In normal functioning markets, maybe? When stuff like the events of the past few months happen, markets just stop trading altogether. If there's thin trading in

In normal functioning markets, maybe? When stuff like the events of the past few months happen, markets just stop trading altogether. If there's thin trading in an already illiquid market, there's no mechanism that forces things to reprice. What you see as NAV did not reflect executable levels. That's why you saw bond ETFs trading at such a discount because those were the only things people were able to sell. In a lot of cases most people decided they'd rather short 25mm of an ETF at -x% discount and have it retrace to NAV par than sell 10mm bonds down -1.5x% and then the next 15mm at an even steeper discount. Crude example, not how bonds are quoted, and you probably would have to sell those bonds in way more trades than that but hope it serves as an example.