HSCZ bid-ask spread and liquidity
See what HSCZ costs to trade and how closely it tracks its value.
IQ Liquidity Score
· 5 of 6 measured · Nov 12, 2026How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →
Liquid with care: its holdings can absorb only about $8.2m a day.
askIQ about this page
askIQ about HSCZ bid-ask spread and liquidityCapacity: 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 →
HSCZ scores 57 (Liquid with care), ranked 575 of 680 scored Stocks ETFs plotted here. Spread 0.19% (30-day median, of the price), Nov 12, 2026. A $10,000 order costs about $9.50 each way.
HSCZ among Stocks ETFs
Cheaper to trade sits left, easier to trade sits up.
What a trade costs
One way, half its 30-day median spread; sizes above $10,000 are estimates| Order | Dollars | Percent | Basis |
|---|---|---|---|
| $1,000 | $0.95 | 0.095% | spread |
| $10,000 | $9.50 | 0.095% | spread |
| $100,000 | $183 | 0.18% | estimate |
| $1,000,000 | $3,736 | 0.37% | estimate |
Full cost to own
At $10,000Fee, plus the round-trip spread once, plus the median premium paid at entry. Against SPEU (fee 0.07%): SPEU is cheaper to own from the first day, and at no holding period does HSCZ become the cheaper fund.
Above zero: a premium. Below: a discount.
Its holdings trade on markets that close before New York, so its closing premium carries the move since then.
HSCZ’s holdings can absorb $8.2m a day, measured on its own holdings, as of Nov 11, 2026. A $1m order is 12.18% of a day’s capacity.
Who makes the market
Authorized participants · N-CEN, the year to Jul 31, 20254 of 39 authorized participants created or redeemed HSCZ shares in the year to Jul 31, 2025. From the fund’s Form N-CEN, filed Oct 14, 2025.
APs create and redeem shares. Every AP →
Active APs, largest first, by share of dollars created and redeemed: Jane Street Capital, LLC (54.8%), Goldman Sachs & Co. LLC (24.5%), Virtu Americas LLC (12.6%), Merrill Lynch Professional Clearing Corp. (8.1%). 35 more were listed and created or redeemed nothing.
$77m net created in 27 weeks and $10m net redeemed in 6, over the 52 weeks from Nov 17, 2025 to Nov 11, 2026, from the change in its shares outstanding.
What retail orders paid
One way on $10,000, Sep 2026In Sep 2026, retail market orders in HSCZ paid $1.72 one way on $10,000, against $7.45 at the quote.
93% of shares filled better than the quote.
HSCZ ranked 2076th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate.
0.0011% of the market-order dollars in 4 retail brokers’ reports. Buys and sells together. Retail activity ranking →
Where it trades
Q2 2026, 62 trading daysIn Q2 2026, 84% of HSCZ’s shares traded off exchange on the median day.
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- Order type
- Limit: midpoint + 5¢ to buy, midpoint − 5¢ to sell.At the Nov 12 close of $43.37, that’s $43.42 to buy and $43.32 to sell.
- When
- Its holdings trade on markets that close before New York, so its price can drift from their value later in the day.
- Size
- Up to $82,120 is 1% of what its holdings can absorb in a day, for a buy or a sell.
- Watch
- The premium to NAV, charted above: a buyer pays more, and a seller gets less, when it is wide.
Median spread by half hour, 30 days.
Volume bought at the ask against volume sold at the bid.
Trades above $500k: how many, and their share of volume.
Share of the day’s volume at the close.
Questions people ask
Is HSCZ liquid?
What is HSCZ’s bid-ask spread?
Does HSCZ trade at a premium or discount to NAV?
Who is the AP for HSCZ?
Who is the LMM for HSCZ?
What does it cost to trade $10,000 of HSCZ?
How do I place a limit order for HSCZ?
The score measures trading conditions, not the fund. ETFIQ makes no recommendations.
Cite this pageCitation, APA and Markdown
ETFIQ, HSCZ trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/hscz/trading/
ETFIQ. (Nov 12, 2026). HSCZ trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/hscz/trading/
[HSCZ trading: cost, capacity, premium and dealers (ETFIQ, Nov 12, 2026)](https://etfiq.com/funds/hscz/trading/)
The score measures trading conditions, not the fund. ETFIQ makes no recommendations.