IQ
LUMA
KraneShares Photonic and Optical ETF
Category ThemesIssuer KraneSharesNet assets $10mFee 1.00%

LUMA bid-ask spread and liquidity

See what LUMA costs to trade and how closely it tracks its value.

·
Not scored

IQ Liquidity Score

· 1 of 6 measured · Nov 11, 2026
$11
one way, a $10,000 order
$21m
its holdings can absorb a day, at most
+0.69%
latest close, Nov 11
±1.76%
95% of days within
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

Cost to trade
0.21% median spread, 30 days to Nov 11, 2026
48.9
Capacity
Holdings can absorb up to $21m a day; part of the book has no volume data
·
Price fidelity
Not measured · 3 days of closing premium are held, under the 20 needed
·
Primary market
Not measured · it first traded on 2026-07-15, and no N-CEN ETF row for series S000106178 is in the quarters read (2024q4 to 2026q3)
·
Bad-day behaviour
Not measured · 0 of the 10 worst days and 3 other days are held, under the 5 and 60 needed
·
Depth
Not measured · needs trade and quote data
·

Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

LUMA is not scored: its spread is not read, so it has no point on this chart. 137 scored Themes ETFs are plotted for comparison, Nov 12, 2026.

Spread against score

LUMA among Themes ETFs

Cheaper to trade sits left, easier to trade sits up.

137 scored
Hard to tradeThinLiquid with careLiquidTrades like a giantNov 12, 2026

What a trade costs

One way, half its 30-day median spread; sizes above $10,000 are estimates
LUMA: cost for your order at each size, one way
OrderDollarsPercentBasis
$1,000$1.050.10%spread
$10,000$110.10%spread
Spread 0.21%, the median over the 30 days to Nov 11, 2026. A round trip costs twice this. Above $10,000 it adds an estimate of price impact.
Premium or discount to valueDaily, 3 days to Nov 11, 2026 · the ±1% band marked

Above zero: a premium. Below: a discount.

LUMA premium or discount to NAV, 3 days+1%0−1%Nov 9, 2026Nov 11, 2026
Latest close, Nov 11
+0.69%
95% of days within
±1.76%
Days more than 1% from NAV
1 of 3
Widest
+1.76%, Nov 9, 2026
CapacityWhat its holdings making up 95% of the weight can absorb a day, at 10% of each one’s volume
Holdings can absorb, at most
$21m

LUMA’s holdings can absorb up to $21m a day, measured on its own holdings, as of Nov 11, 2026. Part of its book has no volume data, so this is an upper bound.

The holding that sets the limit: SUMITOMO ELECTRIC INDUSTRIES (SMTOY), 2.86% of the fund, $5.9m a day traded, the median of 20 days to Nov 11, 2026.

What retail orders paid

One way on $10,000, Sep 2026
All wholesalers read
$1.55
Fidelity customers
$1.25
Schwab customers
$3.90
Vanguard customers
$6.28
Robinhood customers
$6.89

In Sep 2026, retail market orders in LUMA paid $1.55 one way on $10,000, against $8.80 at the quote.

85% of shares filled better than the quote.

Jul 2026Grey: old format, orders of 100 to 9,999 sharesSep 2026

LUMA ranked 2839th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate.

0.0004% of the market-order dollars in 4 retail brokers’ reports. Buys and sells together. Retail activity ranking →

How to place the order

To buy or to sell, up to $100,000
Order type
Limit: midpoint + 2¢ to buy, midpoint − 2¢ to sell.At the Nov 11 close of $19.04, that’s $19.06 to buy and $19.02 to sell.
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Size
Part of its book has no volume data, so the room for a large order is an upper bound.
Watch
The premium to NAV, charted above: a buyer pays more, and a seller gets less, when it is wide.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

What is LUMA’s bid-ask spread?

0.21% 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 11 close.

Does LUMA trade at a premium or discount to NAV?

It closed +0.69% from its NAV on Nov 11, 2026. On 95% of the 3 days to then it was within ±1.76%, and it closed more than 1% from NAV on 1 of them.

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

About $11 one way, 0.10%: half its 30-day median spread. In and out costs twice that.

How do I place a limit order for LUMA?

Set the limit at the midpoint + 2¢ to buy, or the midpoint − 2¢ to sell, in your broker’s quote. At the Nov 11 close of $19.04, that’s $19.06 to buy and $19.02 to sell.
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 →LUMA fund page→
Sources and dates
SpreadKraneShares (fund page), 30-day median · to Nov 11, 2026
Premium to NAVETFIQ, close against the issuer’s NAV · Nov 9, 2026 to Nov 11, 2026
CapacityETFIQ, each holding’s 20-day median dollar volume · to Nov 11, 2026
Retail ordersSEC Rule 605 reports · Sep 2026

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

Cite this pageCitation, APA and Markdown

ETFIQ, LUMA trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/luma/trading/

Open data →

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