FYI: Ever since the “ETF Rule” dropped two weeks ago, a lot of smart minds have spilled a lot of ink digging into its juiciest parts. No more exemptive relief! Custom baskets! Daily portfolio transparency! It's a veritable grab bag—albeit a nerdy one—of goodness for investors and the industry alike (read: "SEC Passes Landmark 'ETF Rule'").
Yet one item in the ruling has mostly gone under the radar, and that's the de facto death of iNAV.
"iNAV," or intraday net asset value (also intraday indicative value, "IIV"; or indicative optimized portfolio value, "IOPV"), is an intraday estimate of an ETF's net asset value, based on the current trading prices of the fund's constituent securities (read: "Understanding iNAV").
Regards,
Ted
https://www.etf.com/sections/features-and-news/etf-eulogy-inav?nopaging=1
