{"url":"https://etfiq.com/funds/hfxi/trading/","section":"funds","title":"HFXI Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"HFXI trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Jul 10, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/hfxi/trading/#data","name":"HFXI trading costs and liquidity","description":"HFXI trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/hfxi/trading/","dateModified":"2026-07-10","creator":{"@id":"https://etfiq.com/#org"},"license":"https://etfiq.com/license/","isAccessibleForFree":true,"creditText":"ETFIQ (etfiq.com)","variableMeasured":["30-day median bid-ask spread","Premium or discount to NAV","Capacity","Active authorized participants","IQ Liquidity Score","Cost to trade by order size"],"distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/trading-score.json"}],"publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published"},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Who is the AP for HFXI?","acceptedAnswer":{"@type":"Answer","text":"HFXI\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 23 authorized participants (APs), and 3 created or redeemed shares. The largest were J.P. Morgan Securities LLC (73.5%), BofA Securities, Inc. (16.7%), UBS Securities LLC (9.8%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for HFXI?","acceptedAnswer":{"@type":"Answer","text":"HFXI\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/hfxi#fund","name":"NYLIM FTSE International Equity Currency Neutral ETF","alternateName":"HFXI","url":"https://etfiq.com/funds/hfxi","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"HFXI"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/hfxi#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"HFXI","item":"https://etfiq.com/funds/hfxi"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/hfxi/trading/"}]},{"@type":"WebPage","name":"HFXI Bid-Ask Spread, Liquidity and NAV Premium","description":"HFXI trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/hfxi/trading/","dateModified":"2026-07-10","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3410,"truncated":false,"content":"ETFIQ / HFXI / Trading \n \n As of Jul 10, 2026. Rebuilt every trading night.\n HFXI bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 1 of 6 measured.\n 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 \n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: 39.4% of its long weight could be measured; the largest part not measured is foreign Price fidelity Not measured: no closing premium is held for this fund Primary market, 65.0 3 active dealers of 23; largest 74% of creations and redemptions, N-CEN to Apr 30, 2026 Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2) \n Capacity\n Not measured: 39.4% of its long weight could be measured; the largest part not measured is foreign.\n Dealers\n 3 active of 23 authorized participants; the largest did 74% of creations and redemptions, in the year to Apr 30, 2026 (Form N-CEN filed Jul 10, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (73.5%), BofA Securities, Inc. (16.7%), UBS Securities LLC (9.8%). 20 more were listed and created or redeemed nothing.\n How to trade HFXI\n When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund\u2019s own day once it has trade data. Coming with trade data\n Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n Who is the AP for HFXI? HFXI\u2019s latest Form N-CEN, for the period ending Apr 30, 2026, lists 23 authorized participants (APs), and 3 created or redeemed shares. The largest were J.P. Morgan Securities LLC (73.5%), BofA Securities, Inc. (16.7%), UBS Securities LLC (9.8%) of the dollars its APs created and redeemed. Who is the LMM for HFXI? HFXI\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Apr 30, 2026, accession 0000940400-26-026211.\n Where to next\n HFXI fund page ETF trading costs and liquidity Limit orders vs market orders for ETFs Why low volume does not mean illiquid How the IQ Liquidity Score is built Compare HFXI with another fund The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources \n Cite this page. ETFIQ, HFXI trading: cost, capacity, premium and dealers, data as of Jul 10, 2026. https://etfiq.com/funds/hfxi/trading/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, HFXI trading: cost, capacity, premium and dealers, data as of Jul 10, 2026. https://etfiq.com/funds/hfxi/trading/ APA ETFIQ. (Jul 10, 2026). HFXI trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/hfxi/trading/ Markdown [HFXI trading: cost, capacity, premium and dealers (ETFIQ, Jul 10, 2026)](https://etfiq.com/funds/hfxi/trading/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, HFXI trading: cost, capacity, premium and dealers, data as of Jul 10, 2026. https://etfiq.com/funds/hfxi/trading/"}