{"url":"https://etfiq.com/funds/dfse/trading/","section":"funds","title":"DFSE Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"DFSE trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Jan 12, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/dfse/trading/#data","name":"DFSE trading costs and liquidity","description":"DFSE 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/dfse/trading/","dateModified":"2026-01-12","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 DFSE?","acceptedAnswer":{"@type":"Answer","text":"DFSE\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 21 authorized participants (APs), and 5 created or redeemed shares. The largest were J.P. Morgan Securities LLC (61.0%), Jane Street Capital, LLC (17.5%), Virtu Americas LLC (9.1%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for DFSE?","acceptedAnswer":{"@type":"Answer","text":"DFSE\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/dfse#fund","name":"Dimensional Emerging Markets Sustainability Core 1 ETF","alternateName":"DFSE","url":"https://etfiq.com/funds/dfse","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"DFSE"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/dfse#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"DFSE","item":"https://etfiq.com/funds/dfse"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/dfse/trading/"}]},{"@type":"WebPage","name":"DFSE Bid-Ask Spread, Liquidity and NAV Premium","description":"DFSE 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/dfse/trading/","dateModified":"2026-01-12","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3480,"truncated":false,"content":"ETFIQ / DFSE / Trading \n \n As of Jan 12, 2026. Rebuilt every trading night.\n DFSE 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 Not measured: 14.0% of its long weight could be measured; the largest part not measured is foreign Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 5 active dealers of 21; largest 61% 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 Not measured: 14.0% of its long weight could be measured; the largest part not measured is foreign.\n Dealers\n 5 active of 21 authorized participants; the largest did 61% of creations and redemptions, in the year to Oct 31, 2025 (Form N-CEN filed Jan 12, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (61.0%), Jane Street Capital, LLC (17.5%), Virtu Americas LLC (9.1%), Mizuho Securities USA LLC (8.2%), BofA Securities, Inc. (4.2%). 16 more were listed and created or redeemed nothing.\n How to trade DFSE\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. 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 DFSE? DFSE\u2019s latest Form N-CEN, for the period ending Oct 31, 2025, lists 21 authorized participants (APs), and 5 created or redeemed shares. The largest were J.P. Morgan Securities LLC (61.0%), Jane Street Capital, LLC (17.5%), Virtu Americas LLC (9.1%) of the dollars its APs created and redeemed. Who is the LMM for DFSE? DFSE\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Oct 31, 2025, accession 0001004726-26-000038.\n Where to next\n DFSE 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 DFSE 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, DFSE trading: cost, capacity, premium and dealers, data as of Jan 12, 2026. https://etfiq.com/funds/dfse/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, DFSE trading: cost, capacity, premium and dealers, data as of Jan 12, 2026. https://etfiq.com/funds/dfse/trading/ APA ETFIQ. (Jan 12, 2026). DFSE trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/dfse/trading/ Markdown [DFSE trading: cost, capacity, premium and dealers (ETFIQ, Jan 12, 2026)](https://etfiq.com/funds/dfse/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, DFSE trading: cost, capacity, premium and dealers, data as of Jan 12, 2026. https://etfiq.com/funds/dfse/trading/"}