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ETP's trade at market price throughout the day. However, they also have a net asset value (NAV), or an indicative note value (INV) in the case of exchange traded notes. NAV is calculated based on the closing price of the underlying securities held by the ETP, subtracting expenses and dividing by the number of shares outstanding. If the market price is greater than the NAV, it's called a premium; if it's lower, it's called a discount. This chart shows the average premium or discount by month, and also plots the average premium or discount across the timeframe.
This chart illustrates the performance of a hypothetical $10,000 investment made in the fund on 12/31/1999, or on its commencement of operations (whichever is later). The values charted include reinvestment of capital gains and dividends, but do not reflect the effect of applicable sales charges or redemption fees, which would lower the values. This chart is not intended to imply future performance of the fund.
Because investors have different timeframes for their investments, both short-term and long-term return data is provided. For better comparison of products, the same As Of dates for different timeframes are also provided. Daily, month-end, and quarter-end returns are available for view. Previous trading day price performance will be available on Fidelity.com by 8 AM ET next day.
Because ETP's can trade at a discount or premium given their net asset value (NAV), there are two ways that returns can be calculated. NAV returns are based on the closing price of the ETP's underlying securities, while market returns are based on the closing price on the exchange of the ETP itself.
The volatility measurements use the same timeframes as the month-end performance returns. It can be helpful to view performance and risk numbers side by side to better understand the connection between risk and return.