Was ist der ETF-NAV?
Nettoinventarwert (NAV): der anteilige Wert aller Fondsbestände, berechnet nach Handelsschluss.
Net asset value (NAV) is the value of everything an ETF owns, minus liabilities, divided by shares outstanding. It is calculated once per day after the market closes, using closing prices of the underlying holdings. NAV is the fund's 'accounting' value per share.
The market price you trade at is set by supply and demand on the exchange, so it can drift slightly above NAV (a premium) or below it (a discount). For large, liquid ETFs holding U.S. stocks the gap is usually a few hundredths of a percent, because professional traders arbitrage it away.
Gaps get wider when the underlying assets are hard to price in real time — international stocks whose home markets are closed, thinly traded bonds, or during volatile sessions. That is why this site labels premium/discount figures as indicative.