An ETF share trades at a premium when its market price is:

1. An ETF has two values at once: the market price its shares trade at, and the value of its underlying holdings. 2. A premium means the market price sits above the value of those underlying holdings. 3. A market price below that value is a discount, which is the mirror case. 4. A history of end-of-day premiums and discounts is usually published on the website of the ETF or its sponsor. _Source: US SEC Office of Investor Education and Advocacy, "Mutual Funds and ETFs: A Guide for Investors", section How ETFs Work_