# DES Bid-Ask Spread, Liquidity and NAV Premium > DES trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Oct 16, 2026. Rebuilt every trading night. As of Oct 16, 2026. Rebuilt every trading night. ## DES bid-ask spread and liquidity ### IQ Liquidity Score Not scored, 2 of 6 measured. 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 Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 65.3 Holdings can absorb $91m a day, Oct 16, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 6 active dealers of 21; largest 41% of creations and redemptions, N-CEN to Mar 31, 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) ### Capacity Its holdings can absorb $91m a day, measured on its own holdings, as of Oct 16, 2026. The holding that sets the limit is MESABI TRUST (MSB), 0.08% of the fund. ### Dealers 6 active of 21 authorized participants; the largest did 41% of creations and redemptions, in the year to Mar 31, 2026 (Form N-CEN filed Jun 15, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: RBC Capital Markets, LLC (40.7%), Citadel Securities LLC (30.4%), Goldman Sachs & Co. LLC (11.3%), BofA Securities, Inc. (9.9%), Virtu Americas LLC (6.1%), Jane Street Capital, LLC (1.6%). 15 more were listed and created or redeemed nothing. ### How to trade DES When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data. Size Up to $908,930 is 1% of what its holdings can absorb in a day, for a buy or a sell. ### Coming with trade data Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### Questions people ask Who is the AP for DES? DES’s latest Form N-CEN, for the period ending Mar 31, 2026, lists 21 authorized participants (APs), and 6 created or redeemed shares. The largest were RBC Capital Markets, LLC (40.7%), Citadel Securities LLC (30.4%), Goldman Sachs & Co. LLC (11.3%) of the dollars its APs created and redeemed. Who is the LMM for DES? DES’s lead market maker (LMM) on NYSE Arca is Susquehanna Securities, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. ### Sources and dates - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 16, 2026. - Dealers: Form N-CEN, the year to Mar 31, 2026, accession 0000940400-26-023461. ### Where to next The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, DES trading: cost, capacity, premium and dealers, data as of Oct 16, 2026. https://etfiq.com/funds/des/trading/ Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/des/trading/