NAV vs. Closing Price
NAV vs. Closing Price | Performance | Understanding Long-Term Performance
Investors in any ETF, including ProShares, should be aware of potential differences between daily net asset value (NAV) and closing price. ProShares NAVs are calculated using prices as of 4:00 PM Eastern Time, when equity markets close. However, like many ETFs, ProShares trade on their respective exchanges until 4:15 PM Eastern Time, when the equity futures markets close.
The closing price of any ProShares, which is the recorded price of the last trade, can occur before or after 4:00 PM, when the NAV is calculated. Therefore, there may be a difference on any given day between a ProShares NAV and its closing price.
Investors should note that each ProShare is designed to track the 4:00 P.M. value of the index underlying its benchmark.
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