{"url":"https://etfiq.com/funds/dfas/trading/","section":"funds","title":"DFAS Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"DFAS 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/dfas/trading/#data","name":"DFAS trading costs and liquidity","description":"DFAS 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/dfas/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 DFAS?","acceptedAnswer":{"@type":"Answer","text":"DFAS\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/dfas#fund","name":"U.S. Small Cap Portfolio: ETF Class Shares","alternateName":"DFAS","url":"https://etfiq.com/funds/dfas","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"DFAS"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/dfas#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"DFAS","item":"https://etfiq.com/funds/dfas"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/dfas/trading/"}]},{"@type":"WebPage","name":"DFAS Bid-Ask Spread, Liquidity and NAV Premium","description":"DFAS 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/dfas/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":4605,"truncated":false,"content":"ETFIQ / DFAS / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n DFAS bid-ask spread and liquidity\n As of Nov 4, 2026, DFAS\u2019s holdings can absorb at most up to $101m 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 $101m 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: no N-CEN ETF row for series S000000971 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 $101m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is Astronics Corp (ATROB), 0.03% of the fund.\n How to trade DFAS\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. What retail orders paid\n 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.\n DFAS: what retail market orders paid one way on $10,000, Sep 2026, half the effective spread. Source: SEC Rule 605 reports; computed by ETFIQ. Orders One way on $10,000 \n All wholesalers read $0.63 \n Vanguard customers \u2212$0.11 \n Robinhood customers $0.08 \n Fidelity customers $0.46 \n Schwab customers $1.58 \n DFAS: what retail market orders paid one way on $10,000, by month, at the wholesalers. Old format: orders of 100 to 9,999 shares, to Jul 2026. Month One way on $10,000 \n Aug 2025 (old format) $0.46 \n Sep 2025 (old format) $0.41 \n Oct 2025 (old format) $0.46 \n Nov 2025 (old format) $0.34 \n Dec 2025 (old format) $0.29 \n Jan 2026 (old format) $0.59 \n Feb 2026 (old format) $0.57 \n Mar 2026 (old format) $0.54 \n Apr 2026 (old format) $0.60 \n May 2026 (old format) $0.53 \n Jun 2026 (old format) $0.38 \n Jul 2026 (old format) $0.41 \n Aug 2026 $0.36 \n Sep 2026 $0.63 \n DFAS ranked 154th of 628 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.06% of the market-order dollars in 4 retail brokers\u2019 reports. Retail activity ranking \n Where it trades\n In Q2 2026, 76% of DFAS\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 22.8% of its exchange volume.\n Coming with trade data\n Spread through the day, buyers against sellers, 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 DFAS? DFAS\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas 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 Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ\u2019s request, so its orders are not counted.\n Where it trades: SEC MIDAS, Q2 2026, against the fund\u2019s daily volume from Tiingo.\n Where to next\n DFAS 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 DFAS 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, DFAS trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/dfas/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, DFAS trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/dfas/trading/ APA ETFIQ. (Nov 4, 2026). DFAS trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/dfas/trading/ Markdown [DFAS trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/dfas/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, DFAS trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/dfas/trading/"}