Consider an ETF holding three stocks: Stock A has a 40% weight, Stock B has a 35% weight, and Stock C has a 25% weight. At 3:15pm, their prices are ₹100, ₹200 and ₹400, respectively, giving the ETF an iNAV of ₹210. At this point, the iNAV accurately reflects the value of all three underlying holdings.
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