{"url":"https://etfiq.com/funds/jpie/trading/","section":"funds","title":"JPIE Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Nov 11, 2026, JPIE\u2019s median bid-ask spread over 30 days was 0.02%, and its IQ Liquidity Score is 85, Trades like a giant. No fund is recommended.","as_of":"Nov 12, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/jpie/trading/#data","name":"JPIE trading costs and liquidity","description":"As of Nov 11, 2026, JPIE\u2019s median bid-ask spread over 30 days was 0.02%, and its IQ Liquidity Score is 85, Trades like a giant. No fund is recommended.","url":"https://etfiq.com/funds/jpie/trading/","dateModified":"2026-11-12","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":"Is JPIE liquid?","acceptedAnswer":{"@type":"Answer","text":"JPIE\u2019s IQ Liquidity Score is 85 of 100, Trades like a giant, the 59th percentile of 340 bonds ETFs, as of Nov 12, 2026."}},{"@type":"Question","name":"What is JPIE\u2019s bid-ask spread?","acceptedAnswer":{"@type":"Answer","text":"0.02% of the midpoint, the median over the 30 days to Nov 11, 2026, as its issuer states it. Half of it is about 1\u00a2 a share at the Nov 12 close."}},{"@type":"Question","name":"Does JPIE trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.39% from its NAV on Nov 12, 2026. On 95% of the 27 days to then it was within \u00b10.49%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the AP for JPIE?","acceptedAnswer":{"@type":"Answer","text":"JPIE\u2019s latest Form N-CEN, for the period ending Feb 28, 2026, lists 20 authorized participants (APs), and 6 created or redeemed shares. The largest were Jane Street Capital, LLC (63.3%), BofA Securities, Inc. (27.4%), Goldman Sachs & Co. LLC (4.0%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for JPIE?","acceptedAnswer":{"@type":"Answer","text":"JPIE\u2019s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Nov 9, 2026."}},{"@type":"Question","name":"What does it cost to trade $10,000 of JPIE?","acceptedAnswer":{"@type":"Answer","text":"At least $1.11 one way, 0.011%: half a one-cent tick, since its issuer prints its 30-day median spread as 0.02%. In and out costs twice that. Owning $10,000 for a year costs about $82 all in, against $39 for the fee alone."}},{"@type":"Question","name":"How do I place a limit order for JPIE?","acceptedAnswer":{"@type":"Answer","text":"Set the limit at the midpoint + 1\u00a2 to buy, or the midpoint \u2212 1\u00a2 to sell, in your broker\u2019s quote. At the Nov 12 close of $44.86, that\u2019s $44.87 to buy and $44.85 to sell."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/jpie#fund","name":"JPMorgan Income ETF","alternateName":"JPIE","url":"https://etfiq.com/funds/jpie","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"JPIE"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/jpie#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"JPIE","item":"https://etfiq.com/funds/jpie"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/jpie/trading/"}]},{"@type":"WebPage","name":"JPIE Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Nov 11, 2026, JPIE\u2019s median bid-ask spread over 30 days was 0.02%, and its IQ Liquidity Score is 85, Trades like a giant. No fund is recommended.","url":"https://etfiq.com/funds/jpie/trading/","dateModified":"2026-11-12","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":7828,"truncated":false,"content":"ETFIQ / JPIE / Trading \n \n As of Nov 12, 2026. Rebuilt every trading night.\n JPIE bid-ask spread and liquidity\n As of Nov 11, 2026, JPIE\u2019s median bid-ask spread over 30 days was 0.02%, and its IQ Liquidity Score is 85, Trades like a giant.\n IQ Liquidity Score\n 85 of 100, Trades like a giant, 59th percentile of 340 bonds ETFs, 3 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 Trades like a giant: trades at a typical spread of 0.0222%.\n Cost to trade, 97.7 0.02% median spread, 30 days to Nov 11, 2026 Capacity Not measured: its holdings are bonds, which have no volume source here Price fidelity, 60.5 95% of days within \u00b10.49% of NAV, 27 days to Nov 12, 2026 Primary market, 85.0 6 active dealers of 20; largest 63% of creations and redemptions, N-CEN to Feb 28, 2026 Bad-day behaviour Not measured: 2 of the 10 worst days and 25 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Cost for your order\n JPIE one-way cost at each order size: half its 30-day median spread to Nov 11, 2026; sizes above $10,000 add an estimate of market impact. At least $1.11 one way at $10,000: half a one-cent tick at its close, since its issuer prints its 30-day median spread as 0.02%. Source: ETFIQ. Order Dollars Percent Basis \n $1,000 $0.11 0.011% tick floor \n $10,000 $1.11 0.011% tick floor \n Full cost to own\n At $10,000: 0.82% ($82) over 1 year, and 2.38% ($238) over 5 years; the fee alone is 0.39% ($39) a year. Fee, plus the round-trip spread once, plus the median premium paid at entry.\n Premium or discount to NAV\n Latest close, Nov 12, 2026: +0.39%\n 95% of days within: \u00b10.49%\n Days more than 1% from NAV: 0 of 27\n Widest: +0.50%, Oct 8, 2026\n Close against the NAV its issuer struck the same day, 27 days from Sep 11, 2026 to Nov 12, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price.