{"url":"https://etfiq.com/funds/dtan/trading/","section":"funds","title":"DTAN Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"DTAN trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Aug 13, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/dtan/trading/#data","name":"DTAN trading costs and liquidity","description":"DTAN 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/dtan/trading/","dateModified":"2026-08-13","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 DTAN?","acceptedAnswer":{"@type":"Answer","text":"DTAN\u2019s latest Form N-CEN, for the period ending May 31, 2026, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (83.1%), J.P. Morgan Securities LLC (13.2%), Mirae Asset Securities (USA) Inc. (3.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for DTAN?","acceptedAnswer":{"@type":"Answer","text":"DTAN is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange\u2019s own program, so this does not mean it has no LMM."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/dtan#fund","name":"Sparkline International Intangible Value ETF","alternateName":"DTAN","url":"https://etfiq.com/funds/dtan","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"DTAN"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/dtan#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"DTAN","item":"https://etfiq.com/funds/dtan"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/dtan/trading/"}]},{"@type":"WebPage","name":"DTAN Bid-Ask Spread, Liquidity and NAV Premium","description":"DTAN 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/dtan/trading/","dateModified":"2026-08-13","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3687,"truncated":false,"content":"ETFIQ / DTAN / Trading \n \n As of Aug 13, 2026. Rebuilt every trading night.\n DTAN bid-ask spread and liquidity\n In the year to May 31, 2026, 3 of DTAN\u2019s 3 authorized participants created or redeemed shares.\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 Flags: One dealer.\n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: 48.1% 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, 50.0 3 active dealers of 3; largest 83% of creations and redemptions, N-CEN to May 31, 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 Not measured: 48.1% of its long weight could be measured; the largest part not measured is foreign.\n Dealers\n 3 active of 3 authorized participants; the largest did 83% of creations and redemptions, in the year to May 31, 2026 (Form N-CEN filed Aug 13, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (83.1%), J.P. Morgan Securities LLC (13.2%), Mirae Asset Securities (USA) Inc. (3.6%).\n How to trade DTAN\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. Where it trades\n In Q2 2026, odd lots were 14.0% of DTAN\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 DTAN? DTAN\u2019s latest Form N-CEN, for the period ending May 31, 2026, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (83.1%), J.P. Morgan Securities LLC (13.2%), Mirae Asset Securities (USA) Inc. (3.6%) of the dollars its APs created and redeemed. Who is the LMM for DTAN? DTAN is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange\u2019s own program, so this does not mean it has no LMM. Sources and dates\n Dealers: Form N-CEN, the year to May 31, 2026, accession 0001193125-26-348523.\n Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n DTAN 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 DTAN 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, DTAN trading: cost, capacity, premium and dealers, data as of Aug 13, 2026. https://etfiq.com/funds/dtan/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, DTAN trading: cost, capacity, premium and dealers, data as of Aug 13, 2026. https://etfiq.com/funds/dtan/trading/ APA ETFIQ. (Aug 13, 2026). DTAN trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/dtan/trading/ Markdown [DTAN trading: cost, capacity, premium and dealers (ETFIQ, Aug 13, 2026)](https://etfiq.com/funds/dtan/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, DTAN trading: cost, capacity, premium and dealers, data as of Aug 13, 2026. https://etfiq.com/funds/dtan/trading/"}