IQQQ bid-ask spread and liquidity

ProShares Nasdaq-100 High Income ETF
IncomeProShares$383m net assets0.55% fee
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As of Oct 22, 2026, IQQQ’s median bid-ask spread over 30 days was 0.18%, and its IQ Liquidity Score is 83, Liquid.

OverviewHoldingsDividendsTradingFlowsCompare

IQ Liquidity Score

5 of 6 measured · Oct 22, 2026
83
Liquid
0 · Hard to trade100 · Trades like a giant

The IQ Liquidity Score: 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 trades, not whether to own it. Method →

Liquid: trades at a typical spread of 0.18%, and its holdings can absorb $6.6bn a day.

Ask IQ about this page

Ask IQ about IQQQ bid-ask spread and liquidity

Answers cite the figures on this page.

Cost to trade
0.18% median spread, 30 days to Oct 22, 2026
52.3
Capacity
Holdings can absorb $6.6bn a day, Oct 22, 2026
100.0
Price fidelity
95% of days within ±0.16% of NAV, 250 days to Oct 22, 2026
100.0
Primary market
7 active dealers of 39; largest 42% of creations and redemptions, N-CEN to May 31, 2026
85.0
Bad-day behaviour
Premium 1× normal on the 10 worst S&P 500 days, to Oct 22, 2026
100.0
Depth
Not measured · needs trade and quote data (Phase 2)
·

Cost for your order

One way, half its 30-day median spread; sizes above $10,000 are estimates
IQQQ: cost for your order at each size, round trip
OrderDollarsPercentBasis
$1,000$0.900.09%spread
$10,000$9.000.09%spread
$100,000$950.095%estimate
$1,000,000$1,0460.10%estimate

Spread 0.18% median, 30 days to Oct 22, 2026. Above $10,000 the cost adds an estimate of market impact that grows with the order against the holdings’ capacity; a patient limit pays less.

Full cost to own

At $10,000
1 year
0.77%$77
fee alone 0.55% · $55
5 years
2.97%$297
fee alone 2.75% · $275

Fee, plus the round-trip spread once, plus the median premium paid at entry.

Premium or discount to value

Daily, 250 days to Oct 22, 2026 · the ±1% band marked
IQQQ premium or discount to NAV, 250 days+1%0−1%Oct 23, 2025Oct 22, 2026
Latest close, Oct 22
−0.01%
95% of days within
±0.16%
Days more than 1% from NAV
0 of 250
Widest
+0.87%, Feb 6, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ.

Capacity

What the holdings can absorb a day, at 10% of each one’s volume
Holdings can absorb
$6.6bn

IQQQ’s holdings can absorb $6.6bn a day, measured on its own holdings, a stock book measured in full, as of Oct 22, 2026. A $1m order is 0.02% of a day’s capacity.

The holding that sets the limit: Honeywell International, Inc. (HON), 0.56% of the fund, $438m a day traded, the median of 20 days to Oct 22, 2026. Capacity is the least of the holding-level ratios over the holdings making up 95% of the weight.

Dealers

Authorized participants · N-CEN, the year to May 31, 2026
Active dealers
7
of 39 authorized
Largest
42%
of creations and redemptions
One dealer
No
7 active

7 of 39 authorized participants created or redeemed IQQQ shares in the year to May 31, 2026. From the fund’s Form N-CEN, filed Aug 14, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (41.7%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (33.3%), Jane Street Capital, LLC (20.0%), J.P. Morgan Securities LLC (1.5%), Barclays Capital Inc. (1.5%), UBS Securities LLC (1.4%), Virtu Americas LLC (0.6%). 32 more were listed and created or redeemed nothing.

Creations and redemptions

By week, 52 weeks to Oct 22, 2026
Oct 27 2025Each week’s net creations (green) and redemptionsOct 22 2026

$107m net created in 33 weeks and $29m net redeemed in 13, over the 52 weeks from Oct 27, 2025 to Oct 22, 2026, from the change in its shares outstanding.

How to trade IQQQ

To buy or to sell, up to $100,000
Order type
Limit: midpoint + 5¢ to buy, midpoint − 5¢ to sell.At the Oct 22 close of $46.33, that’s $46.38 to buy and $46.28 to sell.
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Size
Up to $66m 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 ±0.16%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.
Phase 2 · drawn now, filled when trade data arrives
Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Share of volume at the ask against at the bid.

Retail flow, estimatedComing with trade data

Sub-penny prints as a share of volume.

Large tradesComing with trade data

Prints above $500k, count and share.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

Is IQQQ liquid?

IQQQ’s IQ Liquidity Score is 83 of 100, Liquid, as of Oct 22, 2026. Its holdings can absorb $6.6bn a day.

What is IQQQ’s bid-ask spread?

0.18% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 5¢ a share at the Oct 22 close.

Does IQQQ trade at a premium or discount to NAV?

It closed −0.01% from its NAV on Oct 22, 2026. On 95% of the 250 days to then it was within ±0.16%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for IQQQ?

IQQQ’s latest Form N-CEN, for the period ending May 31, 2026, lists 39 authorized participants (APs), and 7 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (41.7%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (33.3%), Jane Street Capital, LLC (20.0%) of the dollars its APs created and redeemed.

Who is the LMM for IQQQ?

IQQQ’s lead market maker (LMM) on Nasdaq is Susquehanna Securities, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026.

What does it cost to trade $10,000 of IQQQ?

About $9.00 one way, 0.09%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $77 all in, against $55 for the fee alone.

How do I place a limit order for IQQQ?

Set the limit at the midpoint + 5¢ to buy, or the midpoint − 5¢ to sell, in your broker’s quote. At the Oct 22 close of $46.33, that’s $46.38 to buy and $46.28 to sell.
Sources and dates
SpreadProShares (fund page), 30-day median · to Oct 22, 2026
Premium to NAVETFIQ, close against the issuer’s NAV · Oct 23, 2025 to Oct 22, 2026
CapacityETFIQ, each holding’s 20-day median dollar volume · to Oct 22, 2026
DealersForm N-CEN · the year to May 31, 2026
Creations and redemptionsShares outstanding, daily, from the issuer
IQ Liquidity ScoreETFIQ · Oct 22, 2026
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →IQQQ fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, IQQQ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/iqqq/trading/

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The score measures trading conditions, not the fund. ETFIQ makes no recommendations.