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Another key difference between bond ETFs and equity ETFs is the way that they calculate underlying value.

Since stocks trade on an exchange, the public can see each stock's current price at any point during market hours, as well as a closing price at market close. ETF providers use stocks' prices to calculate an ETF's intraday underlying value throughout the trading day, and the closing net asset value ( NAV ) of an equity ETF is typically very close to the ETF's closing price.

Bonds trade OTC, and there's typically no central market where investors can see where bonds were bought and sold. At the same time the majority of bonds do not trade every day and so their value must be estimated based upon available market information. This means that the calculation of a bond ETF's underlying value is going to be less precise than a stock ETF's underlying value. As a result, bond ETFs tend to experience more premiums and discounts, or deviation between the closing ETF price and the closing NAV.

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