{"url":"https://etfiq.com/funds/binv/trading/","section":"funds","title":"BINV Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"BINV trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"Sep 11, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/binv/trading/#data","name":"BINV trading costs and liquidity","description":"BINV trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/binv/trading/","dateModified":"2026-09-11","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":"Who is the AP for BINV?","acceptedAnswer":{"@type":"Answer","text":"BINV\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 8 authorized participants (APs), and 5 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (66.8%), BofA Securities, Inc. (21.6%), Virtu Americas LLC (4.8%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for BINV?","acceptedAnswer":{"@type":"Answer","text":"BINV is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange\u2019s own program, so this does not mean it has no LMM."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/binv#fund","name":"Brandes International ETF","alternateName":"BINV","url":"https://etfiq.com/funds/binv","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"BINV"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/binv#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"BINV","item":"https://etfiq.com/funds/binv"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/binv/trading/"}]},{"@type":"WebPage","name":"BINV Bid-Ask Spread, Liquidity and NAV Premium","description":"BINV trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/binv/trading/","dateModified":"2026-09-11","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":5281,"truncated":false,"content":"ETFIQ / BINV / Trading \n \n As of Sep 11, 2026. Rebuilt every trading night.\n BINV bid-ask spread and liquidity\n In the year to Jun 30, 2026, 5 of BINV\u2019s 8 authorized participants created or redeemed shares.\n IQ Liquidity Score\n Not scored, 1 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 Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: 48.5% of its long weight could be measured; the largest part not measured is foreign Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 5 active dealers of 8; largest 67% of creations and redemptions, N-CEN to Jun 30, 2026 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 Capacity\n Not measured: 48.5% of its long weight could be measured; the largest part not measured is foreign.\n Dealers\n 5 active of 8 authorized participants; the largest did 67% of creations and redemptions, in the year to Jun 30, 2026 (Form N-CEN filed Sep 11, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Goldman Sachs & Co. LLC (66.8%), BofA Securities, Inc. (21.6%), Virtu Americas LLC (4.8%), UBS Securities LLC (3.7%), Mizuho Securities USA LLC (3.2%). 3 more were listed and created or redeemed nothing.\n How to trade BINV\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. What retail orders paid\n In Sep 2026, retail market orders in BINV paid $2.19 one way on $10,000, against $16 at the quote. 98% of shares filled better than the quote.\n BINV: 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 $2.19 \n Fidelity customers \u2212$0.14 \n Schwab customers $3.50 \n BINV: 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) $4.45 \n Sep 2025 (old format) $3.89 \n Oct 2025 (old format) $5.15 \n Nov 2025 (old format) $4.50 \n Dec 2025 (old format) $4.60 \n Jan 2026 (old format) $2.00 \n Feb 2026 (old format) $4.59 \n Mar 2026 (old format) $3.76 \n Apr 2026 (old format) $5.42 \n May 2026 (old format) $3.54 \n Jun 2026 (old format) $5.95 \n Jul 2026 (old format) $1.41 \n Aug 2026 $3.67 \n Sep 2026 $2.19 \n BINV ranked 1979th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.0012% of the market-order dollars in 4 retail brokers\u2019 reports. Retail activity ranking \n Where it trades\n In Q2 2026, 89% of BINV\u2019s shares traded off exchange on the median day. Odd lots, under 100 shares, were 18.9% 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 Who is the AP for BINV? BINV\u2019s latest Form N-CEN, for the period ending Jun 30, 2026, lists 8 authorized participants (APs), and 5 created or redeemed shares. The largest were Goldman Sachs & Co. LLC (66.8%), BofA Securities, Inc. (21.6%), Virtu Americas LLC (4.8%) of the dollars its APs created and redeemed. Who is the LMM for BINV? BINV is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange\u2019s own program, so this does not mean it has no LMM. Sources and dates\n Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0000940400-26-036392.\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 BINV 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 BINV 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, BINV trading: cost, capacity, premium and dealers, data as of Sep 11, 2026. https://etfiq.com/funds/binv/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, BINV trading: cost, capacity, premium and dealers, data as of Sep 11, 2026. https://etfiq.com/funds/binv/trading/ APA ETFIQ. (Sep 11, 2026). BINV trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/binv/trading/ Markdown [BINV trading: cost, capacity, premium and dealers (ETFIQ, Sep 11, 2026)](https://etfiq.com/funds/binv/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, BINV trading: cost, capacity, premium and dealers, data as of Sep 11, 2026. https://etfiq.com/funds/binv/trading/"}