What is NAV?

NAV (Net Asset Value) is the price of one unit of a mutual fund. It is the total value of everything the fund owns, minus its expenses, divided by the number of units.

NAV is calculated once a day after the market closes. Your purchase or redemption is done at the NAV of the day your order and money reach the fund (subject to cut-off times).

A low NAV does not mean a fund is cheap, and a high NAV does not mean it is expensive. What matters is how the NAV grows over time.