The Financial Intermediation First Fund, listed as «دارا یکم» (DARA) on the Tehran Stock Exchange's exchange traded fund board, closed today, Sunday, September 6, 2026 (15 Shahrivar 1405), at a closing price of 552,923 rials per unit, 1.35% below the previous session's close of 560,485 rials. Its last trade of the day printed at 554,003 rials.
On the same date the fund's redemption value, «قیمت ابطال» (the price at which a unit is cancelled, the Iranian market's NAV per unit), was published at 829,476 rials, and its issue price, «قیمت صدور», at 836,859 rials. The gap between the closing board price and the redemption value is 276,553 rials per unit: 33.3%. Put another way, the market today paid roughly two thirds of what the fund itself accounts for in each unit.
Background
DARA is the largest state backed exchange traded fund on Iran's capital market, and its units were distributed to millions of Iranian households in a public transfer during the 1399 Iranian year (2020 and 2021). The fund has 588,283,082 units outstanding. At today's closing price that is a market value of roughly 32,528 billion tomans; the same units at the September 6 redemption value come to a net asset value of roughly 48,797 billion tomans. The difference between those two figures is about 16,269 billion tomans.
The last month has been a rising one for the fund. On Sahmino's own nightly rebuild dated 15 Shahrivar 1405 (September 6, 2026), DARA's one month return is 28.09%. Its 52 week high was 586,689 rials, set on 10 Shahrivar 1405 (September 1, 2026), and its 52 week low was 234,720 rials. Today's closing price sits 5.8% below that high. The fund's 20 day moving average is 514,304 rials and its 50 day moving average 473,696 rials, both from our own price series and both dated September 6, 2026.
The point of today is that the one month rally did not close the gap to redemption value. The fund turned over roughly 947 billion tomans today across 16,364 trades and 17,131,945 units. Liquidity, in other words, was not the constraint; the discount held through a heavy session.
The numbers
Every figure below is dated September 6, 2026 (15 Shahrivar 1405) unless another date is given beside it.
- DARA closing price: 552,923 rials, down 1.35% from 560,485 rials in the previous session.
- Last trade: 554,003 rials, down 1.16%.
- Redemption value per unit: 829,476 rials (as of 15:45 local time). Issue price: 836,859 rials.
- Gap between closing price and redemption value: 276,553 rials per unit, equal to 33.3%.
- Fund turnover: roughly 947 billion tomans.
- TEDPIX, the Tehran Stock Exchange all share index: 6,723,576 points, up 122,277 points or 1.85%, a fresh record.
- The Iran Farabourse all share index: 52,304 points, up 1.74%. The Bourse and the Farabourse are two separate exchanges with two separate indices, and the two readings must never be reported as one.
- Tehran Stock Exchange turnover: roughly 50,000 billion tomans.
Across today's screen of the 63 exchange traded funds that turned over more than 100 billion tomans, DARA carried the widest negative gap to net asset value at 33.7%. Second on that list is the market's other state backed fund, «پالایش» (Palayesh), at 30.4%. Behind them came «اهرم» (Ahrom) at 21.3%, «توان» (Tavan) at 20.8%, «جهش» (Jahesh) at 20.7% and «شتاب» (Shetab) at 18.1%. The screen is built on Sahmino's own data and dated September 6, 2026.
The two sides of the trade also carry figures. In the session of 14 Shahrivar 1405 (September 5, 2026), retail selling volume in DARA was 25,939,850 units against retail buying of 23,166,106 units, a net retail outflow of 2,773,744 units, which at that day's closing price works out to approximately 155 billion tomans. Average retail purchase per buyer that day was about 216 million tomans and average retail sale per seller about 373 million tomans. The rial side of this flow is derived from volume multiplied by the closing price and is therefore approximate.
Drivers
The gap between board price and redemption value is, before any interpretation, a definition: the board price is set by the supply and demand of the fund's own units, while the redemption value is computed from the current market value of the shares inside the fund's portfolio. Those are two separate mechanisms and they do not have to agree. What was measured today is the size of that difference, not its cause.
Two dated observations sit beside it. First, the 28% rise of the past month has not closed the gap: the fund still trades a third below redemption value. Second, today, on a session in which TEDPIX rose 1.85% to a fresh record, DARA's closing price fell 1.35%. The shares inside the fund's portfolio trade in a market that was green today; the fund's own unit closed red.
First and second place on that discount list are both state backed funds, and that pairing is itself a recordable fact rather than a conclusion. Sahmino makes no claim about why the two sit together; what is reported is that on September 6, 2026, the two funds whose units were transferred to the public in 1399 carried the widest negative gaps to net asset value among the market's actively traded funds.
The fund's filing trail on codal, Iran's corporate disclosure system, is also open to any reader. Its most recent monthly portfolio statement, for the month ended 31 Tir 1405 (July 22, 2026), was published on 1 Mordad 1405 (August 1, 2026); its interim financial statements for the three months to 31 Khordad 1405 (June 21, 2026) were published on 28 Tir 1405 (July 19, 2026); and its audited annual statements for the year to 29 Esfand 1404 (March 20, 2026) were published on 4 Khordad 1405 (May 25, 2026).
Outlook
This section is a reading, not news. A discount to net asset value narrows when demand for the units outweighs supply and holds when unit supply persists; today's data predicts neither. What today's data does say is that the discount did not close during a 28% one month rally.
Sahmino issues neither a buy nor a sell recommendation. What is set out above is measurement, and every figure carries its date and its source.
Bottom line
On September 6, 2026, a unit of DARA traded on the board at 552,923 rials while the redemption value of that same unit was 829,476 rials: a 33.3% gap, the widest among the market's actively traded funds. It matters because the 28% rise of the past month did not close it, and because on the day TEDPIX set a record the fund's unit closed lower. The one thing to remember: the board number and the redemption number are two different prices for one asset, and today they were a third apart.
Sahmino's reading as of September 6, 2026: DARA's gap to net asset value stays below 35%, as long as the redemption value holds above 800,000 rials. The level this reading is measured against is 33.3% and its horizon is the end of this trading week. The gap moving through 35% in a single session invalidates the reading.
What to watch
- The daily redemption value per unit, published every session, which is the denominator of this ratio. Fund prices are tracked on the Sahmino prices pages.
- The fund's turnover, which was roughly 947 billion tomans today.
- Retail buying and selling flow and the per capita readings behind it, which leaned to the sell side in the September 5 session.
- TEDPIX itself, and how single Tehran names move against it, as in our earlier report on Bank Tejarat's twentieth straight rising session.
- Other Sahmino coverage of the Tehran market in the articles archive.
None of the above is trading advice; it is the list of things that make today's figure measurable in the sessions that follow.
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