Net Asset Value (NAV)
Also called: NAV, net asset value per share
NAV is a fund's assets minus liabilities divided by shares outstanding — the per-share value of what it actually owns. Mutual funds transact at NAV once a day after the close. ETFs and closed-end funds trade continuously on an exchange, so their market price can drift above NAV (a premium) or below it (a discount); ETF arbitrage keeps that gap tiny, while closed-end funds can trade at double-digit discounts for years.
Formula
NAV = (Assets − Liabilities) ÷ Shares outstanding