{"url":"https://etfiq.com/trading/premiums/","section":"trading","title":"ETF Premium and Discount to NAV Explained | ETFIQ","description":"On Oct 22, 2026, MBND closed 1.14% below its net asset value. On 95% of its 251 days to then, it stayed within \u00b10.91%. Not advice.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Article","headline":"Premiums and discounts to NAV","url":"https://etfiq.com/trading/premiums/","dateModified":"2026-10-22","author":{"@id":"https://etfiq.com/#org"},"publisher":{"@id":"https://etfiq.com/#org"},"about":"ETF trading","isAccessibleForFree":true},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What is a premium/discount on an ETF?","acceptedAnswer":{"@type":"Answer","text":"The gap between the share price and NAV. A premium means the shares trade above the holdings\u2019 value. A discount means below."}},{"@type":"Question","name":"What is NAV for an ETF?","acceptedAnswer":{"@type":"Answer","text":"Net asset value: the holdings\u2019 worth per share, after liabilities."}},{"@type":"Question","name":"How is ETF NAV calculated?","acceptedAnswer":{"@type":"Answer","text":"The fund values its holdings, adds cash, subtracts liabilities and divides by its shares."}},{"@type":"Question","name":"Why can the ETF market price differ from the NAV?","acceptedAnswer":{"@type":"Answer","text":"The price moves with every trade. NAV is struck once a day. Hard-to-trade or closed holdings widen the gap."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Trading","item":"https://etfiq.com/trading/"},{"@type":"ListItem","position":3,"name":"Premiums and discounts to NAV","item":"https://etfiq.com/trading/premiums/"}]},{"@type":"WebPage","name":"ETF Premium and Discount to NAV Explained","description":"On Oct 22, 2026, MBND closed 1.14% below its net asset value. On 95% of its 251 days to then, it stayed within \u00b10.91%. Not advice.","url":"https://etfiq.com/trading/premiums/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3630,"truncated":false,"content":"ETFIQ / Trading / Premiums and discounts to NAV \n \n Figures as of Oct 22, 2026.\n Premiums and discounts to NAV\n On Oct 22, 2026, MBND closed 1.14% below its net asset value. On 95% of its 251 days to then, it stayed within \u00b10.91%.\n Net asset value (NAV) is what a fund\u2019s holdings are worth per share, after its liabilities.\n The market price is what the shares trade for. Above NAV is a premium. Below it is a discount.\n Why the gap stays small\n Authorized participants (APs) keep the two close.\n When the price is above NAV, an AP can deliver the holdings, receive new shares and sell them.\n When it is below, an AP can buy shares and redeem them for the holdings.\n Each trade pulls the price back toward NAV.\n When the gap grows\n The holdings are hard to trade, such as small companies or some bonds.\n The holdings\u2019 market is closed, so NAV is hours old.\n Dealers step back in a sell-off.\n The live example\n MBND closed 1.14% below NAV on Oct 22, 2026. It closed more than 1% away on 8 of 251 days.\n That day, 34 ETFs closed outside the range they held on 95% of their days.\n Using it on a trade\n A buyer at a premium pays more than the holdings are worth. A seller at a discount receives less.\n A buyer at a discount, or a seller at a premium, gets the gap.\n Each fund\u2019s trading page prints its record against NAV. Compare today\u2019s gap with it before a buy or a sell.\n Funds of foreign stocks are a special case. The international guide covers them.\n Live \u00b7 MBND \u00b7 Oct 22, 2026 \n \u22121.14%\n MBND closed \u22121.14% from its NAV, beyond the \u00b10.91% it held on 95% of its 251 days.\n Latest close against NAV \u22121.14% 95% of days within \u00b10.91% Days more than 1% from NAV 8 of 251 ETFs outside their range that day 34 Close against the issuer\u2019s NAV, Oct 23, 2025 to Oct 22, 2026 \u00b7 ETFIQ\n Related funds\n MBND trading costs ACQQ trading costs HYD trading costs SMB trading costs Related rankings\n ETFs with the most days more than 1% from NAV Questions people ask\n What is a premium/discount on an ETF? The gap between the share price and NAV. A premium means the shares trade above the holdings\u2019 value. A discount means below. What is NAV for an ETF? Net asset value: the holdings\u2019 worth per share, after liabilities. How is ETF NAV calculated? The fund values its holdings, adds cash, subtracts liabilities and divides by its shares. Why can the ETF market price differ from the NAV? The price moves with every trade. NAV is struck once a day. Hard-to-trade or closed holdings widen the gap. Where to next\n ETF trading costs and liquidity Limit orders vs market orders for ETFs Why low volume does not mean illiquid International ETFs when the home market is closed Bond ETFs in a sell-off Stop orders and Aug 24, 2015 Leveraged and inverse ETFs: trading costs on top of decay Trading a new ETF in its first weeks Ex-dividend days and income ETFs Buffer ETFs: reset day and buying mid-period How to read the IQ Liquidity Score How the IQ Liquidity Score is built A guide to trading conditions, not advice. ETFIQ makes no recommendations. Standards and sources \n Cite this page. ETFIQ, Premiums and discounts to NAV, data as of Oct 22, 2026. https://etfiq.com/trading/premiums/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, Premiums and discounts to NAV, data as of Oct 22, 2026. https://etfiq.com/trading/premiums/ APA ETFIQ. (Oct 22, 2026). Premiums and discounts to NAV. Retrieved from https://etfiq.com/trading/premiums/ Markdown [Premiums and discounts to NAV (ETFIQ, Oct 22, 2026)](https://etfiq.com/trading/premiums/)","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":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, Premiums and discounts to NAV, data as of Oct 22, 2026. https://etfiq.com/trading/premiums/"}