Net asset value (NAV)

What's a unit worth?

A fund’s net asset value (NAV) is what the fund is actually worth. It is measured by dividing the total value of the fund’s by the total number of units in circulation.

NAV = Total Value of Fund
  Total Number of Units in Circulation.

A fund's NAV increases when the value of its holdings increases. For example, if its investments are worth $100 million today, but were worth $95 million a year ago, its NAV will be higher if the number of units has remained constant.