{"url":"https://etfiq.com/funds/tphd/trading/","section":"funds","title":"TPHD Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"TPHD trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/tphd/trading/#data","name":"TPHD trading costs and liquidity","description":"TPHD 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/tphd/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":"Who is the AP for TPHD?","acceptedAnswer":{"@type":"Answer","text":"TPHD\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 8 authorized participants (APs), and 3 created or redeemed shares. The largest were Virtu Americas LLC (49.2%), Merrill Lynch Professional Clearing Corp. (42.0%), Goldman Sachs & Co. LLC (8.8%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for TPHD?","acceptedAnswer":{"@type":"Answer","text":"TPHD\u2019s lead market maker (LMM) on NYSE Arca is Susquehanna Securities, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/tphd#fund","name":"Timothy Plan High Dividend Stock ETF","alternateName":"TPHD","url":"https://etfiq.com/funds/tphd","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"TPHD"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/tphd#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"TPHD","item":"https://etfiq.com/funds/tphd"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/tphd/trading/"}]},{"@type":"WebPage","name":"TPHD Bid-Ask Spread, Liquidity and NAV Premium","description":"TPHD 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/tphd/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3652,"truncated":false,"content":"ETFIQ / TPHD / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n TPHD bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 2 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, 93.2 Holdings can absorb $626m a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 3 active dealers of 8; largest 49% of creations and redemptions, N-CEN to Dec 31, 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 Its holdings can absorb $626m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is CINCINNATI FINANCIAL CORPORATION (CINF), 1.36% of the fund.\n Dealers\n 3 active of 8 authorized participants; the largest did 49% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 10, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (49.2%), Merrill Lynch Professional Clearing Corp. (42.0%), Goldman Sachs & Co. LLC (8.8%). 5 more were listed and created or redeemed nothing.\n How to trade TPHD\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. Size Up to $6m is 1% of what its holdings can absorb in a day, for a buy or a sell. 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 TPHD? TPHD\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 8 authorized participants (APs), and 3 created or redeemed shares. The largest were Virtu Americas LLC (49.2%), Merrill Lynch Professional Clearing Corp. (42.0%), Goldman Sachs & Co. LLC (8.8%) of the dollars its APs created and redeemed. Who is the LMM for TPHD? TPHD\u2019s lead market maker (LMM) on NYSE Arca is Susquehanna Securities, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\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 0001004726-26-001457.\n Where to next\n TPHD 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 TPHD 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, TPHD trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/tphd/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, TPHD trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/tphd/trading/ APA ETFIQ. (Oct 22, 2026). TPHD trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/tphd/trading/ Markdown [TPHD trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/tphd/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, TPHD trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/tphd/trading/"}