{"url":"https://etfiq.com/funds/ivvb/trading/","section":"funds","title":"IVVB Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Nov 4, 2026, IVVB closed \u22120.12% from its NAV, and on 95% of the 251 days to then it was within \u00b10.14%. No fund is recommended.","as_of":"Nov 4, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/ivvb/trading/#data","name":"IVVB trading costs and liquidity","description":"As of Nov 4, 2026, IVVB closed \u22120.12% from its NAV, and on 95% of the 251 days to then it was within \u00b10.14%. No fund is recommended.","url":"https://etfiq.com/funds/ivvb/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":"Does IVVB trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed \u22120.12% from its NAV on Nov 4, 2026. On 95% of the 251 days to then it was within \u00b10.14%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for IVVB?","acceptedAnswer":{"@type":"Answer","text":"IVVB\u2019s latest Form N-CEN, for the period ending Jul 31, 2025, lists 30 authorized participants (APs), and 2 created or redeemed shares. The largest were BofA Securities, Inc. (91.8%), Goldman Sachs & Co. LLC (8.2%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for IVVB?","acceptedAnswer":{"@type":"Answer","text":"IVVB\u2019s lead market maker (LMM) on Cboe BZX is Susquehanna Securities, LLC. Lead market maker per Cboe BZX, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/ivvb#fund","name":"iShares Large Cap Deep Quarterly Laddered ETF","alternateName":"IVVB","url":"https://etfiq.com/funds/ivvb","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"IVVB"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/ivvb#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"IVVB","item":"https://etfiq.com/funds/ivvb"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/ivvb/trading/"}]},{"@type":"WebPage","name":"IVVB Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Nov 4, 2026, IVVB closed \u22120.12% from its NAV, and on 95% of the 251 days to then it was within \u00b10.14%. No fund is recommended.","url":"https://etfiq.com/funds/ivvb/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":5852,"truncated":false,"content":"ETFIQ / IVVB / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n IVVB bid-ask spread and liquidity\n As of Nov 4, 2026, IVVB closed \u22120.12% from its NAV, and on 95% of the 251 days to then it was within \u00b10.14%.\n IQ Liquidity Score\n Not scored, 4 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 Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 83.8 Holdings can absorb $328m a day, Nov 4, 2026 Price fidelity, 98.8 95% of days within \u00b10.14% of NAV, 251 days to Nov 4, 2026 Primary market, 30.0 2 active dealers of 30; largest 92% of creations and redemptions, N-CEN to Jul 31, 2025 Bad-day behaviour, 89.4 Premium 1.1581\u00d7 normal on the 10 worst S&P 500 days, to Nov 4, 2026 Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Nov 4, 2026: \u22120.12%\n 95% of days within: \u00b10.14%\n Days more than 1% from NAV: 0 of 251\n Widest: \u22120.56%, Mar 16, 2026\n Close against the NAV its issuer struck the same day, 251 days from Nov 5, 2025 to Nov 4, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.\n Capacity\n Its holdings can absorb $328m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is ISHARES CORE S&P ETF TRUST (IVV), 98.93% of the fund.\n Dealers\n 2 active of 30 authorized participants; the largest did 92% of creations and redemptions, in the year to Jul 31, 2025 (Form N-CEN filed Mar 17, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: BofA Securities, Inc. (91.8%), Goldman Sachs & Co. LLC (8.2%). 28 more were listed and created or redeemed nothing.\n How to trade IVVB\n When Its holdings trade on markets that close before New York, so its price can drift from their value later in the day. Size Up to $3.3m 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 \u00b10.14%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. What retail orders paid\n In Sep 2026, retail market orders in IVVB paid $3.17 one way on $10,000, against $6.83 at the quote. 76% of shares filled better than the quote.\n IVVB: 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 $3.17 \n Fidelity customers \u2212$0.44 \n Schwab customers $4.08 \n IVVB: 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) $6.31 \n Sep 2025 (old format) $1.40 \n Oct 2025 (old format) $0.30 \n Nov 2025 (old format) $0.14 \n Dec 2025 (old format) $1.72 \n Jan 2026 (old format) $1.41 \n Feb 2026 (old format) $1.27 \n Mar 2026 (old format) $1.03 \n Apr 2026 (old format) $1.87 \n May 2026 (old format) $1.73 \n Jun 2026 (old format) $2.11 \n Jul 2026 (old format) $3.21 \n Aug 2026 $45 \n Sep 2026 $3.17 \n Where it trades\n In Q2 2026, odd lots were 9.3% of IVVB\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 Does IVVB trade at a premium or discount to NAV? It closed \u22120.12% from its NAV on Nov 4, 2026. On 95% of the 251 days to then it was within \u00b10.14%, and it closed more than 1% from NAV on 0 of them. Who is the AP for IVVB? IVVB\u2019s latest Form N-CEN, for the period ending Jul 31, 2025, lists 30 authorized participants (APs), and 2 created or redeemed shares. The largest were BofA Securities, Inc. (91.8%), Goldman Sachs & Co. LLC (8.2%) of the dollars its APs created and redeemed. Who is the LMM for IVVB? IVVB\u2019s lead market maker (LMM) on Cboe BZX is Susquehanna Securities, LLC. Lead market maker per Cboe BZX, as of Nov 1, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Nov 5, 2025 to Nov 4, 2026.\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, 2025, accession 0001410368-26-027058.\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 IVVB 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 IVVB 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, IVVB trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/ivvb/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, IVVB trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/ivvb/trading/ APA ETFIQ. (Nov 4, 2026). IVVB trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/ivvb/trading/ Markdown [IVVB trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/ivvb/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, IVVB trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/ivvb/trading/"}