Glossary · Fund structure
NAV
Net Asset Value
The per-unit value of a fund’s assets after its liabilities, normally struck once per day.
For an open-ended fund the NAV is the price at which units are created and cancelled. It is calculated at a set valuation point — typically midday or close — so a NAV is always as of a moment, not continuous.
An exchange-traded fund also has a NAV, but it trades throughout the day at a market price that can sit above or below it. A price shown for an ETF on this site is a market close unless labelled otherwise.
Because a NAV is struck at a fixed point, a series of NAVs is a series of snapshots. Comparing a fund priced at midday against one priced at close introduces a small timing difference that is not performance.
How we calculate it
Latest published NAV from the fund administrator.