# CAS Bid-Ask Spread, Liquidity and NAV Premium

> As of Nov 11, 2026, CAS closed +0.81% from its NAV, and on 95% of the 2 days to then it was within ±0.81%. No fund is recommended.

Data as of Nov 11, 2026. Rebuilt every trading night.

As of Nov 11, 2026. Rebuilt every trading night.

## CAS bid-ask spread and liquidity

As of Nov 11, 2026, CAS closed +0.81% from its NAV, and on 95% of the 2 days to then it was within ±0.81%.

### IQ Liquidity Score

Not scored, 2 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, 15.8 Holdings can absorb $3.0m a day, Nov 11, 2026 Price fidelity Not measured: 2 days of closing premium are held, under the 20 needed Primary market, 45.0 2 active dealers of 12; largest 77% of creations and redemptions, N-CEN to Jun 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)

### Premium or discount to NAV

- Latest close, Nov 11, 2026: +0.81%

- 95% of days within: ±0.81%

- Days more than 1% from NAV: 0 of 2

- Widest: +0.81%, Nov 11, 2026

Close against the NAV its issuer struck the same day, 2 days from Nov 10, 2026 to Nov 11, 2026. Source: ETFIQ from the issuer’s NAV and closing price.

### Capacity

Its holdings can absorb $3.0m a day, measured on its own holdings, as of Nov 11, 2026. The holding that sets the limit is SIMPLIFY EXCHANGE TRADED FUNDS (SBIL), 41.44% of the fund.

### Dealers

2 active of 12 authorized participants; the largest did 77% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 23, 2026).

The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (76.6%), Jane Street Capital, LLC (23.4%). 10 more were listed and created or redeemed nothing.

### How to trade CAS

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. Size Up to $29,776 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 ±0.81%; 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 CAS filled $1.13 better than the midpoint on $10,000, on average. 84% of shares filled better than the quote.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | −$1.13 |
| Schwab customers | $1.55 |
| Robinhood customers | $3.99 |
| Fidelity customers | $7.33 |

| Month | One way on $10,000 |
| --- | --- |
| Jun 2026 (old format) | $6.86 |
| Jul 2026 (old format) | $1.22 |
| Aug 2026 | $0.01 |
| Sep 2026 | −$1.13 |

CAS ranked 3568th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0001% of the market-order dollars in 4 retail brokers’ reports. Retail activity ranking

### Where it trades

In Q2 2026, 73% of CAS’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 13.4% 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

Does CAS trade at a premium or discount to NAV? It closed +0.81% from its NAV on Nov 11, 2026. On 95% of the 2 days to then it was within ±0.81%, and it closed more than 1% from NAV on 0 of them. Who is the AP for CAS? CAS’s latest Form N-CEN, for the period ending Jun 30, 2026, lists 12 authorized participants (APs), and 2 created or redeemed shares. The largest were Virtu Americas LLC (76.6%), Jane Street Capital, LLC (23.4%) of the dollars its APs created and redeemed. Who is the LMM for CAS? CAS is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange’s own program, so this does not mean it has no LMM.

### Sources and dates

- Premium: ETFIQ, close against the issuer’s NAV, Nov 10, 2026 to Nov 11, 2026.

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 11, 2026.

- Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0000940400-26-037960.

- 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

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, CAS trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/cas/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/cas/trading/