# HF Bid-Ask Spread, Liquidity and NAV Premium > HF trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Nov 4, 2026. Rebuilt every trading night. As of Nov 4, 2026. Rebuilt every trading night. ## HF bid-ask spread and liquidity As of Nov 4, 2026, HF’s holdings can absorb $96m a day. ### IQ Liquidity Score Not scored, 2 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 Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity, 66.1 Holdings can absorb $96m a day, Nov 4, 2026 Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 3 active dealers of 3; largest 65% of creations and redemptions, N-CEN to Jul 31, 2024 Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2) ### Capacity Its holdings can absorb $96m a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is State Street SPDR Portfolio S& (SPYD), 5.01% of the fund. ### Dealers 3 active of 3 authorized participants; the largest did 65% of creations and redemptions, in the year to Jul 31, 2024 (Form N-CEN filed Oct 15, 2024). The active authorized participants, largest first, by share of the 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%). ### How to trade HF When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data. Size Up to $960,388 is 1% of what its holdings can absorb in a day, for a buy or a sell. ### Where it trades In Q2 2026, odd lots were 12.3% of HF’s exchange volume. ### Coming with trade data Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### 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. ### Sources and dates - Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 4, 2026. - Dealers: Form N-CEN, the year to Jul 31, 2024, accession 0001145549-24-063872. - Where it trades: SEC MIDAS, Q2 2026. ### 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 --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, HF trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/hf/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/hf/trading/