# SPDG Bid-Ask Spread, Liquidity and NAV Premium > As of Oct 22, 2026, SPDG closed +0.02% from its NAV, and on 95% of the 251 days to then it was within ±0.11%. No fund is recommended. Data as of Oct 22, 2026. Rebuilt every trading night. As of Oct 22, 2026. Rebuilt every trading night. ## SPDG bid-ask spread and liquidity As of Oct 22, 2026, SPDG closed +0.02% from its NAV, and on 95% of the 251 days to then it was within ±0.11%. ### IQ Liquidity Score Not scored, 4 of 6 measured. 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 Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 100.0 Holdings can absorb $1.8bn a day, Oct 22, 2026 Price fidelity, 100.0 95% of days within ±0.11% of NAV, 251 days to Oct 22, 2026 Primary market, 65.0 3 active dealers of 40; largest 49% of creations and redemptions, N-CEN to Jun 30, 2026 Bad-day behaviour, 100.0 Premium 1× normal on the 10 worst S&P 500 days, to Oct 22, 2026 Depth Not measured: needs trade and quote data (Phase 2) ### Premium or discount to NAV - Latest close, Oct 22, 2026: +0.02% - 95% of days within: ±0.11% - Days more than 1% from NAV: 0 of 251 - Widest: −0.17%, Jun 26, 2026 Close against the NAV its issuer struck the same day, 251 days from Oct 23, 2025 to Oct 22, 2026. Source: ETFIQ from the issuer’s NAV and closing price. ### Capacity Its holdings can absorb $1.8bn a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is VERIZON COMMUNICATIONS INC (VZ), 5.66% of the fund. ### Dealers 3 active of 40 authorized participants; the largest did 49% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 11, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: UBS Securities LLC (48.5%), Merrill Lynch Professional Clearing Corp. (46.6%), Jane Street Capital, LLC (4.9%). 37 more were listed and created or redeemed nothing. ### How to trade SPDG When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data. Size Up to $18m 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 ±0.11%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. ### Coming with trade data Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### Questions people ask Does SPDG trade at a premium or discount to NAV? It closed +0.02% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within ±0.11%, and it closed more than 1% from NAV on 0 of them. Who is the AP for SPDG? SPDG’s latest Form N-CEN, for the period ending Jun 30, 2026, lists 40 authorized participants (APs), and 3 created or redeemed shares. The largest were UBS Securities LLC (48.5%), Merrill Lynch Professional Clearing Corp. (46.6%), Jane Street Capital, LLC (4.9%) of the dollars its APs created and redeemed. Who is the LMM for SPDG? SPDG’s lead market maker (LMM) on NYSE Arca is Susquehanna Securities, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. ### Sources and dates - Premium: ETFIQ, close against the issuer’s NAV, Oct 23, 2025 to Oct 22, 2026. - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 22, 2026. - Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0001410368-26-091247. ### Where to next The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, SPDG trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/spdg/trading/ Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/spdg/trading/