{"url":"https://etfiq.com/funds/iigd/trading/","section":"funds","title":"IIGD Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, IIGD\u2019s median bid-ask spread over 30 days was 0.04%. A $10,000 order costs about $2.00 one way.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/iigd/trading/#data","name":"IIGD trading costs and liquidity","description":"As of Oct 22, 2026, IIGD\u2019s median bid-ask spread over 30 days was 0.04%. A $10,000 order costs about $2.00 one way.","url":"https://etfiq.com/funds/iigd/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 IIGD\u2019s bid-ask spread?","acceptedAnswer":{"@type":"Answer","text":"0.04% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 1\u00a2 a share at the Oct 22 close."}},{"@type":"Question","name":"Does IIGD trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed \u22120.03% from its NAV on Oct 22, 2026. On 95% of the 12 days to then it was within \u00b10.08%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for IIGD?","acceptedAnswer":{"@type":"Answer","text":"IIGD\u2019s latest Form N-CEN, for the period ending Aug 31, 2025, lists 28 authorized participants (APs), and 2 created or redeemed shares. The largest were JP Morgan Securities, Inc. (89.4%), Jane Street Capital, LLC (10.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for IIGD?","acceptedAnswer":{"@type":"Answer","text":"IIGD\u2019s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}},{"@type":"Question","name":"What does it cost to trade $10,000 of IIGD?","acceptedAnswer":{"@type":"Answer","text":"About $2.00 one way, 0.02%: half its 30-day median spread. In and out costs twice that."}},{"@type":"Question","name":"How do I place a limit order for IIGD?","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 22 close of $23.98, that\u2019s $23.99 to buy and $23.97 to sell."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/iigd#fund","name":"Invesco Investment Grade Defensive ETF","alternateName":"IIGD","url":"https://etfiq.com/funds/iigd","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"IIGD"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/iigd#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"IIGD","item":"https://etfiq.com/funds/iigd"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/iigd/trading/"}]},{"@type":"WebPage","name":"IIGD Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, IIGD\u2019s median bid-ask spread over 30 days was 0.04%. A $10,000 order costs about $2.00 one way.","url":"https://etfiq.com/funds/iigd/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":5145,"truncated":false,"content":"ETFIQ / IIGD / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n IIGD bid-ask spread and liquidity\n As of Oct 22, 2026, IIGD\u2019s median bid-ask spread over 30 days was 0.04%.\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 Flags: One dealer.\n Cost to trade, 84.9 0.04% median spread, 30 days to Oct 22, 2026 Capacity Not measured: its holdings are bonds, which have no volume source here Price fidelity Not measured: 12 days of closing premium are held, under the 20 needed Primary market, 30.0 2 active dealers of 28; largest 89% of creations and redemptions, N-CEN to Aug 31, 2025 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 Cost for your order\n IIGD one-way cost at each order size: half its 30-day median spread to Oct 22, 2026; sizes above $10,000 add an estimate of market impact. Source: ETFIQ. Order Dollars Percent Basis \n $1,000 $0.20 0.02% spread \n $10,000 $2.00 0.02% spread \n Premium or discount to NAV\n Latest close, Oct 22, 2026: \u22120.03%\n 95% of days within: \u00b10.08%\n Days more than 1% from NAV: 0 of 12\n Widest: \u22120.08%, Oct 13, 2026\n Close against the NAV its issuer struck the same day, 12 days from Oct 2, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Not measured: its holdings are bonds, which have no volume source here.\n Dealers\n 2 active of 28 authorized participants; the largest did 89% of creations and redemptions, in the year to Aug 31, 2025 (Form N-CEN filed Nov 14, 2025).\n The active authorized participants, largest first, by share of the dollars created and redeemed: JP Morgan Securities, Inc. (89.4%), Jane Street Capital, LLC (10.6%). 26 more were listed and created or redeemed nothing.\n How to trade IIGD\n Order type Limit: midpoint + 1\u00a2 to buy, midpoint \u2212 1\u00a2 to sell. At the Oct 22 close of $23.98, that\u2019s $23.99 to buy and $23.97 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. Watch The premium. On 95% of days it is within \u00b10.08%; 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 IIGD\u2019s bid-ask spread? 0.04% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 1\u00a2 a share at the Oct 22 close. Does IIGD trade at a premium or discount to NAV? It closed \u22120.03% from its NAV on Oct 22, 2026. On 95% of the 12 days to then it was within \u00b10.08%, and it closed more than 1% from NAV on 0 of them. Who is the AP for IIGD? IIGD\u2019s latest Form N-CEN, for the period ending Aug 31, 2025, lists 28 authorized participants (APs), and 2 created or redeemed shares. The largest were JP Morgan Securities, Inc. (89.4%), Jane Street Capital, LLC (10.6%) of the dollars its APs created and redeemed. Who is the LMM for IIGD? IIGD\u2019s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. What does it cost to trade $10,000 of IIGD? About $2.00 one way, 0.02%: half its 30-day median spread. In and out costs twice that. How do I place a limit order for IIGD? 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 22 close of $23.98, that\u2019s $23.99 to buy and $23.97 to sell. Sources and dates\n Spread: Invesco (fund page), 30 days to Oct 22, 2026 ( the issuer\u2019s page ).\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 2, 2026 to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Aug 31, 2025, accession 0001657201-25-000196.\n Where to next\n IIGD 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 IIGD 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, IIGD trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/iigd/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, IIGD trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/iigd/trading/ APA ETFIQ. (Oct 22, 2026). IIGD trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/iigd/trading/ Markdown [IIGD trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/iigd/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, IIGD trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/iigd/trading/"}