Chênh lệch giá so với NAV
Chênh lệch giữa giá thị trường của ETF và giá trị tài sản ròng (NAV), và lý do chênh lệch này xuất hiện.
An ETF trades at a premium when its market price is above its NAV and at a discount when below. The percentage gap is (price − NAV) ÷ NAV. For most large U.S.-equity ETFs the gap stays within a few basis points because authorized participants profit from closing it.
Persistent premiums or discounts appear where arbitrage is harder: funds holding foreign securities (time-zone mismatch), bond funds during stressed markets (stale bond quotes), or funds with capped creations. A discount is not automatically a bargain, and a premium is not proof of quality — both mainly reflect pricing friction.
Practical takeaway: check the typical premium/discount behavior of a fund, and be careful trading in the first and last minutes of the session or when the underlying market is closed.