What an ETF iNAV Is
An iNAV is a fair value obtained by summing what an ETF's holdings are worth right now. Where the official net asset value comes out once a day, this estimate is refreshed every few seconds even outside the domestic session.
How does the net asset value differ from an iNAV?
The net asset value is the worth of one ETF share, fixed and published once a day by the manager. The iNAV takes that value as its starting point and reflects where the prices of the holdings stand right now, which makes it an estimate rather than an official figure. The i in front of the name stands for intraday, and this screen stretches that idea across the hours when the Korean regular session is shut.
How is it computed?
The holdings are added up one by one. A United States equity is revalued at its live price in the United States market multiplied by the exchange rate now, while Korean equities and cash are held at their value on the anchor date. That sum divided down to one ETF share is the iNAV. The anchor date is the date of the last published net asset value and is shown on the screen beside it.
The exchange rate enters as the ratio of the rate now to the rate on the anchor date. A hedged fund is computed without that exchange rate term.
Which holdings move and which are held fixed?
The status marks in the holdings table give the answer. Priced live means a holding trading in the United States market. Frozen covers a Korean equity, a holding listed outside the United States, or a holding that trades only over the counter, none of which have a live price available, so they stay at their anchor date value. The larger the frozen share, the less the iNAV follows the fund's actual worth.
How far can it be trusted?
The iNAV is an estimate and will not match the net asset value published the next day exactly. If the live feed from the United States market drops for a moment the last value is held, and if the exchange rate source drops the previous rate is carried forward. It is best read as a reference value alongside the timestamp shown on the screen.
Frequently Asked Questions
- Is the iNAV an official net asset value?
- No. It takes the last published net asset value as its starting point and estimates from there with the live prices of the holdings and the exchange rate. It will not match the net asset value published the next day exactly.
- How often is the iNAV refreshed?
- It is recomputed every few seconds while the United States market is open. When the value does not change the update time does not move either, which can be checked against the timestamp shown on the screen.