# HEFA Bid-Ask Spread, Liquidity and NAV Premium

> As of Nov 11, 2026, HEFA’s median bid-ask spread over 30 days was 0.02%, and its IQ Liquidity Score is 89, Trades like a giant. No fund is recommended.

Data as of Nov 12, 2026. Rebuilt every trading night.

As of Nov 12, 2026. Rebuilt every trading night.

## HEFA bid-ask spread and liquidity

As of Nov 11, 2026, HEFA’s median bid-ask spread over 30 days was 0.02%, and its IQ Liquidity Score is 89, Trades like a giant.

### IQ Liquidity Score

89 of 100, Trades like a giant, 74th percentile of 684 stocks ETFs, 5 of 6 measured.

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

Trades like a giant: trades at a typical spread of 0.02%, and its holdings can absorb $141m a day.

Cost to trade, 100.0 0.02% median spread, 30 days to Nov 11, 2026 Capacity, 71.7 Holdings can absorb $141m a day, Nov 11, 2026 Price fidelity, 100.0 95% of days within ±0.15% of NAV, 251 days to Nov 12, 2026 Primary market, 85.0 9 active dealers of 39; largest 46% of creations and redemptions, N-CEN to Jul 31, 2025 Bad-day behaviour, 86.1 Premium 1.2124× normal on the 10 worst S&P 500 days, to Nov 12, 2026 Depth Not measured: needs trade and quote data (Phase 2)

### Cost for your order

| Order | Dollars | Percent | Basis |
| --- | --- | --- | --- |
| $1,000 | $0.11 | 0.011% | tick floor |
| $10,000 | $1.06 | 0.011% | tick floor |
| $100,000 | $34 | 0.034% | estimate |
| $1,000,000 | $833 | 0.083% | estimate |

### Full cost to own

At $10,000: 0.41% ($41) over 1 year, and 1.81% ($181) over 5 years; the fee alone is 0.35% ($35) a year. Fee, plus the round-trip spread once, plus the median premium paid at entry.

Against IDEV (fee 0.04%): HEFA costs less to own for about 0.3 years; after that IDEV’s lower fee makes it the cheaper fund.

### Premium or discount to NAV

- Latest close, Nov 12, 2026: +0.15%

- 95% of days within: ±0.15%

- Days more than 1% from NAV: 0 of 251

- Widest: −0.33%, Jan 27, 2026

Close against the NAV its issuer struck the same day, 251 days from Nov 13, 2025 to Nov 12, 2026. Source: ETFIQ from the issuer’s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

### Capacity

Its holdings can absorb $141m a day, measured on its own holdings, as of Nov 11, 2026. The holding that sets the limit is ISHARES MSCI EAFE ETF (EFA), 98.86% of the fund.

### Dealers

9 active of 39 authorized participants; the largest did 46% of creations and redemptions, in the year to Jul 31, 2025 (Form N-CEN filed Oct 14, 2025).

The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (46.4%), Merrill Lynch Professional Clearing Corp. (27.7%), Goldman Sachs & Co. LLC (16.4%), Virtu Americas LLC (6.5%), Macquarie Capital (USA) Inc. (1.3%), J.P. Morgan Securities LLC (1.2%), RBC Capital Markets, LLC (0.2%), Barclays Capital Inc. (0.2%), Morgan Stanley & Co. LLC (0.2%). 30 more were listed and created or redeemed nothing.

### How to trade HEFA

Order type Limit: midpoint + 1¢ to buy, midpoint − 1¢ to sell. At the Nov 12 close of $47.33, that’s $47.34 to buy and $47.32 to sell. When Its holdings trade on markets that close before New York, so its price can drift from their value later in the day. Size Up to $1.4m 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 ±0.15%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

### What retail orders paid

In Sep 2026, retail market orders in HEFA paid $2.18 one way on $10,000, against $1.12 at the quote. 61% of shares filled better than the quote.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $2.18 |
| Vanguard customers | $0.06 |
| Schwab customers | $1.43 |
| Fidelity customers | $2.92 |

HEFA ranked 580th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.02% of the market-order dollars in 4 retail brokers’ reports. Retail activity ranking

### Where it trades

In Q2 2026, 71% of HEFA’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 23.2% of its exchange volume.

### Coming with trade data

Spread through the day, buyers against sellers, large trades and the closing auction’s share, each once ETFIQ has trade and quote data.

### Questions people ask

Is HEFA liquid? HEFA’s IQ Liquidity Score is 89 of 100, Trades like a giant, the 74th percentile of 684 stocks ETFs, as of Nov 12, 2026. Its holdings can absorb $141m a day. What is HEFA’s bid-ask spread? 0.02% of the midpoint, the median over the 30 days to Nov 11, 2026, as its issuer states it. Half of it is about 1¢ a share at the Nov 12 close. Does HEFA trade at a premium or discount to NAV? It closed +0.15% from its NAV on Nov 12, 2026. On 95% of the 251 days to then it was within ±0.15%, and it closed more than 1% from NAV on 0 of them. Who is the AP for HEFA? HEFA’s latest Form N-CEN, for the period ending Jul 31, 2025, lists 39 authorized participants (APs), and 9 created or redeemed shares. The largest were Jane Street Capital, LLC (46.4%), Merrill Lynch Professional Clearing Corp. (27.7%), Goldman Sachs & Co. LLC (16.4%) of the dollars its APs created and redeemed. Who is the LMM for HEFA? HEFA’s lead market maker (LMM) on Cboe BZX is Jane Street Capital, LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026. What does it cost to trade $10,000 of HEFA? At least $1.06 one way, 0.011%: half a one-cent tick, since its issuer prints its 30-day median spread as 0.02%. In and out costs twice that. Owning $10,000 for a year costs about $41 all in, against $35 for the fee alone. How do I place a limit order for HEFA? Set the limit at the midpoint + 1¢ to buy, or the midpoint − 1¢ to sell, in your broker’s quote. At the Nov 12 close of $47.33, that’s $47.34 to buy and $47.32 to sell.

### Sources and dates

- Spread: iShares (fund page), 30 days to Nov 11, 2026 ( the issuer’s page ).

- Premium: ETFIQ, close against the issuer’s NAV, Nov 13, 2025 to Nov 12, 2026.

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 11, 2026.

- Dealers: Form N-CEN, the year to Jul 31, 2025, accession 0001410368-25-014340.

- Score: ETFIQ, Nov 12, 2026. The method is at /methodology/liquidity.

- Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ’s request, so its orders are not counted.

- Where it trades: SEC MIDAS, Q2 2026, against the fund’s daily volume from Tiingo.

### Where to next

The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, HEFA trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/hefa/trading/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/hefa/trading/