iNAV
The indicative net asset value of an ETF, computed and published continuously through the trading day.
Formula
iNAV = (Live Value of the Underlying Basket + Cash Component) / Units Outstanding
Unit
₹
In depth
Because an ETF trades all day while its official NAV is struck only after the close, the iNAV exists so buyers can see roughly what the units are worth at any moment. Comparing the market price with the iNAV before placing an order is the single most useful discipline in ETF buying, and it takes seconds. For ETFs holding assets that are not trading — international holdings, or debt in a closed market — the iNAV is stale and the comparison is less reliable. A wide and persistent gap between price and iNAV is a warning about that ETF's liquidity, not an opportunity.
Worked example
An ETF quotes ₹247.80 against an iNAV of ₹245.30, a premium of 2.50 / 245.30 = 1.02%. Buying at the market price means paying about one percent above what the holdings are worth.
Illustrative figures, chosen so the arithmetic is easy to follow. Not a live price and not a valuation of any company.
Educational reference only
This entry explains what “iNAV” means. It is not investment advice and not a recommendation to buy or sell any security. Any numbers above are illustrative, not live prices, and nothing here predicts price direction or rates a stock. Consider your own circumstances and consult a SEBI-registered investment adviser before acting.