management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks . the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities . treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio . treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives . for further information on derivatives , refer to note 5 . in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments . for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 . for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 . the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s . and non-u.s . government securities , obligations of u.s . states and municipalities , other abs and corporate debt securities . at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) . refer to note 10 for further information on the firm 2019s investment securities portfolio . selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 . for additional information , refer to notes 1 and 10. .

Table: as of or for the year ended december 31 ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ -395 ( 395 ) $ -78 ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838

management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks . the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities . treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio . treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives . for further information on derivatives , refer to note 5 . in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments . for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 . for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 . the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s . and non-u.s . government securities , obligations of u.s . states and municipalities , other abs and corporate debt securities . at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) . refer to note 10 for further information on the firm 2019s investment securities portfolio . selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 . for additional information , refer to notes 1 and 10. .

Question: what is the average of the afs investment securities during the years 2016-2018?
Answer: 221866
Calculation: divide(add(add(228681, 200247), 236670), const_3)
Explanation: its the average of afs investment securities during those 3 years .