{"url":"https://etfiq.com/funds/paym/trading/","section":"funds","title":"PAYM Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"PAYM 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/paym/trading/#data","name":"PAYM trading costs and liquidity","description":"PAYM 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/paym/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 LMM for PAYM?","acceptedAnswer":{"@type":"Answer","text":"PAYM\u2019s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/paym#fund","name":"TrueShares S&P Autocallable Defensive Income ETF","alternateName":"PAYM","url":"https://etfiq.com/funds/paym","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"PAYM"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/paym#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"PAYM","item":"https://etfiq.com/funds/paym"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/paym/trading/"}]},{"@type":"WebPage","name":"PAYM Bid-Ask Spread, Liquidity and NAV Premium","description":"PAYM 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/paym/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":2530,"truncated":false,"content":"ETFIQ / PAYM / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n PAYM bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 0 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 Not measured: its book carries no long weight outside cash Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: no N-CEN ETF row for series S000097593 in the quarters read (2024q4 to 2026q3) 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 Not measured: its book carries no long weight outside cash.\n How to trade PAYM\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 Who is the LMM for PAYM? PAYM\u2019s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Where to next\n PAYM 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 PAYM 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, PAYM trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/paym/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, PAYM trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/paym/trading/ APA ETFIQ. (Oct 22, 2026). PAYM trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/paym/trading/ Markdown [PAYM trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/paym/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, PAYM trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/paym/trading/"}