{"url":"https://etfiq.com/funds/dhsb/trading/","section":"funds","title":"DHSB Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"DHSB 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/dhsb/trading/#data","name":"DHSB trading costs and liquidity","description":"DHSB 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/dhsb/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 AP for DHSB?","acceptedAnswer":{"@type":"Answer","text":"DHSB\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 10 authorized participants (APs), and 2 created or redeemed shares. The largest were Virtu Americas LLC (60.7%), Goldman Sachs & Co. LLC (39.3%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for DHSB?","acceptedAnswer":{"@type":"Answer","text":"DHSB\u2019s lead market maker (LMM) on NYSE Arca is GTS Securities LLC. Lead market maker per NYSE Arca, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/dhsb#fund","name":"Day Hagan Smart Buffer ETF","alternateName":"DHSB","url":"https://etfiq.com/funds/dhsb","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"DHSB"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/dhsb#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"DHSB","item":"https://etfiq.com/funds/dhsb"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/dhsb/trading/"}]},{"@type":"WebPage","name":"DHSB Bid-Ask Spread, Liquidity and NAV Premium","description":"DHSB 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/dhsb/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":3710,"truncated":false,"content":"ETFIQ / DHSB / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n DHSB bid-ask spread and liquidity\n As of Nov 4, 2026, DHSB\u2019s holdings can absorb $2.8bn a day.\n IQ Liquidity Score\n Not scored, 2 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, 100.0 Holdings can absorb $2.8bn a day, Nov 4, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 45.0 2 active dealers of 10; largest 61% of creations and redemptions, N-CEN to Apr 30, 2026 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 $2.8bn a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is State Street SPDR S&P 500 ETF (SPY), 98.06% of the fund.\n Dealers\n 2 active of 10 authorized participants; the largest did 61% of creations and redemptions, in the year to Apr 30, 2026 (Form N-CEN filed Jul 14, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (60.7%), Goldman Sachs & Co. LLC (39.3%). 8 more were listed and created or redeemed nothing.\n How to trade DHSB\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 Up to $28m is 1% of what its holdings can absorb in a day, for a buy or a sell. Where it trades\n In Q2 2026, odd lots were 6.1% of DHSB\u2019s exchange volume.\n 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 DHSB? DHSB\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 10 authorized participants (APs), and 2 created or redeemed shares. The largest were Virtu Americas LLC (60.7%), Goldman Sachs & Co. LLC (39.3%) of the dollars its APs created and redeemed. Who is the LMM for DHSB? DHSB\u2019s lead market maker (LMM) on NYSE Arca is GTS Securities 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 Dealers: Form N-CEN, the year to Apr 30, 2026, accession 0001004726-26-005738.\n Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n DHSB 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 DHSB 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, DHSB trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/dhsb/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, DHSB trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/dhsb/trading/ APA ETFIQ. (Nov 4, 2026). DHSB trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/dhsb/trading/ Markdown [DHSB trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/dhsb/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, DHSB trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/dhsb/trading/"}