BNO bid-ask spread and liquidity

United States Brent Oil Fund, LP ETV
CommoditiesUSCF$875m net assets1.15% fee
Share

As of Oct 22, 2026, BNO closed +0.03% from its NAV, and on 95% of the 14 days to then it was within ±0.77%.

Ask IQ about this page

Ask IQ about BNO bid-ask spread and liquidity

Answers cite the figures on this page.

OverviewTradingFlowsCompare

IQ Liquidity Score

0 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
Not measured · the issuer's 30-day median spread is not read for this fund
·
Capacity
Not measured · a commodity fund: its reference market has no volume source here
·
Price fidelity
Not measured · 14 days of closing premium are held, under the 20 needed
·
Primary market
Not measured · no N-CEN ETF row for CIK 0001472494 (no series id) in the quarters read (2024q4 to 2026q3)
·
Bad-day behaviour
Not measured · 0 of the 10 worst days and 14 other days are held, under the 5 and 60 needed
·
Depth
Not measured · needs trade and quote data (Phase 2)
·

Premium or discount to value

Daily, 14 days to Oct 22, 2026 · the ±1% band marked
BNO premium or discount to NAV, 14 days+1%0−1%Oct 2, 2026Oct 22, 2026
Latest close, Oct 22
+0.03%
95% of days within
±0.77%
Days more than 1% from NAV
0 of 14
Widest
+0.77%, Oct 7, 2026

Close against the NAV its issuer struck the same day, from the issuer. Source: ETFIQ. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

Capacity

What the holdings can absorb a day

Not measured: a commodity fund: its reference market has no volume source here.

How to trade BNO

To buy or to sell, up to $100,000
When
Its holdings trade on markets that close before New York, so its price can drift from their value later in the day.
Watch
The premium. On 95% of days it is within ±0.77%; 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

Does BNO trade at a premium or discount to NAV?

It closed +0.03% from its NAV on Oct 22, 2026. On 95% of the 14 days to then it was within ±0.77%, and it closed more than 1% from NAV on 0 of them.

Who is the LMM for BNO?

BNO’s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026.
Sources and dates
Premium to NAVETFIQ, close against the issuer’s NAV · Oct 2, 2026 to Oct 22, 2026
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 →BNO fund page→
Cite this pageCitation, APA and Markdown

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

Open data →

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