{"url":"https://etfiq.com/funds/xtap/trading/","section":"funds","title":"XTAP Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"XTAP trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 12, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/xtap/trading/#data","name":"XTAP trading costs and liquidity","description":"XTAP 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/xtap/trading/","dateModified":"2026-11-12","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 LMM for XTAP?","acceptedAnswer":{"@type":"Answer","text":"XTAP\u2019s lead market maker (LMM) on Cboe BZX is Susquehanna Securities, LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/xtap#fund","name":"Innovator U.S. Equity Accelerated Plus ETF - April","alternateName":"XTAP","url":"https://etfiq.com/funds/xtap","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"XTAP"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/xtap#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"XTAP","item":"https://etfiq.com/funds/xtap"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/xtap/trading/"}]},{"@type":"WebPage","name":"XTAP Bid-Ask Spread, Liquidity and NAV Premium","description":"XTAP 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/xtap/trading/","dateModified":"2026-11-12","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":2783,"truncated":false,"content":"ETFIQ / XTAP / Trading \n \n As of Nov 12, 2026. Rebuilt every trading night.\n XTAP bid-ask spread and liquidity\n As of Nov 12, 2026, XTAP is not scored: ETFIQ reads 0 of its 6 trading measures.\n IQ Liquidity Score\n Not scored, 0 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 Not measured: no reference asset on its record Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: no SEC series id or CIK on its record 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: no reference asset on its record.\n How to trade XTAP\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. Where it trades\n In Q2 2026, 75% of XTAP\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 8.5% of its exchange volume.\n 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 LMM for XTAP? XTAP\u2019s lead market maker (LMM) on Cboe BZX is Susquehanna Securities, LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026. Sources and dates\n Where it trades: SEC MIDAS, Q2 2026, against the fund\u2019s daily volume from Tiingo.\n Where to next\n XTAP 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 XTAP 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, XTAP trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/xtap/trading/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, XTAP trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/xtap/trading/ APA ETFIQ. (Nov 12, 2026). XTAP trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/xtap/trading/ Markdown [XTAP trading: cost, capacity, premium and dealers (ETFIQ, Nov 12, 2026)](https://etfiq.com/funds/xtap/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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, XTAP trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/xtap/trading/"}