{"url":"https://etfiq.com/funds/urnj/trading/","section":"funds","title":"URNJ Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 20, 2026, URNJ\u2019s median bid-ask spread over 30 days was 0.34%. A $10,000 order costs about $17 one way.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/urnj/trading/#data","name":"URNJ trading costs and liquidity","description":"As of Oct 20, 2026, URNJ\u2019s median bid-ask spread over 30 days was 0.34%. A $10,000 order costs about $17 one way.","url":"https://etfiq.com/funds/urnj/trading/","dateModified":"2026-10-22","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":"What is URNJ\u2019s bid-ask spread?","acceptedAnswer":{"@type":"Answer","text":"0.34% of the midpoint, the median over the 30 days to Oct 20, 2026, as its issuer states it."}},{"@type":"Question","name":"Who is the AP for URNJ?","acceptedAnswer":{"@type":"Answer","text":"URNJ\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 6 authorized participants (APs), and 6 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (44.9%), J.P. Morgan Securities LLC (37.8%), Jane Street Capital, LLC (9.8%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for URNJ?","acceptedAnswer":{"@type":"Answer","text":"URNJ\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}},{"@type":"Question","name":"What does it cost to trade $10,000 of URNJ?","acceptedAnswer":{"@type":"Answer","text":"About $17 one way, 0.17%: half its 30-day median spread. In and out costs twice that."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/urnj#fund","name":"Sprott Junior Uranium Miners ETF","alternateName":"URNJ","url":"https://etfiq.com/funds/urnj","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"URNJ"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/urnj#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"URNJ","item":"https://etfiq.com/funds/urnj"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/urnj/trading/"}]},{"@type":"WebPage","name":"URNJ Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 20, 2026, URNJ\u2019s median bid-ask spread over 30 days was 0.34%. A $10,000 order costs about $17 one way.","url":"https://etfiq.com/funds/urnj/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":4328,"truncated":false,"content":"ETFIQ / URNJ / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n URNJ bid-ask spread and liquidity\n As of Oct 20, 2026, URNJ\u2019s median bid-ask spread over 30 days was 0.34%.\n IQ Liquidity Score\n Not scored, 2 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, 38.5 0.34% median spread, 30 days to Oct 20, 2026 Capacity Holdings can absorb up to $44,217 a day; part of the book has no volume figure Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 6 active dealers of 6; largest 45% 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 Cost for your order\n URNJ one-way cost at each order size: half its 30-day median spread to Oct 20, 2026; sizes above $10,000 add an estimate of market impact. Source: ETFIQ. Order Dollars Percent Basis \n $1,000 $1.70 0.17% spread \n $10,000 $17 0.17% spread \n Capacity\n Its holdings can absorb up to $44,217 a day, measured on its own holdings, as of Oct 22, 2026. The holding that sets the limit is Laramide Resources Ltd. (LMRXF), 0.94% of the fund.\n Dealers\n 6 active of 6 authorized participants; the largest did 45% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 17, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (44.9%), J.P. Morgan Securities LLC (37.8%), Jane Street Capital, LLC (9.8%), UBS Securities LLC (3.7%), BofA Securities, Inc. (2.9%), Virtu Americas LLC (0.9%).\n How to trade URNJ\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. Size Part of its book has no volume figure, so the room for a large order is an upper bound. 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 What is URNJ\u2019s bid-ask spread? 0.34% of the midpoint, the median over the 30 days to Oct 20, 2026, as its issuer states it. Who is the AP for URNJ? URNJ\u2019s latest Form N-CEN, for the period ending Dec 31, 2025, lists 6 authorized participants (APs), and 6 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (44.9%), J.P. Morgan Securities LLC (37.8%), Jane Street Capital, LLC (9.8%) of the dollars its APs created and redeemed. Who is the LMM for URNJ? URNJ\u2019s lead market maker (LMM) on Nasdaq is Virtu Americas LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. What does it cost to trade $10,000 of URNJ? About $17 one way, 0.17%: half its 30-day median spread. In and out costs twice that. Sources and dates\n Spread: Sprott (fund page), 30 days to Oct 20, 2026 ( the issuer\u2019s page ).\n Capacity: ETFIQ, from each holding\u2019s 20-day median dollar volume, to Oct 22, 2026.\n Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0001049169-26-000822.\n Where to next\n URNJ 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 URNJ 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, URNJ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/urnj/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, URNJ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/urnj/trading/ APA ETFIQ. (Oct 22, 2026). URNJ trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/urnj/trading/ Markdown [URNJ trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/urnj/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, URNJ trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/urnj/trading/"}