# FJAN Bid-Ask Spread, Liquidity and NAV Premium

> As of Oct 22, 2026, FJAN’s median bid-ask spread over 30 days was 0.14%. A $10,000 order costs about $7.00 one way.

Data as of Oct 22, 2026. Rebuilt every trading night.

As of Oct 22, 2026. Rebuilt every trading night.

## FJAN bid-ask spread and liquidity

As of Oct 22, 2026, FJAN’s median bid-ask spread over 30 days was 0.14%.

### IQ Liquidity Score

Not scored, 3 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

Flags: One dealer.

Cost to trade, 57.7 0.14% median spread, 30 days to Oct 22, 2026 Capacity, 100.0 Holdings can absorb $14.3bn a day, Oct 22, 2026 Price fidelity Not measured: 16 days of closing premium are held, under the 20 needed Primary market, 70.0 6 active dealers of 22; largest 82% of creations and redemptions, N-CEN to Aug 31, 2025 Bad-day behaviour Not measured: 0 of the 10 worst days and 16 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2)

### Cost for your order

| Order | Dollars | Percent | Basis |
| --- | --- | --- | --- |
| $1,000 | $0.70 | 0.07% | spread |
| $10,000 | $7.00 | 0.07% | spread |
| $100,000 | $71 | 0.071% | estimate |
| $1,000,000 | $739 | 0.074% | estimate |

### Premium or discount to NAV

- Latest close, Oct 22, 2026: −0.07%

- 95% of days within: ±0.16%

- Days more than 1% from NAV: 0 of 16

- Widest: +0.16%, Sep 11, 2026

Close against the NAV its issuer struck the same day, 16 days from Sep 11, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer’s NAV and closing price.

### Capacity

Its holdings can absorb $14.3bn a day, measured on the holdings of SPY, its reference asset, as of Oct 22, 2026. The holding that sets the limit is BERKSHIRE HATHAWAY INC CL B (BRK-B), 1.54% of the fund.

### Dealers

6 active of 22 authorized participants; the largest did 82% of creations and redemptions, in the year to Aug 31, 2025 (Form N-CEN filed Nov 12, 2025).

The active authorized participants, largest first, by share of the dollars created and redeemed: BofA Securities, Inc. (82.3%), Goldman Sachs & Co. LLC (12.3%), Jane Street Capital, LLC (3.9%), Virtu Americas LLC (0.7%), J.P. Morgan Securities LLC (0.7%), RBC Capital Markets, LLC (0.1%). 16 more were listed and created or redeemed nothing.

### How to trade FJAN

Order type Limit: midpoint + 4¢ to buy, midpoint − 4¢ to sell. At the Oct 22 close of $56.72, that’s $56.76 to buy and $56.68 to sell. 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. Size Up to $143m is 1% of what its holdings can absorb in a day, for a buy or a sell. Watch The premium. On 95% of days it is within ±0.16%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

### 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

What is FJAN’s bid-ask spread? 0.14% of the midpoint, the median over the 30 days to Oct 22, 2026, as its issuer states it. Half of it is about 4¢ a share at the Oct 22 close. Does FJAN trade at a premium or discount to NAV? It closed −0.07% from its NAV on Oct 22, 2026. On 95% of the 16 days to then it was within ±0.16%, and it closed more than 1% from NAV on 0 of them. Who is the AP for FJAN? FJAN’s latest Form N-CEN, for the period ending Aug 31, 2025, lists 22 authorized participants (APs), and 6 created or redeemed shares. The largest were BofA Securities, Inc. (82.3%), Goldman Sachs & Co. LLC (12.3%), Jane Street Capital, LLC (3.9%) of the dollars its APs created and redeemed. Who is the LMM for FJAN? FJAN’s lead market maker (LMM) on Cboe BZX is Citadel Securities LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026. What does it cost to trade $10,000 of FJAN? About $7.00 one way, 0.07%: half its 30-day median spread. In and out costs twice that. How do I place a limit order for FJAN? Set the limit at the midpoint + 4¢ to buy, or the midpoint − 4¢ to sell, in your broker’s quote. At the Oct 22 close of $56.72, that’s $56.76 to buy and $56.68 to sell.

### Sources and dates

- Spread: First Trust (fund page), 30 days to Oct 22, 2026 ( the issuer’s page ).

- Premium: ETFIQ, close against the issuer’s NAV, Sep 11, 2026 to Oct 22, 2026.

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Oct 22, 2026.

- Dealers: Form N-CEN, the year to Aug 31, 2025, accession 0000940400-25-005820.

### 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, FJAN trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/fjan/trading/
Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/fjan/trading/