{"url":"https://etfiq.com/funds/kbwd/trading/","section":"funds","title":"KBWD Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Nov 3, 2026, KBWD\u2019s median bid-ask spread over 30 days was 0.09%. A $10,000 order costs at least $4.74 one way.","as_of":"Nov 4, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/kbwd/trading/#data","name":"KBWD trading costs and liquidity","description":"As of Nov 3, 2026, KBWD\u2019s median bid-ask spread over 30 days was 0.09%. A $10,000 order costs at least $4.74 one way.","url":"https://etfiq.com/funds/kbwd/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":"What is KBWD\u2019s bid-ask spread?","acceptedAnswer":{"@type":"Answer","text":"0.09% of the midpoint, the median over the 30 days to Nov 3, 2026, as its issuer states it. Half of it is about 1\u00a2 a share at the Nov 3 close."}},{"@type":"Question","name":"Does KBWD trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed \u22121.28% from its NAV on Nov 3, 2026. On 95% of the 2 days to then it was within \u00b11.28%, and it closed more than 1% from NAV on 1 of them."}},{"@type":"Question","name":"Who is the AP for KBWD?","acceptedAnswer":{"@type":"Answer","text":"KBWD\u2019s latest Form N-CEN, for the period ending Aug 31, 2025, lists 41 authorized participants (APs), and 7 created or redeemed shares. The largest were Citadel Securities LLC (32.2%), Jane Street Capital, LLC (25.5%), BofA Securities, Inc. (18.2%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for KBWD?","acceptedAnswer":{"@type":"Answer","text":"KBWD\u2019s lead market maker (LMM) on Nasdaq is Citadel Securities LLC. Lead market maker per Nasdaq, as of Nov 1, 2026."}},{"@type":"Question","name":"What does it cost to trade $10,000 of KBWD?","acceptedAnswer":{"@type":"Answer","text":"At least $4.74 one way, 0.047%: half a one-cent tick, since its issuer prints its 30-day median spread as 0.09%. In and out costs twice that."}},{"@type":"Question","name":"How do I place a limit order for KBWD?","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 Nov 3 close of $10.55, that\u2019s $10.56 to buy and $10.54 to sell."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/kbwd#fund","name":"Invesco KBW High Dividend Yield Financial ETF","alternateName":"KBWD","url":"https://etfiq.com/funds/kbwd","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"KBWD"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/kbwd#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"KBWD","item":"https://etfiq.com/funds/kbwd"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/kbwd/trading/"}]},{"@type":"WebPage","name":"KBWD Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Nov 3, 2026, KBWD\u2019s median bid-ask spread over 30 days was 0.09%. A $10,000 order costs at least $4.74 one way.","url":"https://etfiq.com/funds/kbwd/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":7222,"truncated":false,"content":"ETFIQ / KBWD / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n KBWD bid-ask spread and liquidity\n As of Nov 3, 2026, KBWD\u2019s median bid-ask spread over 30 days was 0.09%.\n IQ Liquidity Score\n Not scored, 3 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, 67.3 0.09% median spread, 30 days to Nov 3, 2026 Capacity, 27.2 Holdings can absorb $6.6m a day, Nov 4, 2026 Price fidelity Not measured: 2 days of closing premium are held, under the 20 needed Primary market, 85.0 7 active dealers of 41; largest 32% of creations and redemptions, N-CEN to Aug 31, 2025 Bad-day behaviour Not measured: 1 of the 10 worst days and 1 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 KBWD one-way cost at each order size: half its 30-day median spread to Nov 3, 2026; sizes above $10,000 add an estimate of market impact. At least $4.74 one way at $10,000: half a one-cent tick at its close, since its issuer prints its 30-day median spread as 0.09%. Source: ETFIQ. Order Dollars Percent Basis \n $1,000 $0.47 0.047% tick floor \n $10,000 $4.74 0.047% tick floor \n $100,000 $183 0.18% estimate \n $1,000,000 $4,760 0.48% estimate \n Premium or discount to NAV\n Latest close, Nov 3, 2026: \u22121.28%\n 95% of days within: \u00b11.28%\n Days more than 1% from NAV: 1 of 2\n Widest: \u22121.28%, Nov 3, 2026\n Close against the NAV its issuer struck the same day, 2 days from Oct 30, 2026 to Nov 3, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Its holdings can absorb $6.6m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is Crescent Capital BDC Inc (CCAP), 2.62% of the fund.