# IVVM Bid-Ask Spread, Liquidity and NAV Premium

> As of Nov 11, 2026, IVVM’s median bid-ask spread over 30 days was 0.08%, and its IQ Liquidity Score is 73, Liquid. No fund is recommended.

Data as of Nov 12, 2026. Rebuilt every trading night.

As of Nov 12, 2026. Rebuilt every trading night.

## IVVM bid-ask spread and liquidity

As of Nov 11, 2026, IVVM’s median bid-ask spread over 30 days was 0.08%, and its IQ Liquidity Score is 73, Liquid.

### IQ Liquidity Score

73 of 100, Liquid, 41st percentile of 684 stocks ETFs, 5 of 6 measured.

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

Liquid: trades at a typical spread of 0.08%, and its holdings can absorb $359m a day.

Cost to trade, 69.9 0.08% median spread, 30 days to Nov 11, 2026 Capacity, 85.2 Holdings can absorb $359m a day, Nov 11, 2026 Price fidelity, 100.0 95% of days within ±0.14% of NAV, 251 days to Nov 12, 2026 Primary market, 45.0 2 active dealers of 30; largest 76% of creations and redemptions, N-CEN to Jul 31, 2025 Bad-day behaviour, 49.2 Premium 2.0218× normal on the 10 worst S&P 500 days, to Nov 12, 2026 Depth Not measured: needs trade and quote data (Phase 2)

### Cost for your order

| Order | Dollars | Percent | Basis |
| --- | --- | --- | --- |
| $1,000 | $0.40 | 0.04% | spread |
| $10,000 | $4.00 | 0.04% | spread |
| $100,000 | $49 | 0.049% | estimate |
| $1,000,000 | $669 | 0.067% | estimate |

### Full cost to own

At $10,000: 0.63% ($63) over 1 year, and 2.63% ($263) over 5 years; the fee alone is 0.50% ($50) a year. Fee, plus the round-trip spread once, plus the median premium paid at entry.

Against SPDG (fee 0.05%): SPDG is cheaper to own from the first day, and at no holding period does IVVM become the cheaper fund.

### Premium or discount to NAV

- Latest close, Nov 12, 2026: −0.14%

- 95% of days within: ±0.14%

- Days more than 1% from NAV: 0 of 251

- Widest: +0.36%, Jun 26, 2026

Close against the NAV its issuer struck the same day, 251 days from Nov 13, 2025 to Nov 12, 2026. Source: ETFIQ from the issuer’s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

### Capacity

Its holdings can absorb $359m a day, measured on its own holdings, as of Nov 11, 2026. The holding that sets the limit is ISHARES CORE S&P ETF TRUST (IVV), 98.68% of the fund.

### Dealers

2 active of 30 authorized participants; the largest did 76% of creations and redemptions, in the year to Jul 31, 2025 (Form N-CEN filed Mar 17, 2026).

The active authorized participants, largest first, by share of the dollars created and redeemed: BofA Securities, Inc. (76.3%), Goldman Sachs & Co. LLC (23.7%). 28 more were listed and created or redeemed nothing.

### How to trade IVVM

Order type Limit: midpoint + 2¢ to buy, midpoint − 2¢ to sell. At the Nov 12 close of $37.64, that’s $37.66 to buy and $37.62 to sell. 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 $3.6m 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 ±0.14%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

### What retail orders paid

In Sep 2026, retail market orders in IVVM paid $1.09 one way on $10,000, against $7.00 at the quote. 92% of shares filled better than the quote.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $1.09 |
| Fidelity customers | $1.54 |
| Schwab customers | $2.38 |

| Month | One way on $10,000 |
| --- | --- |
| Aug 2025 (old format) | $1.66 |
| Sep 2025 (old format) | $2.60 |
| Oct 2025 (old format) | $2.27 |
| Nov 2025 (old format) | $1.01 |
| Dec 2025 (old format) | $1.47 |
| Jan 2026 (old format) | $1.98 |
| Feb 2026 (old format) | $1.59 |
| Mar 2026 (old format) | $1.38 |
| Apr 2026 (old format) | $2.20 |
| May 2026 (old format) | $1.28 |
| Jun 2026 (old format) | $0.49 |
| Jul 2026 (old format) | $3.41 |
| Aug 2026 | $0.43 |
| Sep 2026 | $1.09 |

IVVM ranked 1954th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0013% of the market-order dollars in 4 retail brokers’ reports. Retail activity ranking

### Where it trades

In Q2 2026, 81% of IVVM’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 5.6% of its exchange volume.

### Coming with trade data

Spread through the day, buyers against sellers, large trades and the closing auction’s share, each once ETFIQ has trade and quote data.

### Questions people ask

Is IVVM liquid? IVVM’s IQ Liquidity Score is 73 of 100, Liquid, the 41st percentile of 684 stocks ETFs, as of Nov 12, 2026. Its holdings can absorb $359m a day. What is IVVM’s bid-ask spread? 0.08% of the midpoint, the median over the 30 days to Nov 11, 2026, as its issuer states it. Half of it is about 2¢ a share at the Nov 12 close. Does IVVM trade at a premium or discount to NAV? It closed −0.14% from its NAV on Nov 12, 2026. On 95% of the 251 days to then it was within ±0.14%, and it closed more than 1% from NAV on 0 of them. Who is the AP for IVVM? IVVM’s 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. (76.3%), Goldman Sachs & Co. LLC (23.7%) of the dollars its APs created and redeemed. Who is the LMM for IVVM? IVVM’s lead market maker (LMM) on Cboe BZX is Susquehanna Securities, LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026. What does it cost to trade $10,000 of IVVM? About $4.00 one way, 0.04%: half its 30-day median spread. In and out costs twice that. Owning $10,000 for a year costs about $63 all in, against $50 for the fee alone. How do I place a limit order for IVVM? Set the limit at the midpoint + 2¢ to buy, or the midpoint − 2¢ to sell, in your broker’s quote. At the Nov 12 close of $37.64, that’s $37.66 to buy and $37.62 to sell.

### Sources and dates

- Spread: iShares (fund page), 30 days to Nov 11, 2026 ( the issuer’s page ).

- Premium: ETFIQ, close against the issuer’s NAV, Nov 13, 2025 to Nov 12, 2026.

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 11, 2026.

- Dealers: Form N-CEN, the year to Jul 31, 2025, accession 0001410368-26-027058.

- Score: ETFIQ, Nov 12, 2026. The method is at /methodology/liquidity.

- 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’s request, so its orders are not counted.

- Where it trades: SEC MIDAS, Q2 2026, against the fund’s daily volume from Tiingo.

### Where to next

The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, IVVM trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/ivvm/trading/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/ivvm/trading/