IQ
HFND
Unlimited HFND Multi-Strategy Return Tracker ETF
Category AlternativesIssuer UnlimitedNet assets $39mFee 1.07%
Trading · Unlimited HFND Multi-Strategy Return Tracker ETF

HFND bid-ask spread and liquidity

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In the year to Aug 31, 2025, 3 of HFND’s 3 authorized participants created or redeemed shares.

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HFND fund page
·
Not scored

IQ Liquidity Score

· 1 of 6 measured · Nov 13, 2025
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
Not measured · no book of its holdings is read
·
Price fidelity
Not measured · no closing premium is held for this fund
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Primary market
3 active dealers of 3; largest 46% of creations and redemptions, N-CEN to Aug 31, 2025
65.0
Bad-day behaviour
Not measured · no daily closing premium is held for this fund
·
Depth
Not measured · needs trade and quote data
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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 the holdings can absorb a day

Not measured: no book of its holdings is read.

Who makes the market

Authorized participants · N-CEN, the year to Aug 31, 2025
Active dealers
3
of 3 authorized
Largest
46%
of creations and redemptions
One dealer
No
3 active

3 of 3 authorized participants created or redeemed HFND 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: Merrill Lynch Professional Clearing Corp. (45.7%), Virtu Americas LLC (29.0%), Goldman Sachs & Co. LLC (25.2%).

What retail orders paid

One way on $10,000, Sep 2026
All wholesalers read
$1.30
Fidelity customers
$2.34
Robinhood customers
$6.94
Schwab customers
$10

In Sep 2026, retail market orders in HFND paid $1.30 one way on $10,000, against $19 at the quote.

88% of shares filled better than the quote.

Aug 2025Grey: old format, orders of 100 to 9,999 sharesSep 2026

Where it trades

Q2 2026, 62 trading days
Odd lots, of exchange volume
11.4%

In Q2 2026, odd lots were 11.4% of HFND’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.
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 HFND?

HFND’s latest Form N-CEN, for the period ending Aug 31, 2025, lists 3 authorized participants (APs), and 3 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (45.7%), Virtu Americas LLC (29.0%), Goldman Sachs & Co. LLC (25.2%) of the dollars its APs created and redeemed.

Who is the LMM for HFND?

HFND 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 →HFND fund page→
Sources and dates
DealersForm N-CEN · the year to Aug 31, 2025
Retail ordersSEC Rule 605 reports · Sep 2026
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, HFND trading: cost, capacity, premium and dealers, data as of Nov 13, 2025. https://etfiq.com/funds/hfnd/trading/

Open data →

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