ETF premium to NAV calculator: what the gap costs on your shares
An ETF can trade above or below what its holdings are worth. Enter the price, the NAV and your shares to see the gap in dollars.
How it works: NAV is what the fund's holdings are worth, divided by its shares. The last price is what the latest buyer and seller agreed on. Gap per share = price − NAV. Gap in dollars = gap per share × your shares. Premium or discount % = gap per share ÷ NAV. A positive gap is a premium. A negative gap is a discount.
Price and NAV are not the same number
NAV is worked out from what the fund owns. The price is set by trading. They usually sit close. When they do not, a buyer at a premium pays more than the holdings are worth, and a seller at a discount gets less. In the default, 500 shares cost $200 more than the basket behind them.
A fund's own NAV is posted by the fund, and may be a day old or priced at a different time than your quote. Type the NAV you were given. See NAV and premium and discount.
The usual mix-up
A fund can trade at a premium and still go up. A premium is a cost on the day you buy, not a forecast. ETF versus mutual fund shows why a mutual fund has no such gap.
Follow along