{"url":"https://etfiq.com/funds/cefz/trading/","section":"funds","title":"CEFZ Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"CEFZ trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 11, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/cefz/trading/#data","name":"CEFZ trading costs and liquidity","description":"CEFZ 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/cefz/trading/","dateModified":"2026-11-11","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 CEFZ?","acceptedAnswer":{"@type":"Answer","text":"CEFZ\u2019s latest Form N-CEN, for the period ending Sep 30, 2025, lists 1 authorized participant (APs), and 1 created or redeemed shares. The only active AP was J.P. Morgan Securities LLC."}},{"@type":"Question","name":"Who is the LMM for CEFZ?","acceptedAnswer":{"@type":"Answer","text":"CEFZ 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\u2019s own program, so this does not mean it has no LMM."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/cefz#fund","name":"RiverNorth Active Income ETF","alternateName":"CEFZ","url":"https://etfiq.com/funds/cefz","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"CEFZ"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/cefz#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"CEFZ","item":"https://etfiq.com/funds/cefz"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/cefz/trading/"}]},{"@type":"WebPage","name":"CEFZ Bid-Ask Spread, Liquidity and NAV Premium","description":"CEFZ 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/cefz/trading/","dateModified":"2026-11-11","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4659,"truncated":false,"content":"ETFIQ / CEFZ / Trading \n \n As of Nov 11, 2026. Rebuilt every trading night.\n CEFZ bid-ask spread and liquidity\n As of Nov 11, 2026, CEFZ\u2019s holdings can absorb $556,572 a day.\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, 0.0 Holdings can absorb $556,572 a day, Nov 11, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 25.0 1 active dealer of 1; largest 100% of creations and redemptions, N-CEN to Sep 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) \n Capacity\n Its holdings can absorb $556,572 a day, measured on its own holdings, as of Nov 11, 2026. The holding that sets the limit is Clough Global Equity Fund (GLQ), 4.38% of the fund.\n Dealers\n 1 active of 1 authorized participants; the largest did 100% of creations and redemptions, in the year to Sep 30, 2025 (Form N-CEN filed Dec 11, 2025).\n The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (100.0%).\n How to trade CEFZ\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 $5,566 is 1% of what its holdings can absorb in a day, for a buy or a sell. What retail orders paid\n In Sep 2026, retail market orders in CEFZ paid $21 one way on $10,000, against $23 at the quote. 44% of shares filled better than the quote.\n CEFZ: what retail market orders paid one way on $10,000, Sep 2026, half the effective spread. Source: SEC Rule 605 reports; computed by ETFIQ. Orders One way on $10,000 \n All wholesalers read $21 \n Fidelity customers \u2212$1.69 \n Robinhood customers $14 \n Schwab customers $25 \n CEFZ ranked 3205th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0002% of the market-order dollars in 4 retail brokers\u2019 reports. Retail activity ranking \n Where it trades\n In Q2 2026, 84% of CEFZ\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 6.4% of its exchange volume.\n Coming with trade data\n Spread through the day, buyers against sellers, 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 CEFZ? CEFZ\u2019s latest Form N-CEN, for the period ending Sep 30, 2025, lists 1 authorized participant (APs), and 1 created or redeemed shares. The only active AP was J.P. Morgan Securities LLC. Who is the LMM for CEFZ? CEFZ 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\u2019s own program, so this does not mean it has no LMM. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 11, 2026.\n Dealers: Form N-CEN, the year to Sep 30, 2025, accession 0001936157-25-000096.\n 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\u2019s request, so its orders are not counted.\n Where it trades: SEC MIDAS, Q2 2026, against the fund\u2019s daily volume from Tiingo.\n Where to next\n CEFZ 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 CEFZ 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, CEFZ trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/cefz/trading/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, CEFZ trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/cefz/trading/ APA ETFIQ. (Nov 11, 2026). CEFZ trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/cefz/trading/ Markdown [CEFZ trading: cost, capacity, premium and dealers (ETFIQ, Nov 11, 2026)](https://etfiq.com/funds/cefz/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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, CEFZ trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/cefz/trading/"}