# CAM Bid-Ask Spread, Liquidity and NAV Premium > CAM trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Feb 12, 2026. Rebuilt every trading night. As of Feb 12, 2026. Rebuilt every trading night. ## CAM bid-ask spread and liquidity In the year to Nov 30, 2025, 3 of CAM’s 21 authorized participants created or redeemed shares. ### IQ Liquidity Score Not scored, 1 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 Not measured: its holdings are bonds, which have no volume source here Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 3 active dealers of 21; largest 71% of creations and redemptions, N-CEN to Nov 30, 2025 Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2) ### Capacity Not measured: its holdings are bonds, which have no volume source here. ### Dealers 3 active of 21 authorized participants; the largest did 71% of creations and redemptions, in the year to Nov 30, 2025 (Form N-CEN filed Feb 12, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (70.7%), State Street Global Markets, LLC (23.4%), Pershing LLC (5.9%). 18 more were listed and created or redeemed nothing. ### How to trade CAM 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. ### Retail order activity CAM ranked 1358th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0031% of the market-order dollars in 4 retail brokers’ reports. Retail activity ranking ### Where it trades In Q2 2026, 92% of CAM’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 10.5% of its exchange volume. ### Coming with trade data Spread through the day, buyers against sellers, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### Questions people ask Who is the AP for CAM? CAM’s latest Form N-CEN, for the period ending Nov 30, 2025, lists 21 authorized participants (APs), and 3 created or redeemed shares. The largest were Jane Street Capital, LLC (70.7%), State Street Global Markets, LLC (23.4%), Pershing LLC (5.9%) of the dollars its APs created and redeemed. Who is the LMM for CAM? CAM’s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Nov 9, 2026. ### Sources and dates - Dealers: Form N-CEN, the year to Nov 30, 2025, accession 0001410368-26-010918. - 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, against the fund’s daily volume from Tiingo. ### 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 --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, CAM trading: cost, capacity, premium and dealers, data as of Feb 12, 2026. https://etfiq.com/funds/cam/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/cam/trading/