{"url":"https://etfiq.com/funds/icap/trading/","section":"funds","title":"ICAP Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"ICAP 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/icap/trading/#data","name":"ICAP trading costs and liquidity","description":"ICAP 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/icap/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 ICAP?","acceptedAnswer":{"@type":"Answer","text":"ICAP\u2019s latest Form N-CEN, for the period ending Nov 30, 2025, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (61.2%), RBC Capital Markets, LLC (20.2%), Merrill Lynch Professional Clearing Corp. (18.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for ICAP?","acceptedAnswer":{"@type":"Answer","text":"ICAP\u2019s lead market maker (LMM) on NYSE Arca is GTS Securities LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/icap#fund","name":"Infrastructure Capital Equity Income ETF","alternateName":"ICAP","url":"https://etfiq.com/funds/icap","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"ICAP"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/icap#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ICAP","item":"https://etfiq.com/funds/icap"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/icap/trading/"}]},{"@type":"WebPage","name":"ICAP Bid-Ask Spread, Liquidity and NAV Premium","description":"ICAP 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/icap/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":3583,"truncated":false,"content":"ETFIQ / ICAP / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n ICAP 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 Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 18.5 Holdings can absorb $4m a day, Oct 22, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 3 active dealers of 3; largest 61% of creations and redemptions, N-CEN to Nov 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 $4m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is QWEST CORP (CTGG), 1.84% of the fund.\n Dealers\n 3 active of 3 authorized participants; the largest did 61% of creations and redemptions, in the year to Nov 30, 2025 (Form N-CEN filed Feb 11, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (61.2%), RBC Capital Markets, LLC (20.2%), Merrill Lynch Professional Clearing Corp. (18.6%).\n How to trade ICAP\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 $35,985 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 ICAP? ICAP\u2019s latest Form N-CEN, for the period ending Nov 30, 2025, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (61.2%), RBC Capital Markets, LLC (20.2%), Merrill Lynch Professional Clearing Corp. (18.6%) of the dollars its APs created and redeemed. Who is the LMM for ICAP? ICAP\u2019s lead market maker (LMM) on NYSE Arca is GTS Securities LLC. Lead market maker per NYSE Arca, 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 Nov 30, 2025, accession 0000894189-26-003583.\n Where to next\n ICAP 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 ICAP 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, ICAP trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/icap/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, ICAP trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/icap/trading/ APA ETFIQ. (Oct 22, 2026). ICAP trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/icap/trading/ Markdown [ICAP trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/icap/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, ICAP trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/icap/trading/"}