq.com/funds/smup/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":"What is SMUP\u2019s bid-ask spread?","acceptedAnswer":{"@type":"Answer","text":"0.56% of the midpoint, the median over the 30 days to Oct 21, 2026, as its issuer states it. Half of it is about 1\u00a2 a share at the Oct 21 close."}},{"@type":"Question","name":"Does SMUP trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.68% from its NAV on Oct 21, 2026. On 95% of the 6 days to then it was within \u00b11.07%, and it closed more than 1% from NAV on 1 of them."}},{"@type":"Question","name":"Who is the AP for SMUP?","acceptedAnswer":{"@type":"Answer","text":"SMUP\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 6 authorized participants (APs), and 6 created or redeemed shares. The largest were ABN AMRO Clearing USA LLC (32.0%), Virtu Americas LLC (30.2%), Cantor Fitzgerald & Co. (20.0%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for SMUP?","acceptedAnswer":{"@type":"Answer","text":"SMUP\u2019s lead market maker (LMM) on Cboe BZX is GTS Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}},{"@type":"Question","name":"What does it cost to trade $10,000 of SMUP?","acceptedAnswer":{"@type":"Answer","text":"About $28 one way, 0.28%: half its 30-day median spread. In and out costs twice that."}},{"@type":"Question","name":"How do I place a limit order for SMUP?","acceptedAnswer":{"@type":"Answer","text":"Set the limit at the midpoint + 1\u00a2 to buy, or the midpoint \u2212 1\u00a2 to sell, in your broker\u2019s quote. At the Oct 21 close of $1.49, that\u2019s $1.50 to buy and $1.48 to sell."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/smup#fund","name":"T-REX 2X Long SMR Daily Target ETF","alternateName":"SMUP","url":"https://etfiq.com/funds/smup","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"SMUP"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/smup#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"SMUP","item":"https://etfiq.com/funds/smup"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/smup/trading/"}]},{"@type":"WebPage","name":"SMUP Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 21, 2026, SMUP\u2019s median bid-ask spread over 30 days was 0.56%. A $10,000 order costs about $28 one way.","url":"https://etfiq.com/funds/smup/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":5564,"truncated":false,"content":"ETFIQ / SMUP / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n SMUP bid-ask spread and liquidity\n As of Oct 21, 2026, SMUP\u2019s median bid-ask spread over 30 days was 0.56%.\n IQ Liquidity Score\n Not scored, 3 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, 27.6 0.56% median spread, 30 days to Oct 21, 2026 Capacity, 35.4 Holdings can absorb $11m a day, Oct 22, 2026 Price fidelity Not measured: 6 days of closing premium are held, under the 20 needed Primary market, 85.0 6 active dealers of 6; largest 32% of creations and redemptions, N-CEN to Dec 31, 2025 Bad-day behaviour Not measured: 0 of the 10 worst days and 6 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Cost for your order\n SMUP one-way cost at each order size: half its 30-day median spread to Oct 21, 2026; sizes above $10,000 add an estimate of market impact. Source: ETFIQ. Order Dollars Percent Basis \n $1,000 $2.80 0.28% spread \n $10,000 $28 0.28% spread \n $100,000 $1,398 1.40% estimate \n $1,000,000 $38,142 3.81% estimate \n Premium or discount to NAV\n Latest close, Oct 21, 2026: +0.68%\n 95% of days within: \u00b11.07%\n Days more than 1% from NAV: 1 of 6\n Widest: \u22121.07%, Oct 15, 2026\n Close against the NAV its issuer struck the same day, 6 days from Sep 10, 2026 to Oct 21, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Its holdings can absorb $11m a day, measured on the trading volume of SMR, the asset its multiple is on, divided by its multiple of 2, as of Oct 22, 2026. The holding that sets the limit is SMR (SMR).\n Dealers\n 6 active of 6 authorized participants; the largest did 32% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 16, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: ABN AMRO Clearing USA LLC (32.0%), Virtu Americas LLC (30.2%), Cantor Fitzgerald & Co. (20.0%), Jane Street Capital, LLC (7.8%), Goldman Sachs & Co. LLC (5.7%), Merrill Lynch Professional Clearing Corp. (4.4%).\n How to trade SMUP\n Order type Limit: midpoint + 1\u00a2 to buy, midpoint \u2212 1\u00a2 to sell. At the Oct 21 close of $1.49, that\u2019s $1.50 to buy and $1.48 to sell. 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. Size Up to $114,988 is 1% of what its holdings can absorb in a day, for a buy or a sell. Watch The premium. On 95% of days it is within \u00b11.07%; 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 What is SMUP\u2019s bid-ask spread? 0.56% of the midpoint, the median over the 30 days to Oct 21, 2026, as its issuer states it. Half of it is about 1\u00a2 a share at the Oct 21 close. Does SMUP trade at a premium or discount to NAV? It closed +0.68% from its NAV on Oct 21, 2026. On 95% of the 6 days to then it was within \u00b11.07%, and it closed more than 1% from NAV on 1 of them. Who is the AP for SMUP? SMUP\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 6 authorized participants (APs), and 6 created or redeemed shares. The largest were ABN AMRO Clearing USA LLC (32.0%), Virtu Americas LLC (30.2%), Cantor Fitzgerald & Co. (20.0%) of the dollars its APs created and redeemed. Who is the LMM for SMUP? SMUP\u2019s lead market maker (LMM) on Cboe BZX is GTS Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. What does it cost to trade $10,000 of SMUP? About $28 one way, 0.28%: half its 30-day median spread. In and out costs twice that. How do I place a limit order for SMUP? Set the limit at the midpoint + 1\u00a2 to buy, or the midpoint \u2212 1\u00a2 to sell, in your broker\u2019s quote. At the Oct 21 close of $1.49, that\u2019s $1.50 to buy and $1.48 to sell. Sources and dates\n Spread: T-REX (fund page), 30 days to Oct 21, 2026 ( the issuer\u2019s page ).\n Premium: ETFIQ, close against the issuer\u2019s NAV, Sep 10, 2026 to Oct 21, 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 Dec 31, 2025, accession 0000894189-26-007941.\n Where to next\n SMUP 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 SMUP 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, SMUP trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/smup/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, SMUP trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/smup/trading/ APA ETFIQ. (Oct 22, 2026). SMUP trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/smup/trading/ Markdown [SMUP trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/smup/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, SMUP trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/smup/trading/"}