{"url":"https://etfiq.com/funds/copj/trading/","section":"funds","title":"COPJ Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 20, 2026, COPJ\u2019s median bid-ask spread over 30 days was 0.77%. A $10,000 order costs about $39 one way.","as_of":"Oct 20, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/copj/trading/#data","name":"COPJ trading costs and liquidity","description":"As of Oct 20, 2026, COPJ\u2019s median bid-ask spread over 30 days was 0.77%. A $10,000 order costs about $39 one way.","url":"https://etfiq.com/funds/copj/trading/","dateModified":"2026-10-20","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":"What is COPJ\u2019s bid-ask spread?","acceptedAnswer":{"@type":"Answer","text":"0.77% of the midpoint, the median over the 30 days to Oct 20, 2026, as its issuer states it."}},{"@type":"Question","name":"Who is the AP for COPJ?","acceptedAnswer":{"@type":"Answer","text":"COPJ\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (36.4%), J.P. Morgan Securities LLC (32.0%), Jane Street Capital, LLC (12.3%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for COPJ?","acceptedAnswer":{"@type":"Answer","text":"COPJ\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}},{"@type":"Question","name":"What does it cost to trade $10,000 of COPJ?","acceptedAnswer":{"@type":"Answer","text":"About $39 one way, 0.39%: half its 30-day median spread. In and out costs twice that."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/copj#fund","name":"Sprott Junior Copper Miners ETF","alternateName":"COPJ","url":"https://etfiq.com/funds/copj","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"COPJ"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/copj#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"COPJ","item":"https://etfiq.com/funds/copj"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/copj/trading/"}]},{"@type":"WebPage","name":"COPJ Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 20, 2026, COPJ\u2019s median bid-ask spread over 30 days was 0.77%. A $10,000 order costs about $39 one way.","url":"https://etfiq.com/funds/copj/trading/","dateModified":"2026-10-20","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4068,"truncated":false,"content":"ETFIQ / COPJ / Trading \n \n As of Oct 20, 2026. Rebuilt every trading night.\n COPJ bid-ask spread and liquidity\n As of Oct 20, 2026, COPJ\u2019s median bid-ask spread over 30 days was 0.77%.\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 Cost to trade, 20.7 0.77% median spread, 30 days to Oct 20, 2026 Capacity Not measured: 23.6% of its long weight could be measured; the largest part not measured is unresolved Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 5 active dealers of 5; largest 36% of creations and redemptions, N-CEN to Dec 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 Cost for your order\n COPJ one-way cost at each order size: half its 30-day median spread to Oct 20, 2026; sizes above $10,000 add an estimate of market impact. Source: ETFIQ. Order Dollars Percent Basis \n $1,000 $3.85 0.39% spread \n $10,000 $39 0.39% spread \n Capacity\n Not measured: 23.6% of its long weight could be measured; the largest part not measured is unresolved.\n Dealers\n 5 active of 5 authorized participants; the largest did 36% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 17, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (36.4%), J.P. Morgan Securities LLC (32.0%), Jane Street Capital, LLC (12.3%), UBS Securities LLC (10.1%), Virtu Americas LLC (9.3%).\n How to trade COPJ\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 What is COPJ\u2019s bid-ask spread? 0.77% of the midpoint, the median over the 30 days to Oct 20, 2026, as its issuer states it. Who is the AP for COPJ? COPJ\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (36.4%), J.P. Morgan Securities LLC (32.0%), Jane Street Capital, LLC (12.3%) of the dollars its APs created and redeemed. Who is the LMM for COPJ? COPJ\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. What does it cost to trade $10,000 of COPJ? About $39 one way, 0.39%: half its 30-day median spread. In and out costs twice that. Sources and dates\n Spread: Sprott (fund page), 30 days to Oct 20, 2026 ( the issuer\u2019s page ).\n Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0001049169-26-000822.\n Where to next\n COPJ 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 COPJ 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, COPJ trading: cost, capacity, premium and dealers, data as of Oct 20, 2026. https://etfiq.com/funds/copj/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, COPJ trading: cost, capacity, premium and dealers, data as of Oct 20, 2026. https://etfiq.com/funds/copj/trading/ APA ETFIQ. (Oct 20, 2026). COPJ trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/copj/trading/ Markdown [COPJ trading: cost, capacity, premium and dealers (ETFIQ, Oct 20, 2026)](https://etfiq.com/funds/copj/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, COPJ trading: cost, capacity, premium and dealers, data as of Oct 20, 2026. https://etfiq.com/funds/copj/trading/"}