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The per-share value of a fund, calculated by subtracting total liabilities from total assets and dividing by the number of outstanding shares.
NAV is the price at which mutual fund shares are bought and redeemed at the end of each trading day. For example, if a fund has $100 million in assets, $2 million in liabilities, and 5 million shares outstanding, the NAV is $19.60 per share. ETFs trade at market prices that may slightly deviate from NAV (trading at a premium or discount), though authorized participants keep this deviation small through arbitrage. Closed-end funds, however, can trade at significant premiums or discounts to NAV for extended periods, creating opportunities for value investors.