Watch52 · a finding from public data

MAFANG has traded 19% above what it holds. For two years.

Published 4 Sep 2026 · Data updated 8 Sep 2026 · By Watch52

Mirae Asset's NYSE FANG+ ETF is the most popular way for Indian investors to own US tech. Every trading session since November 2024, its NSE price has sat well above the value of the stocks inside it. On some days, far above. Nothing in your broker app tells you which days.

Median premium over NAV, last 2 years

18.7%

473 sessions · 3 Sep 2024 – 2 Sep 2026

Worst single day to have bought

26.6%

18 Dec 2024 · ₹139.17 vs NAV ₹109.90 · normal was 1.3%

Sessions unusually expensive vs its own normal

152

≥ 2pp above the 90-session median

MAFANG — NSE close vs NAV, premium %

  • Premium to NAV
  • 90-session median
  • ≥ 2pp above its own median
Premium = (NSE closing price − published NAV) ÷ NAV, per session. The grey line is the rolling 90-session median — the fund's own "normal". Red shading marks sessions at least 2 percentage points above that normal: the days a buyer paid more than usual for the same basket. Hover or tap for the exact numbers.

What you are looking at

An ETF has two prices. The NAV is what the stocks inside one unit are worth — published by the fund house every evening. The market price is what a unit trades for on NSE. In a healthy ETF they stay within half a percent of each other.

MAFANG's have not. Through September and October 2024 the two prices matched. From 11 November 2024 they came apart, and within five weeks a unit cost 26.6% more than the stocks it contained. They have never fully closed since. The premium has oscillated between roughly 15% and 30% ever since, with a two-year median of 18.7%.

Why it happens

Normally, when an ETF's price drifts above its NAV, large intermediaries create new units and sell them, which pushes the price back down. That arbitrage is what keeps ETFs honest.

Indian fund houses have a regulatory ceiling on how much they may invest overseas. When that ceiling is hit, they are barred from creating new units of international ETFs. No new units means no arbitrage. The price detaches from the NAV and stays detached until the ceiling reopens.

This is not a bug in MAFANG. It is a structural property of owning US stocks through an Indian wrapper, and it applies to every international ETF listed here.

What it costs

Buy at ₹139 when the basket is worth ₹110, and you have paid ₹29 for nothing. If the ceiling reopens and the premium collapses, you lose that ₹29 even if every stock in the fund is flat.

The persistent ~19% is one cost. The spikes on top of it are another — and those are the avoidable part. On 18 December 2024, the premium was 26.6% while the fund's own 90-session normal was just 1.3%. A buyer that day paid 25 percentage points more than the fund's recent history said to expect. On 4 April 2025 and 5 June 2026 the premium touched 30%.

None of this shows up in a broker app. The order screen shows one number: the price.

The honest caveat

Part of any single day's "premium" is an artifact. NAV is computed after US markets close — 1:30am IST — so the NAV dated Tuesday reflects a different moment than Tuesday's NSE close. That timing gap can add or subtract a couple of points on any given day.

It cannot produce a persistent 19% for two years. That part is real. But it is why this page shades against the fund's own 90-session median, not against zero: red means unusually expensive for MAFANG, not merely "above NAV". Read the shaded days, not the individual wiggles.

How this was computed

Every number on this page comes from two public sources and one line of arithmetic, so you can check it.

  • NAV — AMFI's official daily NAV for scheme 148927 (Mirae Asset NYSE FANG+ ETF), via the free mfapi.in history endpoint.
  • Price — NSE daily close for MAFANG.NS.
  • Premium — (close − NAV) / NAV × 100, per session, on the 473 sessions where both were published.
  • Normal — the median premium over the trailing 90 sessions, the same baseline Watch52 uses for its premium_above_median alert.

Data as of 2 September 2026. The full series is in the table below.

The unusually expensive stretches

FromToSessionsPeak premiumPeak vs normal
11 Nov 202427 Feb 20257026.6%+25.3pp
3 Apr 20257 Apr 2025330.2%+11.9pp
7 Jul 202518 Jul 20251024.7%+7.7pp
14 Aug 202521 Aug 2025523.7%+5.9pp
3 Feb 20265 Feb 2026326.6%+6.5pp
4 Jun 20268 Jun 2026330.1%+10.8pp
22 Jun 202625 Jun 2026425.8%+6.5pp
Show all 473 sessions
DateClose ₹NAV ₹Premium90-day median