# SPHB Bid-Ask Spread, Liquidity and NAV Premium

> As of Oct 22, 2026, SPHB’s median bid-ask spread over 30 days was 0.05%. A $10,000 order costs about $2.50 one way.

Data as of Oct 22, 2026. Rebuilt every trading night.

As of Oct 22, 2026. Rebuilt every trading night.

## SPHB bid-ask spread and liquidity

As of Oct 22, 2026, SPHB’s median bid-ask spread over 30 days was 0.05%.

### IQ Liquidity Score

Not scored, 3 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, 80.1 0.05% median spread, 30 days to Oct 22, 2026 Capacity, 100.0 Holdings can absorb $1.5bn a day, Oct 22, 2026 Price fidelity Not measured: 12 days of closing premium are held, under the 20 needed Primary market, 100.0 12 active dealers of 41; largest 35% of creations and redemptions, N-CEN to Aug 31, 2025 Bad-day behaviour Not measured: 0 of the 10 worst days and 12 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2)

### Cost for your order

| Order | Dollars | Percent | Basis |
| --- | --- | --- | --- |
| $1,000 | $0.25 | 0.025% | spread |
| $10,000 | $2.50 | 0.025% | spread |
| $100,000 | $39 | 0.039% | estimate |
| $1,000,000 | $707 | 0.071% | estimate |

### Premium or discount to NAV

- Latest close, Oct 22, 2026: +0.03%

- 95% of days within: ±0.04%

- Days more than 1% from NAV: 0 of 12

- Widest: −0.04%, Oct 19, 2026

Close against the NAV its issuer struck the same day, 12 days from Oct 2, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer’s NAV and closing price.

### Capacity

Its holdings can absorb $1.5bn a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is Invesco Ltd (IVZ), 0.88% of the fund.

### Dealers

12 active of 41 authorized participants; the largest did 35% of creations and redemptions, in the year to Aug 31, 2025 (Form N-CEN filed Nov 14, 2025).

The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (35.3%), BofA Securities, Inc. (21.9%), Jane Street Capital, LLC (12.7%), Citadel Securities LLC (5.8%), RBC Capital Markets, LLC (5.8%), Virtu Americas LLC (4.5%), ABN AMRO Clearing USA LLC (3.8%), BNP Paribas Securities Corp. (2.9%), Morgan Stanley & Co. LLC (2.9%), UBS Securities LLC (2.0%), JP Morgan Securities, Inc. (1.6%), HRT Financial LP (0.9%). 29 more were listed and created or redeemed nothing.

### How to trade SPHB

Order type Limit: midpoint + 4¢ to buy, midpoint − 4¢ to sell. At the Oct 22 close of $136.89, that’s $136.93 to buy and $136.85 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’s own day once it has trade data. Size Up to $15m 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 ±0.04%; 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

What is SPHB’s bid-ask spread? 0.05% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 4¢ a share at the Oct 22 close. Does SPHB trade at a premium or discount to NAV? It closed +0.03% from its NAV on Oct 22, 2026. On 95% of the 12 days to then it was within ±0.04%, and it closed more than 1% from NAV on 0 of them. Who is the AP for SPHB? SPHB’s latest Form N-CEN, for the period ending Aug 31, 2025, lists 41 authorized participants (APs), and 12 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (35.3%), BofA Securities, Inc. (21.9%), Jane Street Capital, LLC (12.7%) of the dollars its APs created and redeemed. Who is the LMM for SPHB? SPHB’s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. What does it cost to trade $10,000 of SPHB? About $2.50 one way, 0.025%: half its 30-day median spread. In and out costs twice that. How do I place a limit order for SPHB? Set the limit at the midpoint + 4¢ to buy, or the midpoint − 4¢ to sell, in your broker’s quote. At the Oct 22 close of $136.89, that’s $136.93 to buy and $136.85 to sell.

### Sources and dates

- Spread: Invesco (fund page), 30 days to Oct 22, 2026 ( the issuer’s page ).

- Premium: ETFIQ, close against the issuer’s NAV, Oct 2, 2026 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 Aug 31, 2025, accession 0001378872-25-000490.

### 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

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, SPHB trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/sphb/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/sphb/trading/