{"url":"https://etfiq.com/funds/hegd/trading/","section":"funds","title":"HEGD Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"HEGD trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Feb 11, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/hegd/trading/#data","name":"HEGD trading costs and liquidity","description":"HEGD 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/hegd/trading/","dateModified":"2026-02-11","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 HEGD?","acceptedAnswer":{"@type":"Answer","text":"HEGD\u2019s latest Form N-CEN, for the period ending Nov 30, 2025, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (48.1%), Goldman Sachs & Co. LLC (37.2%), Virtu Americas LLC (9.5%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for HEGD?","acceptedAnswer":{"@type":"Answer","text":"HEGD\u2019s lead market maker (LMM) on Cboe BZX is Jane Street Capital, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/hegd#fund","name":"Swan Hedged Equity US Large Cap ETF","alternateName":"HEGD","url":"https://etfiq.com/funds/hegd","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"HEGD"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/hegd#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"HEGD","item":"https://etfiq.com/funds/hegd"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/hegd/trading/"}]},{"@type":"WebPage","name":"HEGD Bid-Ask Spread, Liquidity and NAV Premium","description":"HEGD 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/hegd/trading/","dateModified":"2026-02-11","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3321,"truncated":false,"content":"ETFIQ / HEGD / Trading \n \n As of Feb 11, 2026. Rebuilt every trading night.\n HEGD 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: no book of its holdings is read Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 4 active dealers of 4; largest 48% of creations and redemptions, N-CEN to Nov 30, 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: no book of its holdings is read.\n Dealers\n 4 active of 4 authorized participants; the largest did 48% of creations and redemptions, in the year to Nov 30, 2025 (Form N-CEN filed Feb 11, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (48.1%), Goldman Sachs & Co. LLC (37.2%), Virtu Americas LLC (9.5%), J.P. Morgan Securities LLC (5.1%).\n How to trade HEGD\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 HEGD? HEGD\u2019s latest Form N-CEN, for the period ending Nov 30, 2025, lists 4 authorized participants (APs), and 4 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (48.1%), Goldman Sachs & Co. LLC (37.2%), Virtu Americas LLC (9.5%) of the dollars its APs created and redeemed. Who is the LMM for HEGD? HEGD\u2019s lead market maker (LMM) on Cboe BZX is Jane Street Capital, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Nov 30, 2025, accession 0000894189-26-003582.\n Where to next\n HEGD 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 HEGD 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, HEGD trading: cost, capacity, premium and dealers, data as of Feb 11, 2026. https://etfiq.com/funds/hegd/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, HEGD trading: cost, capacity, premium and dealers, data as of Feb 11, 2026. https://etfiq.com/funds/hegd/trading/ APA ETFIQ. (Feb 11, 2026). HEGD trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/hegd/trading/ Markdown [HEGD trading: cost, capacity, premium and dealers (ETFIQ, Feb 11, 2026)](https://etfiq.com/funds/hegd/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, HEGD trading: cost, capacity, premium and dealers, data as of Feb 11, 2026. https://etfiq.com/funds/hegd/trading/"}