NAV (Net Asset Value)

NAV is the per-share value of a fund's holdings: total assets minus total liabilities, divided by shares outstanding. Mutual funds are priced and traded once a day at NAV, calculated after the market close.

ETFs also have a NAV, but unlike mutual funds they trade continuously throughout the day on an exchange, so an ETF's market price can drift slightly above or below its NAV intraday, a gap that authorized participants are financially incentivized to arbitrage away quickly.