what is indicative net asset value inav 
indicative net asset value inav is a measure of the intraday net asset value nav of an investment inav is reported approximately every 15 seconds it gives investors a measure of the value of the investment throughout the day understanding indicative net asset value inav the inav is reported by a calculation agent typically the exchange that the investment is trading on an inav can be reported for both closed end mutual funds and exchange traded funds etfs the inav uses the same methodology as a fund s accounting nav the calculation agent will use the established price of all securities in the portfolio to generate the total asset value the fund s liabilities are subtracted from total assets and the remainder is divided by the number of shares calculation agents have access to fund data for generating the inav every 15 seconds throughout the day in some cases the inav may also be given its own ticker for tracking purposes indicative net asset value inav vs net asset value nav the inav is a tool that helps to keep funds trading near their par value with inav reports every 15 seconds it represents a nearly real time view of the value of a fund reporting an inav can help a fund to avoid significant premium and discount trading closed end funds and etfs calculate net asset values because of their status as a mutual fund investment under the investment company act of 1940 while they calculate a daily net asset value the funds trade on the open market like stocks with transactions occurring at the market price the accounting nav is a function of their registered status and a requirement of the securities and exchange commission sec an investment s accounting nav is calculated at the end of each trading day special considerationssince closed end funds and etfs trade on an exchange they will often offer a premium or discount to their nav the inav can help to keep funds trading more closely to their accounting value although deviations still occur premiums and discounts can occur for many reasons and they are often a consistent trend for many funds a premium may occur when investors are bullish on a fund s underlying holdings or have a positive outlook on the fund s management discounts generally occur when investors are bearish on the fund or skeptical of the fund s management supply demand and timing of financial market reporting can also affect the fund s exchange trading price 