{"url":"https://etfiq.com/funds/calf/trading/","section":"funds","title":"CALF Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 2, 2026, CALF closed +0.02% from its NAV, and on 95% of the 2 days to then it was within \u00b10.07%. No fund is recommended.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/calf/trading/#data","name":"CALF trading costs and liquidity","description":"As of Oct 2, 2026, CALF closed +0.02% from its NAV, and on 95% of the 2 days to then it was within \u00b10.07%. No fund is recommended.","url":"https://etfiq.com/funds/calf/trading/","dateModified":"2026-10-22","creator":{"@id":"https://etfiq.com/#org"},"license":"https://etfiq.com/license/","isAccessibleForFree":true,"creditText":"ETFIQ (etfiq.com)","variableMeasured":["30-day median bid-ask spread","Premium or discount to NAV","Capacity","Active authorized participants","IQ Liquidity Score","Cost to trade by order size"],"distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/trading-score.json"}],"publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published"},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Does CALF trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.02% from its NAV on Oct 2, 2026. On 95% of the 2 days to then it was within \u00b10.07%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for CALF?","acceptedAnswer":{"@type":"Answer","text":"CALF\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 9 authorized participants (APs), and 9 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (27.7%), Jane Street Capital, LLC (23.9%), Goldman Sachs & Co. LLC (15.5%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for CALF?","acceptedAnswer":{"@type":"Answer","text":"CALF\u2019s lead market maker (LMM) on Cboe BZX is RBC Capital Markets, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/calf#fund","name":"Pacer US Small Cap Cash Cows ETF","alternateName":"CALF","url":"https://etfiq.com/funds/calf","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"CALF"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/calf#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"CALF","item":"https://etfiq.com/funds/calf"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/calf/trading/"}]},{"@type":"WebPage","name":"CALF Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 2, 2026, CALF closed +0.02% from its NAV, and on 95% of the 2 days to then it was within \u00b10.07%. No fund is recommended.","url":"https://etfiq.com/funds/calf/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4679,"truncated":false,"content":"ETFIQ / CALF / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n CALF bid-ask spread and liquidity\n As of Oct 2, 2026, CALF closed +0.02% from its NAV, and on 95% of the 2 days to then it was within \u00b10.07%.\n IQ Liquidity Score\n Not scored, 2 of 6 measured.\n 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 \n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 86.6 Holdings can absorb $396m a day, Oct 22, 2026 Price fidelity Not measured: 2 days of closing premium are held, under the 20 needed Primary market, 85.0 9 active dealers of 9; largest 28% of creations and redemptions, N-CEN to Apr 30, 2026 Bad-day behaviour Not measured: 0 of the 10 worst days and 2 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Oct 2, 2026: +0.02%\n 95% of days within: \u00b10.07%\n Days more than 1% from NAV: 0 of 2\n Widest: \u22120.07%, Sep 11, 2026\n Close against the NAV its issuer struck the same day, 2 days from Sep 11, 2026 to Oct 2, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Its holdings can absorb $396m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is Koppers Holdings Inc (KOP), 0.15% of the fund.\n Dealers\n 9 active of 9 authorized participants; the largest did 28% of creations and redemptions, in the year to Apr 30, 2026 (Form N-CEN filed Jul 14, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (27.7%), Jane Street Capital, LLC (23.9%), Goldman Sachs & Co. LLC (15.5%), RBC Capital Markets, LLC (13.6%), Virtu Americas LLC (8.8%), J.P. Morgan Securities LLC (7.8%), ABN AMRO Clearing USA LLC (2.2%), BNP Paribas Prime Brokerage, Inc. (0.4%), Citigroup Global Markets Inc. (0.1%).\n How to trade CALF\n When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund\u2019s own day once it has trade data. Size Up to $4m 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 \u00b10.07%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. Coming with trade data\n Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n Does CALF trade at a premium or discount to NAV? It closed +0.02% from its NAV on Oct 2, 2026. On 95% of the 2 days to then it was within \u00b10.07%, and it closed more than 1% from NAV on 0 of them. Who is the AP for CALF? CALF\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 9 authorized participants (APs), and 9 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (27.7%), Jane Street Capital, LLC (23.9%), Goldman Sachs & Co. LLC (15.5%) of the dollars its APs created and redeemed. Who is the LMM for CALF? CALF\u2019s lead market maker (LMM) on Cboe BZX is RBC Capital Markets, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Sep 11, 2026 to Oct 2, 2026.\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Apr 30, 2026, accession 0000894189-26-021136.\n Where to next\n CALF fund page ETF trading costs and liquidity Limit orders vs market orders for ETFs Why low volume does not mean illiquid How the IQ Liquidity Score is built Compare CALF with another fund The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources \n Cite this page. ETFIQ, CALF trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/calf/trading/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, CALF trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/calf/trading/ APA ETFIQ. (Oct 22, 2026). CALF trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/calf/trading/ Markdown [CALF trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/calf/trading/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, CALF trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/calf/trading/"}