{"url":"https://etfiq.com/funds/tail/trading/","section":"funds","title":"TAIL Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"TAIL trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Jul 15, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/tail/trading/#data","name":"TAIL trading costs and liquidity","description":"TAIL 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/tail/trading/","dateModified":"2026-07-15","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 TAIL?","acceptedAnswer":{"@type":"Answer","text":"TAIL\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (33.5%), Goldman Sachs & Co. LLC (30.1%), Virtu Americas LLC (19.1%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for TAIL?","acceptedAnswer":{"@type":"Answer","text":"TAIL\u2019s lead market maker (LMM) on Cboe BZX is Jane Street Capital, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/tail#fund","name":"Cambria Tail Risk ETF","alternateName":"TAIL","url":"https://etfiq.com/funds/tail","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"TAIL"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/tail#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"TAIL","item":"https://etfiq.com/funds/tail"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/tail/trading/"}]},{"@type":"WebPage","name":"TAIL Bid-Ask Spread, Liquidity and NAV Premium","description":"TAIL 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/tail/trading/","dateModified":"2026-07-15","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3324,"truncated":false,"content":"ETFIQ / TAIL / Trading \n \n As of Jul 15, 2026. Rebuilt every trading night.\n TAIL bid-ask spread and liquidity\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 Not measured: no book of its holdings is read Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 4 active dealers of 4; largest 33% 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 Not measured: no book of its holdings is read.\n Dealers\n 4 active of 4 authorized participants; the largest did 33% of creations and redemptions, in the year to Apr 30, 2026 (Form N-CEN filed Jul 15, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (33.5%), Goldman Sachs & Co. LLC (30.1%), Virtu Americas LLC (19.1%), J.P. Morgan Securities LLC (17.3%).\n How to trade TAIL\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 AP for TAIL? TAIL\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (33.5%), Goldman Sachs & Co. LLC (30.1%), Virtu Americas LLC (19.1%) of the dollars its APs created and redeemed. Who is the LMM for TAIL? TAIL\u2019s lead market maker (LMM) on Cboe BZX is Jane Street Capital, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Apr 30, 2026, accession 0000894189-26-021163.\n Where to next\n TAIL 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 TAIL 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, TAIL trading: cost, capacity, premium and dealers, data as of Jul 15, 2026. https://etfiq.com/funds/tail/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, TAIL trading: cost, capacity, premium and dealers, data as of Jul 15, 2026. https://etfiq.com/funds/tail/trading/ APA ETFIQ. (Jul 15, 2026). TAIL trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/tail/trading/ Markdown [TAIL trading: cost, capacity, premium and dealers (ETFIQ, Jul 15, 2026)](https://etfiq.com/funds/tail/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, TAIL trading: cost, capacity, premium and dealers, data as of Jul 15, 2026. https://etfiq.com/funds/tail/trading/"}