Net Asset Value (NAV).

Net asset value is total assets minus total liabilities, expressed either as a whole dollar figure or on a per-share basis. For mutual funds and ETFs, NAV per share is calculated at the end of each trading day by dividing the fund's net assets by shares outstanding. It's the baseline "fair value" price at which fund investors buy and redeem shares. Closed-end funds trade on an exchange and can drift above (premium) or below (discount) their NAV throughout the day.