{"url":"https://etfiq.com/funds/cdl/trading/","section":"funds","title":"CDL Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"CDL trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/cdl/trading/#data","name":"CDL trading costs and liquidity","description":"CDL 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/cdl/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":"Who is the AP for CDL?","acceptedAnswer":{"@type":"Answer","text":"CDL\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 19 authorized participants (APs), and 2 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (90.6%), Virtu Americas LLC (9.4%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for CDL?","acceptedAnswer":{"@type":"Answer","text":"CDL\u2019s lead market maker (LMM) on Nasdaq is Susquehanna Securities, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/cdl#fund","name":"VictoryShares US Large Cap High Div Volatility Wtd ETF","alternateName":"CDL","url":"https://etfiq.com/funds/cdl","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"CDL"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/cdl#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"CDL","item":"https://etfiq.com/funds/cdl"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/cdl/trading/"}]},{"@type":"WebPage","name":"CDL Bid-Ask Spread, Liquidity and NAV Premium","description":"CDL 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/cdl/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3579,"truncated":false,"content":"ETFIQ / CDL / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n CDL bid-ask spread and liquidity\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 Flags: One dealer.\n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 71.9 Holdings can absorb $143m a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 30.0 2 active dealers of 19; largest 91% of creations and redemptions, N-CEN to Jun 30, 2026 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 Its holdings can absorb $143m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is CNA FINANCIAL CORPORATION (CNA), 1.28% of the fund.\n Dealers\n 2 active of 19 authorized participants; the largest did 91% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 11, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (90.6%), Virtu Americas LLC (9.4%). 17 more were listed and created or redeemed nothing.\n How to trade CDL\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 $1m is 1% of what its holdings can absorb in a day, for a buy or a sell. 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 CDL? CDL\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 19 authorized participants (APs), and 2 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (90.6%), Virtu Americas LLC (9.4%) of the dollars its APs created and redeemed. Who is the LMM for CDL? CDL\u2019s lead market maker (LMM) on Nasdaq is Susquehanna Securities, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0001004726-26-008117.\n Where to next\n CDL 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 CDL 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, CDL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/cdl/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, CDL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/cdl/trading/ APA ETFIQ. (Oct 22, 2026). CDL trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/cdl/trading/ Markdown [CDL trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/cdl/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, CDL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/cdl/trading/"}