{"url":"https://etfiq.com/funds/hezu/trading/","section":"funds","title":"HEZU Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, HEZU closed \u22120.11% from its NAV, and on 95% of the 251 days to then it was within \u00b10.18%. No fund is recommended.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/hezu/trading/#data","name":"HEZU trading costs and liquidity","description":"As of Oct 22, 2026, HEZU closed \u22120.11% from its NAV, and on 95% of the 251 days to then it was within \u00b10.18%. No fund is recommended.","url":"https://etfiq.com/funds/hezu/trading/","dateModified":"2026-10-22","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 HEZU trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed \u22120.11% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within \u00b10.18%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for HEZU?","acceptedAnswer":{"@type":"Answer","text":"HEZU\u2019s latest Form N-CEN, for the period ending Aug 31, 2025, lists 39 authorized participants (APs), and 5 created or redeemed shares. The largest were Jane Street Capital, LLC (48.3%), Goldman Sachs & Co. LLC (42.7%), Virtu Americas LLC (5.6%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for HEZU?","acceptedAnswer":{"@type":"Answer","text":"HEZU\u2019s lead market maker (LMM) on NYSE Arca is Flow Traders U.S. LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/hezu#fund","name":"iShares Currency Hedged MSCI Eurozone ETF","alternateName":"HEZU","url":"https://etfiq.com/funds/hezu","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"HEZU"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/hezu#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"HEZU","item":"https://etfiq.com/funds/hezu"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/hezu/trading/"}]},{"@type":"WebPage","name":"HEZU Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, HEZU closed \u22120.11% from its NAV, and on 95% of the 251 days to then it was within \u00b10.18%. No fund is recommended.","url":"https://etfiq.com/funds/hezu/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4620,"truncated":false,"content":"ETFIQ / HEZU / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n HEZU bid-ask spread and liquidity\n As of Oct 22, 2026, HEZU closed \u22120.11% from its NAV, and on 95% of the 251 days to then it was within \u00b10.18%.\n IQ Liquidity Score\n Not scored, 4 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, 27.9 Holdings can absorb $7m a day, Oct 22, 2026 Price fidelity, 94.8 95% of days within \u00b10.18% of NAV, 251 days to Oct 22, 2026 Primary market, 85.0 5 active dealers of 39; largest 48% of creations and redemptions, N-CEN to Aug 31, 2025 Bad-day behaviour, 100.0 Premium 0.6802\u00d7 normal on the 10 worst S&P 500 days, to Oct 22, 2026 Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Oct 22, 2026: \u22120.11%\n 95% of days within: \u00b10.18%\n Days more than 1% from NAV: 0 of 251\n Widest: \u22120.43%, Oct 7, 2026\n Close against the NAV its issuer struck the same day, 251 days from Oct 23, 2025 to Oct 22, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.\n Capacity\n Its holdings can absorb $7m a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is ISHARES MSCI EUROZONE ETF (EZU), 98.01% of the fund.\n Dealers\n 5 active of 39 authorized participants; the largest did 48% of creations and redemptions, in the year to Aug 31, 2025 (Form N-CEN filed Nov 14, 2025).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (48.3%), Goldman Sachs & Co. LLC (42.7%), Virtu Americas LLC (5.6%), Merrill Lynch Professional Clearing Corp. (2.8%), Mizuho Securities USA LLC (0.6%). 34 more were listed and created or redeemed nothing.\n How to trade HEZU\n 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 $68,747 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 \u00b10.18%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. 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 HEZU trade at a premium or discount to NAV? It closed \u22120.11% from its NAV on Oct 22, 2026. On 95% of the 251 days to then it was within \u00b10.18%, and it closed more than 1% from NAV on 0 of them. Who is the AP for HEZU? HEZU\u2019s latest Form N-CEN, for the period ending Aug 31, 2025, lists 39 authorized participants (APs), and 5 created or redeemed shares. The largest were Jane Street Capital, LLC (48.3%), Goldman Sachs & Co. LLC (42.7%), Virtu Americas LLC (5.6%) of the dollars its APs created and redeemed. Who is the LMM for HEZU? HEZU\u2019s lead market maker (LMM) on NYSE Arca is Flow Traders U.S. LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 23, 2025 to Oct 22, 2026.\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Aug 31, 2025, accession 0001410368-25-023225.\n Where to next\n HEZU 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 HEZU 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, HEZU trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/hezu/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, HEZU trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/hezu/trading/ APA ETFIQ. (Oct 22, 2026). HEZU trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/hezu/trading/ Markdown [HEZU trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/hezu/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, HEZU trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/hezu/trading/"}