{"url":"https://etfiq.com/funds/dfnl/trading/","section":"funds","title":"DFNL Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"DFNL trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/dfnl/trading/#data","name":"DFNL trading costs and liquidity","description":"DFNL 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/dfnl/trading/","dateModified":"2026-10-22","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 AP for DFNL?","acceptedAnswer":{"@type":"Answer","text":"DFNL\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 8 authorized participants (APs), and 6 created or redeemed shares. The largest were J.P. Morgan Securities LLC (38.2%), Virtu Americas LLC (19.9%), Goldman Sachs & Co. LLC (18.4%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for DFNL?","acceptedAnswer":{"@type":"Answer","text":"DFNL\u2019s lead market maker (LMM) on Cboe BZX is Virtu Americas LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/dfnl#fund","name":"Davis Select Financial ETF","alternateName":"DFNL","url":"https://etfiq.com/funds/dfnl","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"DFNL"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/dfnl#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"DFNL","item":"https://etfiq.com/funds/dfnl"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/dfnl/trading/"}]},{"@type":"WebPage","name":"DFNL Bid-Ask Spread, Liquidity and NAV Premium","description":"DFNL 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/dfnl/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3737,"truncated":false,"content":"ETFIQ / DFNL / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n DFNL bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 1 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 $42m a day; part of the book has no volume figure Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 6 active dealers of 8; largest 38% of creations and redemptions, N-CEN to Oct 31, 2025 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 $42m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is BANK OF N.T. BUTTERFIELD+SON (NTB), 1.90% of the fund.\n Dealers\n 6 active of 8 authorized participants; the largest did 38% of creations and redemptions, in the year to Oct 31, 2025 (Form N-CEN filed Jan 6, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (38.2%), Virtu Americas LLC (19.9%), Goldman Sachs & Co. LLC (18.4%), Mizuho Securities USA LLC (11.0%), UBS Securities LLC (6.9%), BofA Securities, Inc. (5.6%). 2 more were listed and created or redeemed nothing.\n How to trade DFNL\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 figure, so the room for a large order is an upper bound. 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 AP for DFNL? DFNL\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 8 authorized participants (APs), and 6 created or redeemed shares. The largest were J.P. Morgan Securities LLC (38.2%), Virtu Americas LLC (19.9%), Goldman Sachs & Co. LLC (18.4%) of the dollars its APs created and redeemed. Who is the LMM for DFNL? DFNL\u2019s lead market maker (LMM) on Cboe BZX is Virtu Americas LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Oct 31, 2025, accession 0001193125-26-003583.\n Where to next\n DFNL 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 DFNL 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, DFNL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/dfnl/trading/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, DFNL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/dfnl/trading/ APA ETFIQ. (Oct 22, 2026). DFNL trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/dfnl/trading/ Markdown [DFNL trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/dfnl/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":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, DFNL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/dfnl/trading/"}