{"url":"https://etfiq.com/funds/qqqs/trading/","section":"funds","title":"QQQS Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Nov 3, 2026, QQQS\u2019s median bid-ask spread over 30 days was 0.18%. A $10,000 order costs about $9.00 one way.","as_of":"Nov 3, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/qqqs/trading/#data","name":"QQQS trading costs and liquidity","description":"As of Nov 3, 2026, QQQS\u2019s median bid-ask spread over 30 days was 0.18%. A $10,000 order costs about $9.00 one way.","url":"https://etfiq.com/funds/qqqs/trading/","dateModified":"2026-11-03","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 QQQS\u2019s bid-ask spread?","acceptedAnswer":{"@type":"Answer","text":"0.18% of the midpoint, the median over the 30 days to Nov 3, 2026, as its issuer states it. Half of it is about 4\u00a2 a share at the Nov 3 close."}},{"@type":"Question","name":"Does QQQS trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.51% from its NAV on Nov 3, 2026. On 95% of the 2 days to then it was within \u00b10.51%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for QQQS?","acceptedAnswer":{"@type":"Answer","text":"QQQS\u2019s latest Form N-CEN, for the period ending Aug 31, 2025, lists 41 authorized participants (APs), and 5 created or redeemed shares. The largest were ABN AMRO Clearing USA LLC (33.4%), JP Morgan Securities, Inc. (30.5%), Goldman Sachs & Co. LLC (26.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for QQQS?","acceptedAnswer":{"@type":"Answer","text":"QQQS\u2019s lead market maker (LMM) on Nasdaq is Old Mission Capital LLC. Lead market maker per Nasdaq, as of Nov 1, 2026."}},{"@type":"Question","name":"What does it cost to trade $10,000 of QQQS?","acceptedAnswer":{"@type":"Answer","text":"About $9.00 one way, 0.09%: half its 30-day median spread. In and out costs twice that."}},{"@type":"Question","name":"How do I place a limit order for QQQS?","acceptedAnswer":{"@type":"Answer","text":"Set the limit at the midpoint + 4\u00a2 to buy, or the midpoint \u2212 4\u00a2 to sell, in your broker\u2019s quote. At the Nov 3 close of $39.24, that\u2019s $39.28 to buy and $39.20 to sell."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/qqqs#fund","name":"Invesco NASDAQ Future Gen 200 ETF","alternateName":"QQQS","url":"https://etfiq.com/funds/qqqs","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"QQQS"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/qqqs#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"QQQS","item":"https://etfiq.com/funds/qqqs"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/qqqs/trading/"}]},{"@type":"WebPage","name":"QQQS Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Nov 3, 2026, QQQS\u2019s median bid-ask spread over 30 days was 0.18%. A $10,000 order costs about $9.00 one way.","url":"https://etfiq.com/funds/qqqs/trading/","dateModified":"2026-11-03","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":6395,"truncated":false,"content":"ETFIQ / QQQS / Trading \n \n As of Nov 3, 2026. Rebuilt every trading night.\n QQQS bid-ask spread and liquidity\n As of Nov 3, 2026, QQQS\u2019s median bid-ask spread over 30 days was 0.18%.\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, 52.3 0.18% median spread, 30 days to Nov 3, 2026 Capacity, 14.8 Holdings can absorb $2.8m a day, Nov 3, 2026 Price fidelity Not measured: 2 days of closing premium are held, under the 20 needed Primary market, 85.0 5 active dealers of 41; largest 33% 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 QQQS 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. Source: ETFIQ. Order Dollars Percent Basis \n $1,000 $0.90 0.09% spread \n $10,000 $9.00 0.09% spread \n $100,000 $408 0.41% estimate \n $1,000,000 $10,944 1.09% estimate \n Premium or discount to NAV\n Latest close, Nov 3, 2026: +0.51%\n 95% of days within: \u00b10.51%\n Days more than 1% from NAV: 0 of 2\n Widest: +0.51%, 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 $2.8m a day, measured on its own holdings, as of Nov 3, 2026. The holding that sets the limit is SANUWAVE Health Inc (SNWV), 0.72% of the fund.\n Dealers\n 5 active of 41 authorized participants; the largest did 33% 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: ABN AMRO Clearing USA LLC (33.4%), JP Morgan Securities, Inc. (30.5%), Goldman Sachs & Co. LLC (26.6%), BofA Securities, Inc. (5.0%), Virtu Americas LLC (4.5%). 36 more were listed and created or redeemed nothing.\n How to trade QQQS\n Order type Limit: midpoint + 4\u00a2 to buy, midpoint \u2212 4\u00a2 to sell. At the Nov 3 close of $39.24, that\u2019s $39.28 to buy and $39.20 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 $27,882 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 \u00b10.51%; 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 QQQS paid $5.11 one way on $10,000, against $17 at the quote. 90% of shares filled better than the quote.\n QQQS: 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 $5.11 \n Fidelity customers $0.65 \n Schwab customers $4.35 \n Vanguard customers $4.78 \n Robinhood customers $9.30 \n Where it trades\n In Q2 2026, odd lots were 14.8% of QQQS\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 QQQS\u2019s bid-ask spread? 0.18% of the midpoint, the median over the 30 days to Nov 3, 2026, as its issuer states it. Half of it is about 4\u00a2 a share at the Nov 3 close. Does QQQS trade at a premium or discount to NAV? It closed +0.51% from its NAV on Nov 3, 2026. On 95% of the 2 days to then it was within \u00b10.51%, and it closed more than 1% from NAV on 0 of them. Who is the AP for QQQS? QQQS\u2019s latest Form N-CEN, for the period ending Aug 31, 2025, lists 41 authorized participants (APs), and 5 created or redeemed shares. The largest were ABN AMRO Clearing USA LLC (33.4%), JP Morgan Securities, Inc. (30.5%), Goldman Sachs & Co. LLC (26.6%) of the dollars its APs created and redeemed. Who is the LMM for QQQS? QQQS\u2019s lead market maker (LMM) on Nasdaq is Old Mission Capital LLC. Lead market maker per Nasdaq, as of Nov 1, 2026. What does it cost to trade $10,000 of QQQS? About $9.00 one way, 0.09%: half its 30-day median spread. In and out costs twice that. How do I place a limit order for QQQS? Set the limit at the midpoint + 4\u00a2 to buy, or the midpoint \u2212 4\u00a2 to sell, in your broker\u2019s quote. At the Nov 3 close of $39.24, that\u2019s $39.28 to buy and $39.20 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 3, 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 QQQS 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 QQQS 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, QQQS trading: cost, capacity, premium and dealers, data as of Nov 3, 2026. https://etfiq.com/funds/qqqs/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, QQQS trading: cost, capacity, premium and dealers, data as of Nov 3, 2026. https://etfiq.com/funds/qqqs/trading/ APA ETFIQ. (Nov 3, 2026). QQQS trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/qqqs/trading/ Markdown [QQQS trading: cost, capacity, premium and dealers (ETFIQ, Nov 3, 2026)](https://etfiq.com/funds/qqqs/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, QQQS trading: cost, capacity, premium and dealers, data as of Nov 3, 2026. https://etfiq.com/funds/qqqs/trading/"}