# HFEQ Bid-Ask Spread, Liquidity and NAV Premium

> HFEQ 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 13, 2025. Rebuilt every trading night.

As of Nov 13, 2025. Rebuilt every trading night.

## HFEQ bid-ask spread and liquidity

In the year to Aug 31, 2025, 2 of HFEQ’s 2 authorized participants created or redeemed shares.

### IQ Liquidity Score

Not scored, 1 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 Not measured: no book of its holdings is read Price fidelity Not measured: no closing premium is held for this fund Primary market, 45.0 2 active dealers of 2; largest 60% of creations and redemptions, N-CEN to Aug 31, 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)

### Capacity

Not measured: no book of its holdings is read.

### Dealers

2 active of 2 authorized participants; the largest did 60% of creations and redemptions, in the year to Aug 31, 2025 (Form N-CEN filed Nov 13, 2025).

The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (60.1%), Goldman Sachs & Co. LLC (39.9%).

### How to trade HFEQ

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.

### What retail orders paid

In 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.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $1.99 |
| Robinhood customers | $1.86 |
| Fidelity customers | $2.65 |
| Schwab customers | $7.69 |

| Month | One way on $10,000 |
| --- | --- |
| Aug 2025 (old format) | $3.88 |
| Sep 2025 (old format) | $4.98 |
| Oct 2025 (old format) | $14 |
| Nov 2025 (old format) | $5.19 |
| Dec 2025 (old format) | $8.02 |
| Jan 2026 (old format) | $3.90 |
| Feb 2026 (old format) | $5.61 |
| Mar 2026 (old format) | $2.57 |
| Apr 2026 (old format) | $3.75 |
| May 2026 (old format) | $1.80 |
| Jun 2026 (old format) | $0.66 |
| Jul 2026 (old format) | $1.48 |
| Aug 2026 | $1.13 |
| Sep 2026 | $1.99 |

### Where it trades

In Q2 2026, odd lots were 7.1% of HFEQ’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 HFEQ? HFEQ’s latest Form N-CEN, for the period ending Aug 31, 2025, lists 2 authorized participants (APs), and 2 created or redeemed shares. The largest were J.P. Morgan Securities LLC (60.1%), Goldman Sachs & Co. LLC (39.9%) of the dollars its APs created and redeemed. Who is the LMM for HFEQ? HFEQ 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

- Dealers: Form N-CEN, the year to Aug 31, 2025, accession 0002000324-25-004189.

- Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ’s request, so its orders are not counted.

- 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

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, HFEQ trading: cost, capacity, premium and dealers, data as of Nov 13, 2025. https://etfiq.com/funds/hfeq/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/hfeq/trading/