{"url":"https://etfiq.com/funds/wcap/trading/","section":"funds","title":"WCAP Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"WCAP 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/wcap/trading/#data","name":"WCAP trading costs and liquidity","description":"WCAP 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/wcap/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 LMM for WCAP?","acceptedAnswer":{"@type":"Answer","text":"WCAP\u2019s lead market maker (LMM) on NYSE Arca is GTS Securities LLC. Lead market maker per NYSE Arca, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/wcap#fund","name":"WarCap Unconstrained Equity ETF","alternateName":"WCAP","url":"https://etfiq.com/funds/wcap","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"WCAP"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/wcap#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"WCAP","item":"https://etfiq.com/funds/wcap"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/wcap/trading/"}]},{"@type":"WebPage","name":"WCAP Bid-Ask Spread, Liquidity and NAV Premium","description":"WCAP 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/wcap/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":3056,"truncated":false,"content":"ETFIQ / WCAP / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n WCAP bid-ask spread and liquidity\n As of Nov 4, 2026, WCAP\u2019s holdings can absorb at most up to $1.8bn a day.\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 Holdings can absorb up to $1.8bn a day; part of the book has no volume data Price fidelity Not measured: no closing premium is held for this fund Primary market Not measured: it first traded on 2025-09-11, and no N-CEN ETF row for series S000094339 is 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 Its holdings can absorb up to $1.8bn a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is Bank of New York Mel (BNY), 2.56% of the fund.\n How to trade WCAP\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 2.4% of WCAP\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 LMM for WCAP? WCAP\u2019s lead market maker (LMM) on NYSE Arca is GTS Securities LLC. Lead market maker per NYSE Arca, 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 Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n WCAP 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 WCAP 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, WCAP trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/wcap/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, WCAP trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/wcap/trading/ APA ETFIQ. (Nov 4, 2026). WCAP trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/wcap/trading/ Markdown [WCAP trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/wcap/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, WCAP trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/wcap/trading/"}