{"url":"https://etfiq.com/funds/dwus/trading/","section":"funds","title":"DWUS Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 30, 2026, DWUS closed 0.00% from its NAV, and on 95% of the 1 days to then it was within \u00b10.00%. No fund is recommended.","as_of":"Nov 4, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/dwus/trading/#data","name":"DWUS trading costs and liquidity","description":"As of Oct 30, 2026, DWUS closed 0.00% from its NAV, and on 95% of the 1 days to then it was within \u00b10.00%. No fund is recommended.","url":"https://etfiq.com/funds/dwus/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":"Does DWUS trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed 0.00% from its NAV on Oct 30, 2026. On 95% of the 1 days to then it was within \u00b10.00%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for DWUS?","acceptedAnswer":{"@type":"Answer","text":"DWUS\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 23 authorized participants (APs), and 3 created or redeemed shares. The largest were Virtu Americas LLC (97.8%), Jane Street Capital, LLC (1.6%), BofA Securities, Inc. (0.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for DWUS?","acceptedAnswer":{"@type":"Answer","text":"DWUS\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Nov 1, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/dwus#fund","name":"AdvisorShares Dorsey Wright FSM US Core ETF","alternateName":"DWUS","url":"https://etfiq.com/funds/dwus","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"DWUS"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/dwus#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"DWUS","item":"https://etfiq.com/funds/dwus"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/dwus/trading/"}]},{"@type":"WebPage","name":"DWUS Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 30, 2026, DWUS closed 0.00% from its NAV, and on 95% of the 1 days to then it was within \u00b10.00%. No fund is recommended.","url":"https://etfiq.com/funds/dwus/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":4582,"truncated":false,"content":"ETFIQ / DWUS / Trading \n \n As of Nov 4, 2026. Rebuilt every trading night.\n DWUS bid-ask spread and liquidity\n As of Oct 30, 2026, DWUS closed 0.00% from its NAV, and on 95% of the 1 days to then it was within \u00b10.00%.\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 Flags: One dealer.\n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 58.7 Holdings can absorb $58m a day, Nov 4, 2026 Price fidelity Not measured: 1 days of closing premium are held, under the 20 needed Primary market, 50.0 3 active dealers of 23; largest 98% of creations and redemptions, N-CEN to Jun 30, 2026 Bad-day behaviour Not measured: 1 of the 10 worst days and 0 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Oct 30, 2026: 0.00%\n 95% of days within: \u00b10.00%\n Days more than 1% from NAV: 0 of 1\n Widest: 0.00%, Oct 30, 2026\n Close against the NAV its issuer struck the same day, 1 days from Oct 30, 2026 to Oct 30, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Its holdings can absorb $58m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is ISHARES TRUST (MTUM), 51.15% of the fund.\n Dealers\n 3 active of 23 authorized participants; the largest did 98% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 10, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (97.8%), Jane Street Capital, LLC (1.6%), BofA Securities, Inc. (0.6%). 20 more were listed and created or redeemed nothing.\n How to trade DWUS\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 $576,346 is 1% of what its holdings can absorb in a day, for a buy or a sell. Watch The premium. On 95% of days it is within \u00b10.00%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. Where it trades\n In Q2 2026, odd lots were 7.4% of DWUS\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 Does DWUS trade at a premium or discount to NAV? It closed 0.00% from its NAV on Oct 30, 2026. On 95% of the 1 days to then it was within \u00b10.00%, and it closed more than 1% from NAV on 0 of them. Who is the AP for DWUS? DWUS\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 23 authorized participants (APs), and 3 created or redeemed shares. The largest were Virtu Americas LLC (97.8%), Jane Street Capital, LLC (1.6%), BofA Securities, Inc. (0.6%) of the dollars its APs created and redeemed. Who is the LMM for DWUS? DWUS\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Nov 1, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 30, 2026 to Oct 30, 2026.\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Nov 4, 2026.\n Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0000940400-26-036367.\n Where it trades: SEC MIDAS, Q2 2026.\n Where to next\n DWUS 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 DWUS 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, DWUS trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/dwus/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, DWUS trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/dwus/trading/ APA ETFIQ. (Nov 4, 2026). DWUS trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/dwus/trading/ Markdown [DWUS trading: cost, capacity, premium and dealers (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/dwus/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, DWUS trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/dwus/trading/"}