{"url":"https://etfiq.com/funds/divd/trading/","section":"funds","title":"DIVD Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"DIVD trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 4, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/divd/trading/#data","name":"DIVD trading costs and liquidity","description":"DIVD 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/divd/trading/","dateModified":"2026-11-04","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 DIVD?","acceptedAnswer":{"@type":"Answer","text":"DIVD\u2019s latest Form N-CEN, for the period ending Jul 31, 2024, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were RBC Capital Markets, LLC (57.4%), Goldman Sachs & Co. LLC (16.9%), Mirae Asset Securities (USA) Inc. (16.9%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for DIVD?","acceptedAnswer":{"@type":"Answer","text":"DIVD\u2019s lead market maker (LMM) on Nasdaq is RBC Capital Markets, LLC. Lead market maker per Nasdaq, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/divd#fund","name":"Altrius Global Dividend ETF","alternateName":"DIVD","url":"https://etfiq.com/funds/divd","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"DIVD"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/divd#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"DIVD","item":"https://etfiq.com/funds/divd"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/divd/trading/"}]},{"@type":"WebPage","name":"DIVD Bid-Ask Spread, Liquidity and NAV Premium","description":"DIVD 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/divd/trading/","dateModified":"2026-11-04","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":5107,"truncated":false,"content":"ETFIQ / DIVD / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n DIVD bid-ask spread and liquidity\n As of Nov 4, 2026, DIVD\u2019s holdings can absorb at most up to $21m a day.\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 $21m a day; part of the book has no volume data Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 4 active dealers of 4; largest 57% of creations and redemptions, N-CEN to Jul 31, 2024 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 up to $21m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is Reckitt Benckiser Group PLC (RBGLY), 2.24% of the fund.\n Dealers\n 4 active of 4 authorized participants; the largest did 57% of creations and redemptions, in the year to Jul 31, 2024 (Form N-CEN filed Oct 11, 2024).\n The active authorized participants, largest first, by share of the dollars created and redeemed: RBC Capital Markets, LLC (57.4%), Goldman Sachs & Co. LLC (16.9%), Mirae Asset Securities (USA) Inc. (16.9%), Merrill Lynch Professional Clearing Corp. (8.8%).\n How to trade DIVD\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 Part of its book has no volume data, so the room for a large order is an upper bound. What retail orders paid\n In Sep 2026, retail market orders in DIVD paid $1.87 one way on $10,000, against $3.19 at the quote. 80% of shares filled better than the quote.\n DIVD: what retail market orders paid one way on $10,000, Sep 2026, half the effective spread. Source: SEC Rule 605 reports; computed by ETFIQ. Orders One way on $10,000 \n All wholesalers read $1.87 \n Fidelity customers $0.65 \n Schwab customers $1.34 \n DIVD: what retail market orders paid one way on $10,000, by month, at the wholesalers. Old format: orders of 100 to 9,999 shares, to Jul 2026. Month One way on $10,000 \n Aug 2025 (old format) $2.43 \n Sep 2025 (old format) $2.05 \n Oct 2025 (old format) $2.05 \n Nov 2025 (old format) $26 \n Dec 2025 (old format) $2.14 \n Jan 2026 (old format) $4.51 \n Feb 2026 (old format) $9.09 \n Mar 2026 (old format) $2.62 \n Apr 2026 (old format) $0.59 \n May 2026 (old format) $5.07 \n Jun 2026 (old format) $0.84 \n Jul 2026 (old format) $1.01 \n Aug 2026 $2.07 \n Sep 2026 $1.87 \n Where it trades\n In Q2 2026, odd lots were 17.8% of DIVD\u2019s 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 AP for DIVD? DIVD\u2019s latest Form N-CEN, for the period ending Jul 31, 2024, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were RBC Capital Markets, LLC (57.4%), Goldman Sachs & Co. LLC (16.9%), Mirae Asset Securities (USA) Inc. (16.9%) of the dollars its APs created and redeemed. Who is the LMM for DIVD? DIVD\u2019s lead market maker (LMM) on Nasdaq is RBC Capital Markets, LLC. Lead market maker per Nasdaq, as of Nov 1, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 4, 2026.\n Dealers: Form N-CEN, the year to Jul 31, 2024, accession 0001145549-24-063846.\n Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ\u2019s request, so its orders are not counted.\n Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n DIVD 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 DIVD 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, DIVD trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/divd/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, DIVD trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/divd/trading/ APA ETFIQ. (Nov 4, 2026). DIVD trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/divd/trading/ Markdown [DIVD trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/divd/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, DIVD trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/divd/trading/"}