# BINV Bid-Ask Spread, Liquidity and NAV Premium

> BINV trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.

Data as of Sep 11, 2026. Rebuilt every trading night.

As of Sep 11, 2026. Rebuilt every trading night.

## BINV bid-ask spread and liquidity

In the year to Jun 30, 2026, 5 of BINV’s 8 authorized participants created or redeemed shares.

### IQ Liquidity Score

Not scored, 1 of 6 measured.

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

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)

### Capacity

Not measured: 48.5% of its long weight could be measured; the largest part not measured is foreign.

### Dealers

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).

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.

### How to trade BINV

When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data.

### What retail orders paid

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.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $2.19 |
| Fidelity customers | −$0.14 |
| Schwab customers | $3.50 |

| Month | One way on $10,000 |
| --- | --- |
| Aug 2025 (old format) | $4.45 |
| Sep 2025 (old format) | $3.89 |
| Oct 2025 (old format) | $5.15 |
| Nov 2025 (old format) | $4.50 |
| Dec 2025 (old format) | $4.60 |
| Jan 2026 (old format) | $2.00 |
| Feb 2026 (old format) | $4.59 |
| Mar 2026 (old format) | $3.76 |
| Apr 2026 (old format) | $5.42 |
| May 2026 (old format) | $3.54 |
| Jun 2026 (old format) | $5.95 |
| Jul 2026 (old format) | $1.41 |
| Aug 2026 | $3.67 |
| Sep 2026 | $2.19 |

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’ reports. Retail activity ranking

### Where it trades

In Q2 2026, 89% of BINV’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 18.9% of its exchange volume.

### Coming with trade data

Spread through the day, buyers against sellers, large trades and the closing auction’s share, each once ETFIQ has trade and quote data.

### Questions people ask

Who is the AP for BINV? BINV’s 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’s own program, so this does not mean it has no LMM.

### Sources and dates

- Dealers: Form N-CEN, the year to Jun 30, 2026, accession 0000940400-26-036392.

- 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’s request, so its orders are not counted.

- Where it trades: SEC MIDAS, Q2 2026, against the fund’s daily volume from Tiingo.

### Where to next

The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, BINV trading: cost, capacity, premium and dealers, data as of Sep 11, 2026. https://etfiq.com/funds/binv/trading/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/binv/trading/