# XDIV Bid-Ask Spread, Liquidity and NAV Premium

> 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%. No fund is recommended.

Data as of Nov 4, 2026. Rebuilt every trading night.

As of Nov 4, 2026. Rebuilt every trading night.

## XDIV bid-ask spread and liquidity

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%.

### 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 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, 96.7 95% of days within ±0.13% of NAV, 24 days to Nov 4, 2026 Primary market, 65.0 4 active dealers of 4; largest 78% of creations and redemptions, N-CEN to Dec 31, 2025 Bad-day behaviour Not measured: 1 of the 10 worst days and 23 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2)

### Premium or discount to NAV

- Latest close, Nov 4, 2026: −0.06%

- 95% of days within: ±0.13%

- Days more than 1% from NAV: 0 of 24

- Widest: +0.16%, Oct 14, 2026

Close against the NAV its issuer struck the same day, 24 days from Sep 11, 2026 to Nov 4, 2026. Source: ETFIQ from the issuer’s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

### Capacity

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&P 500 ETF (SPYM), 99.93% of the fund.

### Dealers

4 active of 4 authorized participants; the largest did 78% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 13, 2026).

The active authorized participants, largest first, by share of the 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%).

### How to trade XDIV

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. On 95% of days it is within ±0.13%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

### What retail orders paid

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.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $2.76 |
| Schwab customers | $2.08 |
| Fidelity customers | $2.70 |
| Vanguard customers | $3.33 |

| Month | One way on $10,000 |
| --- | --- |
| Aug 2025 (old format) | $0.33 |
| Sep 2025 (old format) | $5.63 |
| Oct 2025 (old format) | $8.49 |
| Nov 2025 (old format) | $8.54 |
| Dec 2025 (old format) | $3.93 |
| Jan 2026 (old format) | −$1.54 |
| Feb 2026 (old format) | $4.87 |
| Mar 2026 (old format) | $2.51 |
| Apr 2026 (old format) | $3.12 |
| May 2026 (old format) | $3.18 |
| Jun 2026 (old format) | $0.95 |
| Jul 2026 (old format) | $0.75 |
| Aug 2026 | $2.35 |
| Sep 2026 | $2.76 |

### Where it trades

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

### 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 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.

### Sources and dates

- Premium: ETFIQ, close against the issuer’s NAV, Sep 11, 2026 to Nov 4, 2026.

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 4, 2026.

- Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0000894189-26-007830.

- Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ’s request, so its orders are not counted.

- Where it trades: SEC MIDAS, Q2 2026.

### 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, XDIV trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/xdiv/trading/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/xdiv/trading/