JAAA bid-ask spread and liquidity

Janus Henderson AAA CLO ETF
BondsJanus Henderson$32.6bn net assets0.20% fee
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As of Oct 21, 2026, JAAA’s median bid-ask spread over 30 days was 0.02%.

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Ask IQ about JAAA bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewHoldingsDividendsTradingFlowsCompare

IQ Liquidity Score

2 of 6 measured · Oct 21, 2026
·
Not scored
0 · Hard to trade100 · Trades like a giant

The IQ Liquidity Score: 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 trades, not whether to own it. Method →

Cost to trade
0.02% median spread, 30 days to Oct 21, 2026
100.0
Capacity
Not measured · its holdings are bonds, which have no volume source here
·
Price fidelity
Not measured · no closing premium is held for this fund
·
Primary market
10 active dealers of 17; largest 29% of creations and redemptions, N-CEN to Oct 31, 2025
100.0
Bad-day behaviour
Not measured · no daily closing premium is held for this fund
·
Depth
Not measured · needs trade and quote data (Phase 2)
·

Cost for your order

One way, half its 30-day median spread; sizes above $10,000 are estimates
JAAA: cost for your order at each size, round trip
OrderDollarsPercentBasis
$1,000$0.100.01%spread
$10,000$1.000.01%spread

Spread 0.02% median, 30 days to Oct 21, 2026. Above $10,000 the cost adds an estimate of market impact that grows with the order against the holdings’ capacity; a patient limit pays less.

Capacity

What the holdings can absorb a day

Not measured: its holdings are bonds, which have no volume source here.

Dealers

Authorized participants · N-CEN, the year to Oct 31, 2025
Active dealers
10
of 17 authorized
Largest
29%
of creations and redemptions
One dealer
No
10 active

10 of 17 authorized participants created or redeemed JAAA shares in the year to Oct 31, 2025. From the fund’s Form N-CEN, filed Jan 9, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: Barclays Capital Inc. (29.1%), Citigroup Global Markets Inc. (24.2%), J.P. Morgan Securities LLC (20.2%), BofA Securities, Inc. (8.8%), Morgan Stanley & Co. LLC (7.8%), Goldman Sachs & Co. LLC (6.7%), RBC Capital Markets, LLC (1.3%), Virtu Americas LLC (1.0%), Jane Street Capital, LLC (0.6%), BMO Capital Markets Corp. (0.3%). 7 more were listed and created or redeemed nothing.

How to trade JAAA

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.
Phase 2 · drawn now, filled when trade data arrives
Spread through the dayComing with trade data

Median spread by half hour, 30 days.

Buyers against sellersComing with trade data

Share of volume at the ask against at the bid.

Retail flow, estimatedComing with trade data

Sub-penny prints as a share of volume.

Large tradesComing with trade data

Prints above $500k, count and share.

Closing auctionComing with trade data

Share of the day’s volume at the close.

Questions people ask

What is JAAA’s bid-ask spread?

0.02% of the midpoint, the median over the 30 days to Oct 21, 2026, as its issuer states it.

Who is the AP for JAAA?

JAAA’s latest Form N-CEN, for the period ending Oct 31, 2025, lists 17 authorized participants (APs), and 10 created or redeemed shares. The largest were Barclays Capital Inc. (29.1%), Citigroup Global Markets Inc. (24.2%), J.P. Morgan Securities LLC (20.2%) of the dollars its APs created and redeemed.

Who is the LMM for JAAA?

JAAA’s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026.

What does it cost to trade $10,000 of JAAA?

About $1.00 one way, 0.01%: half its 30-day median spread. In and out costs twice that.
Sources and dates
SpreadJanus Henderson (fund page), 30-day median · to Oct 21, 2026
DealersForm N-CEN · the year to Oct 31, 2025
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 →JAAA fund page→
Cite this pageCitation, APA and Markdown

ETFIQ, JAAA trading: cost, capacity, premium and dealers, data as of Oct 21, 2026. https://etfiq.com/funds/jaaa/trading/

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