{"url":"https://etfiq.com/funds/clsm/trading/","section":"funds","title":"CLSM Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"CLSM trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Nov 4, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/clsm/trading/#data","name":"CLSM trading costs and liquidity","description":"CLSM 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/clsm/trading/","dateModified":"2026-11-04","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 CLSM?","acceptedAnswer":{"@type":"Answer","text":"CLSM\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 11 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (73.7%), Virtu Americas LLC (13.4%), BofA Securities, Inc. (12.9%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for CLSM?","acceptedAnswer":{"@type":"Answer","text":"CLSM\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/clsm#fund","name":"ETC Cabana Target Leading Sector Moderate ETF","alternateName":"CLSM","url":"https://etfiq.com/funds/clsm","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"CLSM"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/clsm#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"CLSM","item":"https://etfiq.com/funds/clsm"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/clsm/trading/"}]},{"@type":"WebPage","name":"CLSM Bid-Ask Spread, Liquidity and NAV Premium","description":"CLSM 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/clsm/trading/","dateModified":"2026-11-04","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3817,"truncated":false,"content":"ETFIQ / CLSM / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n CLSM bid-ask spread and liquidity\n As of Nov 4, 2026, CLSM\u2019s holdings can absorb at most up to $442m a day.\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 Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Holdings can absorb up to $442m a day; part of the book has no volume data Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 3 active dealers of 11; largest 74% of creations and redemptions, N-CEN to Apr 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 up to $442m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is SELECT SECTOR SPDR TRUST (THE) (XLP), 28.93% of the fund.\n Dealers\n 3 active of 11 authorized participants; the largest did 74% of creations and redemptions, in the year to Apr 30, 2026 (Form N-CEN filed Jul 14, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (73.7%), Virtu Americas LLC (13.4%), BofA Securities, Inc. (12.9%). 8 more were listed and created or redeemed nothing.\n How to trade CLSM\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 Part of its book has no volume data, so the room for a large order is an upper bound. Where it trades\n In Q2 2026, odd lots were 8.4% of CLSM\u2019s exchange volume.\n 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 CLSM? CLSM\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 11 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (73.7%), Virtu Americas LLC (13.4%), BofA Securities, Inc. (12.9%) of the dollars its APs created and redeemed. Who is the LMM for CLSM? CLSM\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Nov 1, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 4, 2026.\n Dealers: Form N-CEN, the year to Apr 30, 2026, accession 0000910472-26-010465.\n Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n CLSM 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 CLSM 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, CLSM trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/clsm/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, CLSM trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/clsm/trading/ APA ETFIQ. (Nov 4, 2026). CLSM trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/clsm/trading/ Markdown [CLSM trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/clsm/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, CLSM trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/clsm/trading/"}