{"url":"https://etfiq.com/funds/cboj/trading/","section":"funds","title":"CBOJ Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"CBOJ trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Oct 14, 2025","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/cboj/trading/#data","name":"CBOJ trading costs and liquidity","description":"CBOJ trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/cboj/trading/","dateModified":"2025-10-14","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":"Who is the AP for CBOJ?","acceptedAnswer":{"@type":"Answer","text":"CBOJ\u2019s latest Form N-CEN, for the period ending Jul 31, 2025, lists 7 authorized participants (APs), and 2 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (91.4%), Goldman Sachs & Co. LLC (8.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for CBOJ?","acceptedAnswer":{"@type":"Answer","text":"CBOJ\u2019s lead market maker (LMM) on Cboe BZX is Jane Street Capital, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/cboj#fund","name":"Calamos Bitcoin Structured Alt Protection ETF - January","alternateName":"CBOJ","url":"https://etfiq.com/funds/cboj","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"CBOJ"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/cboj#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"CBOJ","item":"https://etfiq.com/funds/cboj"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/cboj/trading/"}]},{"@type":"WebPage","name":"CBOJ Bid-Ask Spread, Liquidity and NAV Premium","description":"CBOJ trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/cboj/trading/","dateModified":"2025-10-14","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3416,"truncated":false,"content":"ETFIQ / CBOJ / Trading \n \n As of Oct 14, 2025. Rebuilt every trading night.\n CBOJ bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 1 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 Flags: One dealer.\n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: its reference, Bitcoin, is neither a listed stock nor a fund ETFIQ reads the holdings of Price fidelity Not measured: no closing premium is held for this fund Primary market, 30.0 2 active dealers of 7; largest 91% of creations and redemptions, N-CEN to Jul 31, 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) \n Capacity\n Not measured: its reference, Bitcoin, is neither a listed stock nor a fund ETFIQ reads the holdings of.\n Dealers\n 2 active of 7 authorized participants; the largest did 91% of creations and redemptions, in the year to Jul 31, 2025 (Form N-CEN filed Oct 14, 2025).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (91.4%), Goldman Sachs & Co. LLC (8.6%). 5 more were listed and created or redeemed nothing.\n How to trade CBOJ\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. 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 Who is the AP for CBOJ? CBOJ\u2019s latest Form N-CEN, for the period ending Jul 31, 2025, lists 7 authorized participants (APs), and 2 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (91.4%), Goldman Sachs & Co. LLC (8.6%) of the dollars its APs created and redeemed. Who is the LMM for CBOJ? CBOJ\u2019s lead market maker (LMM) on Cboe BZX is Jane Street Capital, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Jul 31, 2025, accession 0001410368-25-014335.\n Where to next\n CBOJ 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 CBOJ 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, CBOJ trading: cost, capacity, premium and dealers, data as of Oct 14, 2025. https://etfiq.com/funds/cboj/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, CBOJ trading: cost, capacity, premium and dealers, data as of Oct 14, 2025. https://etfiq.com/funds/cboj/trading/ APA ETFIQ. (Oct 14, 2025). CBOJ trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/cboj/trading/ Markdown [CBOJ trading: cost, capacity, premium and dealers (ETFIQ, Oct 14, 2025)](https://etfiq.com/funds/cboj/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, CBOJ trading: cost, capacity, premium and dealers, data as of Oct 14, 2025. https://etfiq.com/funds/cboj/trading/"}