Net asset value
By Jude Wallis
Net asset value, or NAV, is a fund's assets minus its liabilities, divided by the number of fund shares outstanding. It is the accounting value of one fund share.
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A mutual fund normally deals at NAV after the close. An ETF also calculates NAV, but investors trade ETF shares with one another, so market price can sit above NAV (a premium) or below it (a discount).
NAV is not a valuation bargain signal by itself. Share counts are arbitrary subdivisions of each pool.
How fund NAV works is the explainer. The NAV calculator divides net assets by shares. The ETF premium calculator is the gap to market price.