# DFAS Bid-Ask Spread, Liquidity and NAV Premium

> DFAS trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.

Data as of Nov 4, 2026. Rebuilt every trading night.

As of Nov 4, 2026. Rebuilt every trading night.

## DFAS bid-ask spread and liquidity

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

### IQ Liquidity Score

Not scored, 0 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 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)

### Capacity

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.

### How to trade DFAS

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 Part of its book has no volume data, so the room for a large order is an upper bound.

### What retail orders paid

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.

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

| Month | One way on $10,000 |
| --- | --- |
| Aug 2025 (old format) | $0.46 |
| Sep 2025 (old format) | $0.41 |
| Oct 2025 (old format) | $0.46 |
| Nov 2025 (old format) | $0.34 |
| Dec 2025 (old format) | $0.29 |
| Jan 2026 (old format) | $0.59 |
| Feb 2026 (old format) | $0.57 |
| Mar 2026 (old format) | $0.54 |
| Apr 2026 (old format) | $0.60 |
| May 2026 (old format) | $0.53 |
| Jun 2026 (old format) | $0.38 |
| Jul 2026 (old format) | $0.41 |
| Aug 2026 | $0.36 |
| Sep 2026 | $0.63 |

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’ reports. Retail activity ranking

### Where it trades

In Q2 2026, 76% of DFAS’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 22.8% of its exchange volume.

### Coming with trade data

Spread through the day, buyers against sellers, large trades and the closing auction’s share, each once ETFIQ has trade and quote data.

### 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.

### Sources and dates

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 4, 2026.

- 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’s request, so its orders are not counted.

- Where it trades: SEC MIDAS, Q2 2026, against the fund’s daily volume from Tiingo.

### 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, DFAS trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/dfas/trading/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/dfas/trading/