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What does NAV mean?

Net Asset Value (NAV) is the per-share price of a mutual fund or an exchange-traded fund (ETF). It is calculated daily by subtracting the fund's liabilities from its total assets and then dividing by the number of outstanding shares. NAV represents the value of one share if the fund's assets were sold and liabilities paid off. It is the price at which investors buy and sell units of the mutual fund or an ETF. To learn more about NAV, visit