NAV Premiums, Discounts, and iNAV

NAV premium and discount pages explain how traded fund prices can diverge from underlying value.

This subsection is most relevant for ETFs, closed-end funds, and intraday pricing comparisons.

In this section

• Discount to NAV
  Situation in which a fund's market price trades below its net asset value, most often discussed for closed-end funds.
• Indicative Net Asset Value (iNAV): Meaning and Example
  Learn what indicative net asset value means, how it is used with exchange-traded products, and why it is only an estimate rather than a final NAV.
• Premium to NAV
  Situation in which a fund's market price trades above its net asset value, often because investors value the structure or strategy more highly than the portfolio alone.