ETF Fair Value Calculator
An ETF has no fair value of its own. It is a basket, and it is worth what the stocks inside it are worth. This calculator resolves the holdings against their fair value and weights them by portfolio share. For 650 funds the answer is ready, and you can enter your own numbers alongside.
SPY · State Street® SPDR® S&P 500® ETF Trust
| Largest holdings | Weight | to fair value |
|---|---|---|
| NVIDIA Corporation | 8.08 % | −55.9 % |
| Apple Inc. | 7.03 % | −47.0 % |
| Microsoft Corporation | 5.69 % | −23.3 % |
| Amazon.com Inc | 3.84 % | −49.9 % |
| Alphabet Inc Class A | 3.01 % | k. A. |
| Broadcom Inc | 2.65 % | −67.8 % |
| Alphabet Inc Class C | 2.40 % | −56.5 % |
| Meta Platforms Inc. | 1.90 % | −9.8 % |
Valuation data as of Sep 4, 2026. A plus means the holdings trade below their fair value on average.
Enter the positions you know: weight in the fund and how far the stock sits below or above its fair value. A minus means overvalued. The calculator weights by share and honestly excludes the part you did not cover.
Two entirely different questions that also go by "fair value". Above: does the ETF trade above or below the value of its basket at today's prices (NAV). Below: where a index future should sit arithmetically.
Fair value of an index future
How the fair value of an ETF is calculated
The method has three steps and is deliberately boring, because that is exactly where most answers on the web fail: they value the fund as a whole, although there is nothing there to value. A fund earns no profits, its holdings do.
1. Value every holding separately
Every stock in the basket runs the full valuation: 26 models on audited fundamentals, weighted by evidence. That yields a fair value per stock and the gap to its current price.
2. Weight by portfolio share
A position with eight percent weight counts eight times as much as one with one percent. That is precisely why an index can be expensive while most of its members are cheap: the heaviest positions decide.
Fund gap = Σ (weightᵢ × gapᵢ) / Σ weightᵢ3. Disclose the coverage
Not every position can be resolved, and no fund discloses everything. We report which share of the basket was actually valued. Below 50 percent the result counts as not robust. A number without a coverage figure is not an answer, it is a claim.
Three things "ETF fair value" can mean
Anyone searching for the fair value of an ETF means one of three very different things. They get mixed up constantly, and the mix-up costs money, because two of them say nothing about expensive or cheap.
Look-through valuation (what this page does)
What the underlying companies are fundamentally worth, weighted by share. This is the only one of the three that answers whether the fund is expensive.
Price versus NAV (premium or discount)
NAV is the sum of the market prices of every position. If the ETF trades above it, you pay a premium on the basket. For large, liquid funds this is usually under 0.1 percent. It says nothing about expensive or cheap.
Premium % = (price − NAV) / NAV × 100Futures fair value on an index
The theoretical forward price from spot, interest rate and dividend yield. It explains why the future quotes differently from the index before the open, and it is pure interest arithmetic.
Fair Value = Index × [1 + (r − q) × d / 360]ETFs furthest from fair value, today
Filtered to funds where at least half the basket could be valued. Of 335 robustly covered funds, 13 sit below fair value on average.
Most attractively valued
- CHIUGlobal X MSCI China Utilities ETF +65 %
- CHIQGlobal X MSCI China Consumer Disc ETF +56 %
- FXIiShares China Large-Cap ETF +53 %
- KWEBKraneShares CSI China Internet ETF +44 %
- FLCHFranklin FTSE China ETF +38 %
- FCFYFirst Trust S&P 500 Diversified Free Cash Flow ETF +30 %
- MCHIiShares MSCI China ETF +28 %
- ITBiShares U.S. Home Construction ETF +19 %
- TANInvesco Solar ETF +18 %
- C003Amundi Index Solutions - Amundi DivDAX I UCITS ETF EUR Distributing +8 %
Most expensively valued
- DRUPAmundi MSCI Disruptive Technology ESG Screened ETF Accumulation EUR −86 %
- ARKKARK Innovation ETF −73 %
- ARKQARK Autonomous Technology & Robotics ETF −70 %
- ARKWARK Next Generation Internet ETF −69 %
- FDTXFidelity Disruptive Technology ETF −68 %
- MIDAmerican Century Mid Cap Growth Impact ETF −67 %
- XDATFranklin Exponential Data ETF −66 %
- FMEDFidelity Disruptive Medicine ETF −66 %
- BUGGlobal X Cybersecurity ETF −64 %
- SOXXiShares Semiconductor ETF −64 %
All 650 valued ETFs by category →
Frequently asked questions
How do you calculate the fair value of an ETF?
An ETF has no fair value of its own, it is a basket. You value each holding separately, take the gap between price and fair value per position, and weight those gaps by portfolio share. The result is the fund's look-through value: if the holdings sit below their fair value on average, the fund is attractively valued too.
Is that the same as NAV?
No, and this is the most common mix-up. NAV is the sum of the market prices of every position, so the book value of the basket at today's prices. Fair value asks what those positions are fundamentally worth. An ETF can trade exactly at NAV and still sit 40 % above fair value, because the whole basket is expensive.
What does fair value mean for futures?
That is the third meaning and it has nothing to do with valuation. For index futures, fair value is the theoretical forward price from spot, the interest rate and the dividend yield over the remaining term. It says where the future should sit arithmetically, not whether the index is expensive.
How reliable is the look-through?
As far as the fund discloses its positions. For every fund we show which share of the basket could actually be valued. Below 50 % coverage we flag the result as not robust, rather than showing a number built on a sixth of the portfolio.
Can an entire index be overvalued?
Yes. That is exactly what the look-through is for. When the heaviest positions of an index all sit far above their fair value at once, the index fund carries that valuation one to one, no matter how low its fee is.
Keep calculating
The look-through is only as good as the valuation of the single stock. These tools answer the same question at the single-name level.
All ETFs by fair value · Is the market overvalued? · Calculate a stock's fair value · All calculators · Undervalued stocks