IQ
XDIV
Roundhill S&P 500 No Dividend Target ETF
Category StocksIssuer RoundhillNet assets $102mFee 0.08%
Trading · Roundhill S&P 500 No Dividend Target ETF

XDIV bid-ask spread and liquidity

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As of Nov 4, 2026, XDIV closed −0.06% from its NAV, and on 95% of the 24 days to then it was within ±0.13%.

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XDIV fund page
·
Not scored

IQ Liquidity Score

· 3 of 6 measured · Nov 4, 2026
$105m
its holdings can absorb a day
−0.06%
latest close, Nov 4
±0.13%
95% of days within
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
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Capacity
Holdings can absorb $105m a day, Nov 4, 2026
67.3
Price fidelity
95% of days within ±0.13% of NAV, 24 days to Nov 4, 2026
96.7
Primary market
4 active dealers of 4; largest 78% of creations and redemptions, N-CEN to Dec 31, 2025
65.0
Bad-day behaviour
Not measured · 1 of the 10 worst days and 23 other days are held, under the 5 and 60 needed
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Depth
Not measured · needs trade and quote data
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Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

Premium or discount to valueDaily, 24 days to Nov 4, 2026 · the ±1% band marked

Above zero: a premium. Below: a discount.

XDIV premium or discount to NAV, 24 days+1%0−1%Sep 11, 2026Nov 4, 2026
Latest close, Nov 4
−0.06%
95% of days within
±0.13%
Days more than 1% from NAV
0 of 24
Widest
+0.16%, Oct 14, 2026

Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

CapacityWhat its holdings making up 95% of the weight can absorb a day, at 10% of each one’s volume
Holdings can absorb
$105m

XDIV’s holdings can absorb $105m a day, measured on its own holdings, as of Nov 4, 2026. A $1m order is 0.96% of a day’s capacity.

The holding that sets the limit: State Street SPDR Portfolio S&P 500 ETF (SPYM), 99.93% of the fund, $1.0bn a day traded, the median of 20 days to Nov 4, 2026.

Who makes the market

Authorized participants · N-CEN, the year to Dec 31, 2025
Active dealers
4
of 4 authorized
Largest
78%
of creations and redemptions
One dealer
No
4 active

4 of 4 authorized participants created or redeemed XDIV shares in the year to Dec 31, 2025. From the fund’s Form N-CEN, filed Mar 13, 2026.

APs create and redeem shares. Every AP →

Active APs, largest first, by share of dollars created and redeemed: Goldman Sachs & Co. LLC (78.1%), Jane Street Capital, LLC (13.6%), Virtu Americas LLC (7.8%), Merrill Lynch Professional Clearing Corp. (0.5%).

What retail orders paid

One way on $10,000, Sep 2026
All wholesalers read
$2.76
Schwab customers
$2.08
Fidelity customers
$2.70
Vanguard customers
$3.33

In Sep 2026, retail market orders in XDIV paid $2.76 one way on $10,000, against $4.25 at the quote.

68% of shares filled better than the quote.

Aug 2025Grey: old format, orders of 100 to 9,999 sharesSep 2026

Where it trades

Q2 2026, 62 trading days
Odd lots, of exchange volume
4.7%

In Q2 2026, odd lots were 4.7% of XDIV’s exchange volume.

Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.

How to place the order

To buy or to sell, up to $100,000
When
Its holdings trade on markets that close before New York, so its price can drift from their value later in the day.
Size
Up to $1.0m is 1% of what its holdings can absorb in a day, for a buy or a sell.
Watch
The premium to NAV, charted above: a buyer pays more, and a seller gets less, when it is wide.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Retail flow, estimated

Trades priced in fractions of a cent, a sign of retail orders.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

Does XDIV trade at a premium or discount to NAV?

It closed −0.06% from its NAV on Nov 4, 2026. On 95% of the 24 days to then it was within ±0.13%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for XDIV?

XDIV’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (78.1%), Jane Street Capital, LLC (13.6%), Virtu Americas LLC (7.8%) of the dollars its APs created and redeemed.

Who is the LMM for XDIV?

XDIV’s lead market maker (LMM) on Cboe BZX is Old Mission Capital LLC. Lead market maker per Cboe BZX, as of Nov 1, 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 →XDIV fund page→
Sources and dates
Premium to NAVETFIQ, close against the issuer’s NAV · Sep 11, 2026 to Nov 4, 2026
CapacityETFIQ, each holding’s 20-day median dollar volume · to Nov 4, 2026
DealersForm N-CEN · the year to Dec 31, 2025
Retail ordersSEC Rule 605 reports · Sep 2026
Where it tradesSEC MIDAS · Q2 2026

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

Cite this pageCitation, APA and Markdown

ETFIQ, XDIV trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/xdiv/trading/

Open data →

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