TDNA bid-ask spread and liquidity

T. Rowe Price Biotech ETF
ThemesT. Rowe Price$10m net assets0.55% fee
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As of Oct 22, 2026, TDNA’s median bid-ask spread over 30 days was 0.37%.

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Ask IQ about TDNA bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewTradingFlowsCompare

IQ Liquidity Score

1 of 6 measured · Oct 22, 2026
·
Too new to score
0 · Hard to trade100 · Trades like a giant

The IQ Liquidity Score: 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 trades, not whether to own it. Method →

Cost to trade
0.37% median spread, 30 days to Oct 22, 2026
36.7
Capacity
Not measured · no book of its holdings is read
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Price fidelity
Not measured · 13 days of closing premium are held, under the 20 needed
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Primary market
Not measured · it first traded on 2026-09-17, and no N-CEN ETF row for series S000106914 is in the quarters read (2024q4 to 2026q3)
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Bad-day behaviour
Not measured · 0 of the 10 worst days and 13 other days are held, under the 5 and 60 needed
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Depth
Not measured · needs trade and quote data (Phase 2)
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Cost for your order

One way, half its 30-day median spread; sizes above $10,000 are estimates
TDNA: cost for your order at each size, round trip
OrderDollarsPercentBasis
$1,000$1.850.18%spread
$10,000$180.18%spread

Spread 0.37% median, 30 days to Oct 22, 2026. Above $10,000 the cost adds an estimate of market impact that grows with the order against the holdings’ capacity; a patient limit pays less.

Premium or discount to value

Daily, 13 days to Oct 22, 2026 · the ±1% band marked
TDNA premium or discount to NAV, 13 days+1%0−1%Oct 6, 2026Oct 22, 2026
Latest close, Oct 22
+0.02%
95% of days within
±0.06%
Days more than 1% from NAV
0 of 13
Widest
+0.06%, Oct 21, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ.

Capacity

What the holdings can absorb a day

Not measured: no book of its holdings is read.

How to trade TDNA

To buy or to sell, up to $100,000
Order type
Limit: midpoint + 5¢ to buy, midpoint − 5¢ to sell.At the Oct 22 close of $24.11, that’s $24.16 to buy and $24.06 to sell.
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Watch
The premium. On 95% of days it is within ±0.06%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.
Phase 2 · drawn now, filled when trade data arrives
Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Share of volume at the ask against at the bid.

Retail flow, estimatedComing with trade data

Sub-penny prints as a share of volume.

Large tradesComing with trade data

Prints above $500k, count and share.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

What is TDNA’s bid-ask spread?

0.37% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 5¢ a share at the Oct 22 close.

Does TDNA trade at a premium or discount to NAV?

It closed +0.02% from its NAV on Oct 22, 2026. On 95% of the 13 days to then it was within ±0.06%, and it closed more than 1% from NAV on 0 of them.

Who is the LMM for TDNA?

TDNA’s lead market maker (LMM) on Nasdaq is Citadel Securities LLC. Lead market maker per Nasdaq, as of Oct 23, 2026.

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

About $18 one way, 0.18%: half its 30-day median spread. In and out costs twice that.

How do I place a limit order for TDNA?

Set the limit at the midpoint + 5¢ to buy, or the midpoint − 5¢ to sell, in your broker’s quote. At the Oct 22 close of $24.11, that’s $24.16 to buy and $24.06 to sell.
Sources and dates
SpreadT. Rowe Price (fund page), 30-day median · to Oct 22, 2026
Premium to NAVETFIQ, close against the issuer’s NAV · Oct 6, 2026 to Oct 22, 2026
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 →TDNA fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, TDNA trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/tdna/trading/

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