PJAN bid-ask spread and liquidity

Innovator U.S. Equity Power Buffer ETF - Jan

BufferInnovator$1.4bn net assets0.79% fee

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As of Oct 22, 2026, PJAN’s median bid-ask spread over 30 days was 0.12%.

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Ask IQ about PJAN bid-ask spread and liquidity

Answers cite the figures on this page.

Overview Trading Flows Compare

IQ Liquidity Score

3 of 6 measured · Oct 22, 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

0.12% median spread, 30 days to Oct 22, 2026

61.1

Capacity

Holdings can absorb $14.3bn a day, Oct 22, 2026

100.0

Price fidelity

Not measured · 13 days of closing premium are held, under the 20 needed

Primary market

8 active dealers of 8; largest 43% of creations and redemptions, N-CEN to Oct 31, 2025

85.0

Bad-day behaviour

Not measured · 0 of the 10 worst days and 13 other days are held, under the 5 and 60 needed

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

PJAN: cost for your order at each size, round trip
Order	Dollars	Percent	Basis
$1,000	$0.60	0.06%	spread
$10,000	$6.00	0.06%	spread
$100,000	$61	0.061%	estimate
$1,000,000	$630	0.063%	estimate

Spread 0.12% median, 30 days to Oct 22, 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.

Premium or discount to value

Daily, 13 days to Oct 22, 2026 · the ±1% band marked

Latest close, Oct 22

−0.10%

95% of days within

±0.10%

Days more than 1% from NAV

0 of 13

Widest

−0.10%, Oct 22, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ.

Capacity

What the holdings can absorb a day, at 10% of each one’s volume

Holdings can absorb

$14.3bn

PJAN’s holdings can absorb $14.3bn a day, measured on the holdings of SPY, its reference asset, as of Oct 22, 2026. A $1m order is 0.0070% of a day’s capacity.

The holding that sets the limit: BERKSHIRE HATHAWAY INC CL B (BRK-B), 1.54% of the fund, $2.2bn a day traded, the median of 20 days to Oct 22, 2026. Capacity is the least of the holding-level ratios over the holdings making up 95% of the weight.

Dealers

Authorized participants · N-CEN, the year to Oct 31, 2025

Active dealers

of 8 authorized

Largest

43%

of creations and redemptions

One dealer

8 active

8 of 8 authorized participants created or redeemed PJAN shares in the year to Oct 31, 2025. From the fund’s Form N-CEN, filed Jan 13, 2026.

The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (42.6%), Merrill Lynch Professional Clearing Corp. (29.2%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (16.3%), J.P. Morgan Securities LLC (5.5%), Jane Street Capital, LLC (4.4%), Virtu Americas LLC (1.8%), RBC Capital Markets, LLC (0.2%), Barclays Capital Inc. (0.2%).

How to trade PJAN

To buy or to sell, up to $100,000

Order type: Limit: midpoint + 4¢ to buy, midpoint − 4¢ to sell.At the Oct 22 close of $50.91, that’s $50.95 to buy and $50.87 to sell.
When: ETF spreads are usually widest in the first minutes after the open and the last before the close.
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 ±0.10%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

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 PJAN’s bid-ask spread?

0.12% 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 PJAN trade at a premium or discount to NAV?

It closed −0.10% from its NAV on Oct 22, 2026. On 95% of the 13 days to then it was within ±0.10%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for PJAN?

PJAN’s latest Form N-CEN, for the period ending Oct 31, 2025, lists 8 authorized participants (APs), and 8 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (42.6%), Merrill Lynch Professional Clearing Corp. (29.2%), Merrill Lynch, Pierce, Fenner and Smith Incorporated (16.3%) of the dollars its APs created and redeemed.

Who is the LMM for PJAN?

PJAN’s lead market maker (LMM) on Cboe BZX is Wolverine Trading, LLC. Lead market maker per Cboe BZX, as of Oct 23, 2026.

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

About $6.00 one way, 0.06%: half its 30-day median spread. In and out costs twice that.

How do I place a limit order for PJAN?

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 $50.91, that’s $50.95 to buy and $50.87 to sell.

Sources and dates

SpreadInnovator (fund page), 30-day median · to Oct 22, 2026

Premium to NAVETFIQ, close against the issuer’s NAV · Sep 11, 2026 to Oct 22, 2026

CapacityETFIQ, each holding’s 20-day median dollar volume · to Oct 22, 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 →PJAN fund page→

Cite this pageCitation, APA and Markdown

ETFIQ, PJAN trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/pjan/trading/

Open data →

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