IQ
HF
DGA Core Plus Absolute Return ETF
Category StocksIssuer Montrose EstateNet assets $20mFee 1.70%
Trading · DGA Core Plus Absolute Return ETF

HF bid-ask spread and liquidity

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As of Nov 4, 2026, HF’s holdings can absorb $96m a day.

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HF fund page
·
Not scored

IQ Liquidity Score

· 2 of 6 measured · Nov 4, 2026
$96m
its holdings can absorb a day
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
·
Capacity
Holdings can absorb $96m a day, Nov 4, 2026
66.1
Price fidelity
Not measured · no closing premium is held for this fund
·
Primary market
3 active dealers of 3; largest 65% of creations and redemptions, N-CEN to Jul 31, 2024
65.0
Bad-day behaviour
Not measured · no daily closing premium is held for this fund
·
Depth
Not measured · needs trade and quote data
·

Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

CapacityWhat its holdings making up 95% of the weight can absorb a day, at 10% of each one’s volume
Holdings can absorb
$96m

HF’s holdings can absorb $96m a day, measured on its own holdings, as of Nov 4, 2026. A $1m order is 1.04% of a day’s capacity.

The holding that sets the limit: State Street SPDR Portfolio S& (SPYD), 5.01% of the fund, $48m a day traded, the median of 20 days to Nov 4, 2026.

Who makes the market

Authorized participants · N-CEN, the year to Jul 31, 2024
Active dealers
3
of 3 authorized
Largest
65%
of creations and redemptions
One dealer
No
3 active

3 of 3 authorized participants created or redeemed HF shares in the year to Jul 31, 2024. From the fund’s Form N-CEN, filed Oct 15, 2024.

APs create and redeem shares. Every AP →

Active APs, largest first, by share of dollars created and redeemed: Goldman Sachs & Co. LLC (65.3%), Merrill Lynch Professional Clearing Corp. (30.3%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (4.4%).

Where it trades

Q2 2026, 62 trading days
Odd lots, of exchange volume
12.3%

In Q2 2026, odd lots were 12.3% of HF’s exchange volume.

Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.

How to place the order

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Size
Up to $960,388 is 1% of what its holdings can absorb in a day, for a buy or a sell.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Retail flow, estimated

Trades priced in fractions of a cent, a sign of retail orders.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

Who is the AP for HF?

HF’s latest Form N-CEN, for the period ending Jul 31, 2024, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (65.3%), Merrill Lynch Professional Clearing Corp. (30.3%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (4.4%) of the dollars its APs created and redeemed.

Who is the LMM for HF?

HF 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’s own program, so this does not mean it has no LMM.
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →HF fund page→
Sources and dates
CapacityETFIQ, each holding’s 20-day median dollar volume · to Nov 4, 2026
DealersForm N-CEN · the year to Jul 31, 2024
Where it tradesSEC MIDAS · Q2 2026

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.

Cite this pageCitation, APA and Markdown

ETFIQ, HF trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/hf/trading/

Open data →

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.