{"url":"https://etfiq.com/funds/japn/trading/","section":"funds","title":"JAPN Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"JAPN trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Mar 13, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/japn/trading/#data","name":"JAPN trading costs and liquidity","description":"JAPN 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/japn/trading/","dateModified":"2026-03-13","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 JAPN?","acceptedAnswer":{"@type":"Answer","text":"JAPN\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 2 authorized participants (APs), and 2 created or redeemed shares. The largest were J.P. Morgan Securities LLC (78.3%), Virtu Americas LLC (21.7%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for JAPN?","acceptedAnswer":{"@type":"Answer","text":"JAPN\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/japn#fund","name":"Horizon Kinetics Japan Owner Operator ETF","alternateName":"JAPN","url":"https://etfiq.com/funds/japn","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"JAPN"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/japn#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"JAPN","item":"https://etfiq.com/funds/japn"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/japn/trading/"}]},{"@type":"WebPage","name":"JAPN Bid-Ask Spread, Liquidity and NAV Premium","description":"JAPN 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/japn/trading/","dateModified":"2026-03-13","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3286,"truncated":false,"content":"ETFIQ / JAPN / Trading \n \n As of Mar 13, 2026. Rebuilt every trading night.\n JAPN 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: 1.9% 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, 45.0 2 active dealers of 2; largest 78% of creations and redemptions, N-CEN to Dec 31, 2025 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: 1.9% of its long weight could be measured; the largest part not measured is foreign.\n Dealers\n 2 active of 2 authorized participants; the largest did 78% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 13, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (78.3%), Virtu Americas LLC (21.7%).\n How to trade JAPN\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 JAPN? JAPN\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 2 authorized participants (APs), and 2 created or redeemed shares. The largest were J.P. Morgan Securities LLC (78.3%), Virtu Americas LLC (21.7%) of the dollars its APs created and redeemed. Who is the LMM for JAPN? JAPN\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0000894189-26-007824.\n Where to next\n JAPN 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 JAPN 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, JAPN trading: cost, capacity, premium and dealers, data as of Mar 13, 2026. https://etfiq.com/funds/japn/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, JAPN trading: cost, capacity, premium and dealers, data as of Mar 13, 2026. https://etfiq.com/funds/japn/trading/ APA ETFIQ. (Mar 13, 2026). JAPN trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/japn/trading/ Markdown [JAPN trading: cost, capacity, premium and dealers (ETFIQ, Mar 13, 2026)](https://etfiq.com/funds/japn/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, JAPN trading: cost, capacity, premium and dealers, data as of Mar 13, 2026. https://etfiq.com/funds/japn/trading/"}