\n Capacity\n Not measured: its holdings are bonds, which have no volume source here.\n Dealers\n 6 active of 20 authorized participants; the largest did 63% of creations and redemptions, in the year to Feb 28, 2026 (Form N-CEN filed May 13, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (63.3%), BofA Securities, Inc. (27.4%), Goldman Sachs & Co. LLC (4.0%), Virtu Americas LLC (3.5%), Macquarie Capital (USA) Inc. (1.5%), BMO Capital Markets Corp. (0.4%). 14 more were listed and created or redeemed nothing.\n How to trade JPIE\n Order type Limit: midpoint + 1\u00a2 to buy, midpoint \u2212 1\u00a2 to sell. At the Nov 12 close of $44.86, that\u2019s $44.87 to buy and $44.85 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\u2019s own day once it has trade data. Watch The premium. On 95% of days it is within \u00b10.49%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. What retail orders paid\n In Sep 2026, retail market orders in JPIE paid $0.49 one way on $10,000, against $1.12 at the quote. 80% of shares filled better than the quote.\n JPIE: what retail market orders paid one way on $10,000, Sep 2026, half the effective spread. Source: SEC Rule 605 reports; computed by ETFIQ. Orders One way on $10,000 \n All wholesalers read $0.49 \n Robinhood customers $0.54 \n Vanguard customers $0.82 \n Fidelity customers $0.88 \n Schwab customers $0.93 \n JPIE: what retail market orders paid one way on $10,000, by month, at the wholesalers. Old format: orders of 100 to 9,999 shares, to Jul 2026. Month One way on $10,000 \n Aug 2025 (old format) $0.39 \n Sep 2025 (old format) $0.36 \n Oct 2025 (old format) $0.34 \n Nov 2025 (old format) $0.41 \n Dec 2025 (old format) $0.33 \n Jan 2026 (old format) $0.32 \n Feb 2026 (old format) $0.41 \n Mar 2026 (old format) $0.34 \n Apr 2026 (old format) $0.28 \n May 2026 (old format) $0.29 \n Jun 2026 (old format) $0.29 \n Jul 2026 (old format) $0.27 \n Aug 2026 $0.36 \n Sep 2026 $0.49 \n JPIE ranked 199th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.09% of the market-order dollars in 4 retail brokers\u2019 reports. Retail activity ranking \n Where it trades\n In Q2 2026, 85% of JPIE\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 4.7% of its exchange volume.\n Coming with trade data\n Spread through the day, buyers against sellers, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n Is JPIE liquid? JPIE\u2019s IQ Liquidity Score is 85 of 100, Trades like a giant, the 59th percentile of 340 bonds ETFs, as of Nov 12, 2026. What is JPIE\u2019s bid-ask spread? 0.02% of the midpoint, the median over the 30 days to Nov 11, 2026, as its issuer states it. Half of it is about 1\u00a2 a share at the Nov 12 close. Does JPIE trade at a premium or discount to NAV? It closed +0.39% from its NAV on Nov 12, 2026. On 95% of the 27 days to then it was within \u00b10.49%, and it closed more than 1% from NAV on 0 of them. Who is the AP for JPIE? JPIE\u2019s latest Form N-CEN, for the period ending Feb 28, 2026, lists 20 authorized participants (APs), and 6 created or redeemed shares. The largest were Jane Street Capital, LLC (63.3%), BofA Securities, Inc. (27.4%), Goldman Sachs & Co. LLC (4.0%) of the dollars its APs created and redeemed. Who is the LMM for JPIE? JPIE\u2019s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Nov 9, 2026. What does it cost to trade $10,000 of JPIE? At least $1.11 one way, 0.011%: half a one-cent tick, since its issuer prints its 30-day median spread as 0.02%. In and out costs twice that. Owning $10,000 for a year costs about $82 all in, against $39 for the fee alone. How do I place a limit order for JPIE? Set the limit at the midpoint + 1\u00a2 to buy, or the midpoint \u2212 1\u00a2 to sell, in your broker\u2019s quote. At the Nov 12 close of $44.86, that\u2019s $44.87 to buy and $44.85 to sell. Sources and dates\n Spread: JPMorgan (fund page), 30 days to Nov 11, 2026 ( the issuer\u2019s page ).\n Premium: ETFIQ, close against the issuer\u2019s NAV, Sep 11, 2026 to Nov 12, 2026.\n Dealers: Form N-CEN, the year to Feb 28, 2026, accession 0002071691-26-009455.\n Score: ETFIQ, Nov 12, 2026. The method is at /methodology/liquidity.\n Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ\u2019s request, so its orders are not counted.\n Where it trades: SEC MIDAS, Q2 2026, against the fund\u2019s daily volume from Tiingo.\n Where to next\n JPIE 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 JPIE 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, JPIE trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/jpie/trading/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, JPIE trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/jpie/trading/ APA ETFIQ. (Nov 12, 2026). JPIE trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/jpie/trading/ Markdown [JPIE trading: cost, capacity, premium and dealers (ETFIQ, Nov 12, 2026)](https://etfiq.com/funds/jpie/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":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, JPIE trading: cost, capacity, premium and dealers, data as of Nov 12, 2026. https://etfiq.com/funds/jpie/trading/"}