As analysts who deal with exchange-traded products on a daily basis, it can be all too easy to immerse ourselves in the study of very niche exchange-traded fund peculiarities. For that very reason, we often rely on you, the reader, to focus our energies. We have noticed that Morningstar readers, and website users have raised questions that span a broad range of topics--from ETF basics to macro portfolio-level allocation decisions--we've noticed several recurring themes. We at Morningstar really appreciate this user interaction and feedback and would like to take this opportunity to address your questions.
Can you explain the ETF market price vs. net asset value, and why there aren't the disparities you'd see in closed-end funds?