# ETF Premium and Discount to NAV Explained

> On Oct 22, 2026, MBND closed 1.14% below its net asset value. On 95% of its 251 days to then, it stayed within ±0.91%. Not advice.

Data as of Oct 22, 2026. Rebuilt every trading night.

Figures as of Oct 22, 2026.

## Premiums and discounts to NAV

On Oct 22, 2026, MBND closed 1.14% below its net asset value. On 95% of its 251 days to then, it stayed within ±0.91%.

Net asset value (NAV) is what a fund’s holdings are worth per share, after its liabilities.

The market price is what the shares trade for. Above NAV is a premium. Below it is a discount.

### Why the gap stays small

Authorized participants (APs) keep the two close.

When the price is above NAV, an AP can deliver the holdings, receive new shares and sell them.

When it is below, an AP can buy shares and redeem them for the holdings.

Each trade pulls the price back toward NAV.

### When the gap grows

The holdings are hard to trade, such as small companies or some bonds.

The holdings’ market is closed, so NAV is hours old.

Dealers step back in a sell-off.

### The live example

MBND closed 1.14% below NAV on Oct 22, 2026. It closed more than 1% away on 8 of 251 days.

That day, 34 ETFs closed outside the range they held on 95% of their days.

### Using it on a trade

A buyer at a premium pays more than the holdings are worth. A seller at a discount receives less.

A buyer at a discount, or a seller at a premium, gets the gap.

Each fund’s trading page prints its record against NAV. Compare today’s gap with it before a buy or a sell.

Funds of foreign stocks are a special case. The international guide covers them.

Live · MBND · Oct 22, 2026

−1.14%

MBND closed −1.14% from its NAV, beyond the ±0.91% it held on 95% of its 251 days.

Latest close against NAV −1.14% 95% of days within ±0.91% Days more than 1% from NAV 8 of 251 ETFs outside their range that day 34 Close against the issuer’s NAV, Oct 23, 2025 to Oct 22, 2026 · ETFIQ

### Related funds

### Related rankings

### Questions people ask

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’ value. A discount means below. What is NAV for an ETF? Net asset value: the holdings’ 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

A guide to trading conditions, not advice. ETFIQ makes no recommendations. Standards and sources

---

Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, Premiums and discounts to NAV, data as of Oct 22, 2026. https://etfiq.com/trading/premiums/
Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/trading/premiums/