Hello everyone, I've been trying my best to independently figure out how certain firms (SIG, Jane, FNY's international arb desk) figure out where certain international ETFs should be priced when the actual markets are closed. For example, EEM trades in the US during 9:30 to 4pm. However, certain countries and stocks in EEM are not trading. How to you figure out the NAV or fair value of this thing? Apparently one thing that SIG and DRW focus on is the fair value of the ETF via some proprietary formula (I assume this formula is based on how the US did today, whether we are up or down, whether the dollar is up or down, etc.). Where do I go from here?