IQ
DFAS
U.S. Small Cap Portfolio: ETF Class Shares
Category StocksIssuer DimensionalFee 0.27%
Trading · U.S. Small Cap Portfolio: ETF Class Shares

DFAS bid-ask spread and liquidity

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As of Nov 4, 2026, DFAS’s holdings can absorb at most up to $101m a day.

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DFAS fund page
·
Not scored

IQ Liquidity Score

· 0 of 6 measured · Nov 4, 2026
$101m
its holdings can absorb a day, at most
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
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Capacity
Holdings can absorb up to $101m a day; part of the book has no volume data
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Price fidelity
Not measured · no closing premium is held for this fund
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Primary market
Not measured · no N-CEN ETF row for series S000000971 in the quarters read (2024q4 to 2026q3)
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Bad-day behaviour
Not measured · no daily closing premium is held for this fund
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Depth
Not measured · needs trade and quote data
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Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

CapacityWhat its holdings making up 95% of the weight can absorb a day, at 10% of each one’s volume
Holdings can absorb, at most
$101m

DFAS’s holdings can absorb up to $101m a day, measured on its own holdings, as of Nov 4, 2026. Part of its book has no volume data, so this is an upper bound.

The holding that sets the limit: Astronics Corp (ATROB), 0.03% of the fund, $238,490 a day traded, the median of 20 days to Nov 4, 2026.

What retail orders paid

One way on $10,000, Sep 2026
All wholesalers read
$0.63
Vanguard customers
−$0.11
Robinhood customers
$0.08
Fidelity customers
$0.46
Schwab customers
$1.58

In Sep 2026, retail market orders in DFAS paid $0.63 one way on $10,000, against $1.09 at the quote.

80% of shares filled better than the quote.

Aug 2025Grey: old format, orders of 100 to 9,999 sharesSep 2026

DFAS ranked 154th of 628 ETFs by retail order activity in Sep 2026, an ETFIQ estimate.

0.06% of the market-order dollars in 4 retail brokers’ reports. Buys and sells together. Retail activity ranking →

Where it trades

Q2 2026, 62 trading days
Off exchange
76%
Odd lots, of exchange volume
22.8%

In Q2 2026, 76% of DFAS’s shares traded off exchange on the median day.

Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.

How to place the order

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Size
Part of its book has no volume data, so the room for a large order is an upper bound.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

Who is the LMM for DFAS?

DFAS’s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Nov 1, 2026.
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →DFAS fund page→
Sources and dates
CapacityETFIQ, each holding’s 20-day median dollar volume · to Nov 4, 2026
Retail ordersSEC Rule 605 reports · Sep 2026
Where it tradesSEC MIDAS · Q2 2026

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.

Cite this pageCitation, APA and Markdown

ETFIQ, DFAS trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/dfas/trading/

Open data →

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.