\n Dealers\n 7 active of 41 authorized participants; the largest did 32% 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: Citadel Securities LLC (32.2%), Jane Street Capital, LLC (25.5%), BofA Securities, Inc. (18.2%), RBC Capital Markets, LLC (13.8%), Goldman Sachs & Co. LLC (5.0%), ABN AMRO Clearing USA LLC (3.9%), BNP Paribas Securities Corp. (1.3%). 34 more were listed and created or redeemed nothing.\n How to trade KBWD\n Order type Limit: midpoint + 1\u00a2 to buy, midpoint \u2212 1\u00a2 to sell. At the Nov 3 close of $10.55, that\u2019s $10.56 to buy and $10.54 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. Size Up to $65,568 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 \u00b11.28%; 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 KBWD paid $1.58 one way on $10,000, against $4.35 at the quote. 77% of shares filled better than the quote.\n KBWD: 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 $1.58 \n Fidelity customers $0.39 \n Vanguard customers $1.52 \n Robinhood customers $1.70 \n Schwab customers $2.24 \n KBWD: 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) $0.55 \n Sep 2025 (old format) $0.68 \n Oct 2025 (old format) $0.68 \n Nov 2025 (old format) $0.91 \n Dec 2025 (old format) $0.51 \n Jan 2026 (old format) $0.76 \n Feb 2026 (old format) $0.91 \n Mar 2026 (old format) $0.73 \n Apr 2026 (old format) $0.23 \n May 2026 (old format) $0.40 \n Jun 2026 (old format) $0.80 \n Jul 2026 (old format) $0.54 \n Aug 2026 $1.85 \n Sep 2026 $1.58 \n Where it trades\n In Q2 2026, odd lots were 3.2% of KBWD\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 What is KBWD\u2019s bid-ask spread? 0.09% of the midpoint, the median over the 30 days to Nov 3, 2026, as its issuer states it. Half of it is about 1\u00a2 a share at the Nov 3 close. Does KBWD trade at a premium or discount to NAV? It closed \u22121.28% from its NAV on Nov 3, 2026. On 95% of the 2 days to then it was within \u00b11.28%, and it closed more than 1% from NAV on 1 of them. Who is the AP for KBWD? KBWD\u2019s latest Form N-CEN, for the period ending Aug 31, 2025, lists 41 authorized participants (APs), and 7 created or redeemed shares. The largest were Citadel Securities LLC (32.2%), Jane Street Capital, LLC (25.5%), BofA Securities, Inc. (18.2%) of the dollars its APs created and redeemed. Who is the LMM for KBWD? KBWD\u2019s lead market maker (LMM) on Nasdaq is Citadel Securities LLC. Lead market maker per Nasdaq, as of Nov 1, 2026. What does it cost to trade $10,000 of KBWD? At least $4.74 one way, 0.047%: half a one-cent tick, since its issuer prints its 30-day median spread as 0.09%. In and out costs twice that. How do I place a limit order for KBWD? 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 Nov 3 close of $10.55, that\u2019s $10.56 to buy and $10.54 to sell. Sources and dates\n Spread: Invesco (fund page), 30 days to Nov 3, 2026 ( the issuer\u2019s page ).\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 30, 2026 to Nov 3, 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 Aug 31, 2025, accession 0001378872-25-000490.\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 KBWD 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 KBWD 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, KBWD trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/kbwd/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, KBWD trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/kbwd/trading/ APA ETFIQ. (Nov 4, 2026). KBWD trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/kbwd/trading/ Markdown [KBWD trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/kbwd/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, KBWD trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/kbwd/trading/"}