{"url":"https://etfiq.com/funds/spdf/trading/","section":"funds","title":"SPDF Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"SPDF trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 4, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/spdf/trading/#data","name":"SPDF trading costs and liquidity","description":"SPDF 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/spdf/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":"InvestmentFund","@id":"https://etfiq.com/funds/spdf#fund","name":"Defender Risk Adaptive 500 ETF","alternateName":"SPDF","url":"https://etfiq.com/funds/spdf","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"SPDF"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/spdf#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"SPDF","item":"https://etfiq.com/funds/spdf"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/spdf/trading/"}]},{"@type":"WebPage","name":"SPDF Bid-Ask Spread, Liquidity and NAV Premium","description":"SPDF 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/spdf/trading/","dateModified":"2026-11-04","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":2846,"truncated":false,"content":"ETFIQ / SPDF / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n SPDF bid-ask spread and liquidity\n As of Nov 4, 2026, SPDF\u2019s holdings can absorb $105m a day.\n IQ Liquidity Score\n Not scored, 1 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, 67.3 Holdings can absorb $105m a day, Nov 4, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: it first traded on 2026-04-15, and no N-CEN ETF row for series S000100156 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 Its holdings can absorb $105m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is State Street SPDR Portfolio S& (SPYM), 99.56% of the fund.\n How to trade SPDF\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. Size Up to $1.0m is 1% of what its holdings can absorb in a day, for a buy or a sell. Where it trades\n In Q2 2026, odd lots were 2.3% of SPDF\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 Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 4, 2026.\n Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n SPDF 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 SPDF 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, SPDF trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/spdf/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, SPDF trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/spdf/trading/ APA ETFIQ. (Nov 4, 2026). SPDF trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/spdf/trading/ Markdown [SPDF trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/spdf/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, SPDF trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/spdf/trading/"}