HFEQ bid-ask spread and liquidity
In the year to Aug 31, 2025, 2 of HFEQ’s 2 authorized participants created or redeemed shares.
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askIQ about HFEQ bid-ask spread and liquidity
IQ Liquidity Score
· 1 of 6 measured · Nov 13, 2025How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →
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 →
Not measured: no book of its holdings is read.
Who makes the market
Authorized participants · N-CEN, the year to Aug 31, 20252 of 2 authorized participants created or redeemed HFEQ shares in the year to Aug 31, 2025. From the fund’s Form N-CEN, filed Nov 13, 2025.
APs create and redeem shares. Every AP →
Active APs, largest first, by share of dollars created and redeemed: J.P. Morgan Securities LLC (60.1%), Goldman Sachs & Co. LLC (39.9%).
What retail orders paid
One way on $10,000, Sep 2026In Sep 2026, retail market orders in HFEQ paid $1.99 one way on $10,000, against $21 at the quote.
97% of shares filled better than the quote.
Where it trades
Q2 2026, 62 trading daysIn Q2 2026, odd lots were 7.1% of HFEQ’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.
Median spread by half hour, 30 days.
Volume bought at the ask against volume sold at the bid.
Trades priced in fractions of a cent, a sign of retail orders.
Trades above $500k: how many, and their share of volume.
Share of the day’s volume at the close.
Questions people ask
Who is the AP for HFEQ?
Who is the LMM for HFEQ?
The score measures trading conditions, not the fund. ETFIQ makes no recommendations.
Cite this pageCitation, APA and Markdown
ETFIQ, HFEQ trading: cost, capacity, premium and dealers, data as of Nov 13, 2025. https://etfiq.com/funds/hfeq/trading/
ETFIQ. (Nov 13, 2025). HFEQ trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/hfeq/trading/
[HFEQ trading: cost, capacity, premium and dealers (ETFIQ, Nov 13, 2025)](https://etfiq.com/funds/hfeq/trading/)
The score measures trading conditions, not the fund. ETFIQ makes no recommendations.