net asset value (NAV)

The per-share value of a fund determined by subtracting the fund's total liabilities from its total assets and then dividing by outstanding shares. The value changes daily, with the fluctuation of assets based on market value. Mutual fund NAVs are calculated daily after the market close. Exchange-traded funds (ETFs) report NAV, but they also trade intraday, and their trading price may deviate from the NAV value.