{"url":"https://etfiq.com/funds/kpo/trading/","section":"funds","title":"KPO Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"KPO trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 12, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/kpo/trading/#data","name":"KPO trading costs and liquidity","description":"KPO trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/kpo/trading/","dateModified":"2026-11-12","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":"Who is the LMM for KPO?","acceptedAnswer":{"@type":"Answer","text":"KPO\u2019s lead market maker (LMM) on Cboe BZX is Wolverine Trading, LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/kpo#fund","name":"Kensington Premium Opportunities ETF","alternateName":"KPO","url":"https://etfiq.com/funds/kpo","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"KPO"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/kpo#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"KPO","item":"https://etfiq.com/funds/kpo"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/kpo/trading/"}]},{"@type":"WebPage","name":"KPO Bid-Ask Spread, Liquidity and NAV Premium","description":"KPO trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/kpo/trading/","dateModified":"2026-11-12","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3072,"truncated":false,"content":"ETFIQ / KPO / Trading \n \n As of Nov 12, 2026. Rebuilt every trading night.\n KPO bid-ask spread and liquidity\n As of Nov 12, 2026, KPO is too new to score: ETFIQ reads 0 of its 6 trading measures.\n IQ Liquidity Score\n Too new to score, 0 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 Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: no book of its holdings is read Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: it first traded on 2026-08-28, and no N-CEN ETF row for series S000108086 is in the quarters read (2024q4 to 2026q3) Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2) \n Capacity\n Not measured: no book of its holdings is read.\n How to trade KPO\n 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. Retail order activity\n KPO ranked 2163rd of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0010% of the market-order dollars in 4 retail brokers\u2019 reports. Retail activity ranking \n Coming with trade data\n Spread through the day, buyers against sellers, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n Who is the LMM for KPO? KPO\u2019s lead market maker (LMM) on Cboe BZX is Wolverine Trading, LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026. Sources and dates\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 to next\n KPO 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 KPO 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, KPO trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/kpo/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, KPO trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/kpo/trading/ APA ETFIQ. (Nov 12, 2026). KPO trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/kpo/trading/ Markdown [KPO trading: cost, capacity, premium and dealers (ETFIQ, Nov 12, 2026)](https://etfiq.com/funds/kpo/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, KPO trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/kpo/trading/"}