Net Asset Value (NAV) is a key financial metric used to determine the per-share value of a mutual fund, exchange-traded fund (ETF), or investment trust, representing the fair market value of the fund's total assets minus its liabilities. NAV is calculated by dividing the net assets of the fund by the total number of outstanding shares, providing investors with the intrinsic value of their investment in the fund. NAV is typically calculated at the end of each trading day, based on the closing prices of the fund's underlying assets and the total value of its liabilities, such as management fees, operating expenses, and other costs. NAV serves as a benchmark for investors to assess the performance and valuation of a fund's portfolio, compare investment options, and make informed decisions regarding buying, selling, or holding fund units. NAV is expressed as a per-unit figure and is influenced by changes in the value of the fund's underlying assets, market fluctuations, and fund inflows and outflows, reflecting the overall financial health and investment objectives of the fund.