# JIII Bid-Ask Spread, Liquidity and NAV Premium

> As of Oct 21, 2026, JIII’s median bid-ask spread over 30 days was 0.06%. A $10,000 order costs about $3.00 one way.

Data as of Oct 21, 2026. Rebuilt every trading night.

As of Oct 21, 2026. Rebuilt every trading night.

## JIII bid-ask spread and liquidity

As of Oct 21, 2026, JIII’s median bid-ask spread over 30 days was 0.06%.

### IQ Liquidity Score

Not scored, 2 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

Cost to trade, 76.1 0.06% median spread, 30 days to Oct 21, 2026 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, 85.0 5 active dealers of 17; largest 38% of creations and redemptions, N-CEN to Oct 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)

### Cost for your order

| Order | Dollars | Percent | Basis |
| --- | --- | --- | --- |
| $1,000 | $0.30 | 0.03% | spread |
| $10,000 | $3.00 | 0.03% | spread |

### Capacity

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

### Dealers

5 active of 17 authorized participants; the largest did 38% of creations and redemptions, in the year to Oct 31, 2025 (Form N-CEN filed Jan 9, 2026).

The active authorized participants, largest first, by share of the dollars created and redeemed: Virtu Americas LLC (38.1%), BofA Securities, Inc. (26.4%), Goldman Sachs & Co. LLC (16.0%), J.P. Morgan Securities LLC (10.7%), Jane Street Capital, LLC (8.8%). 12 more were listed and created or redeemed nothing.

### How to trade JIII

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.

### 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 JIII’s bid-ask spread? 0.06% of the midpoint, the median over the 30 days to Oct 21, 2026, as its issuer states it. Who is the AP for JIII? JIII’s latest Form N-CEN, for the period ending Oct 31, 2025, lists 17 authorized participants (APs), and 5 created or redeemed shares. The largest were Virtu Americas LLC (38.1%), BofA Securities, Inc. (26.4%), Goldman Sachs & Co. LLC (16.0%) of the dollars its APs created and redeemed. Who is the LMM for JIII? JIII’s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. What does it cost to trade $10,000 of JIII? About $3.00 one way, 0.03%: half its 30-day median spread. In and out costs twice that.

### Sources and dates

- Spread: Janus Henderson (fund page), 30 days to Oct 21, 2026.

- Dealers: Form N-CEN, the year to Oct 31, 2025, accession 0002071691-26-000114.

### 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, JIII trading: cost, capacity, premium and dealers, data as of Oct 21, 2026. https://etfiq.com/funds/jiii/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/jiii/trading/