HSAV was trading at a premium to its NAV at that point, and on February 3, 2023, it announced the suspension of creating new units as it had reached an AUM of ~$2.0B. This suspension in new units sent the premium even higher, momentarily, however, when the US regional banking crisis hit in March, the premium fell sharply. The erosion of the premium at that time was likely due to investor concerns over rate declines because of the banking crisis, which would inevitably cause the ETF to trade closer to its NAV.
HSAV currently trades at only a 0.03% premium to its NAV, and we feel that even in the event of rate cuts, the ETF is unlikely to trade at a significant discount to its NAV for long, meaning a decline of that magnitude from March is unlikely to occur.