What is NAV (Net Asset Value)?

NAV is the per-unit value of a fund, calculated once every business day as: (total assets − expenses) ÷ number of units outstanding.

When you invest, your units = amount ÷ NAV. A key myth: a fund with a lower NAV is not "cheaper" or better - NAV only reflects accumulated growth, not value. What matters is the percentage return, not the NAV number.