Net asset value
Also known as: NAV
Net asset value, usually shortened to NAV, is the total value of everything a fund holds, minus any liabilities, divided by the number of fund . It represents the per-share price of the fund itself.
calculate and publish their NAV once per day after markets close, and that is the price at which shares are bought and redeemed. also have a NAV, but because trade continuously on an exchange, their market price can drift slightly above or below NAV during the day before typically converging back to it.