Net asset value (NAV) is the value of total net assets of a fund divided by the total number of fund units or shares, thus representing the unit or share price of a fund. NAV is calculated as total fund assets net of (less) total fund liabilities. Put somewhat differently, a fund can be thought of as a basket containing various different assets (typically securities). These securities are the fund’s assets, and the total value of everything in the basket divided by the number of fund shares/units held by its investors is the fund’s gross asset value. Funds may hold debts as well as assets, i.e. they may “owe money”. A fund may for example purchase securities on margin, i.e. on credit—from borrowed funds. Subtracting the debts of a fund, i.e. its liabilities, from the value of its portfolio or assets under management in gross (total before netting out liabilities) yields the value of the fund’s assets on a net basis. Net asset value thus accurately represents the value of a fund share at a given point in time. Historical net asset value data is relevant for investors as documentation of a fund’s past performance, potentially in reference to an index as benchmark. Benchmarking versus an index allows comparison against the performance of other funds pursuing the same or a similar investment strategy over a specific period of time. Performance is measured and expressed on the basis of fund net asset value. The redemption price for fund units/shares is the net asset value of the fund’s units/shares less any applicable charges and fees due upon redemption (sale). Net asset value generally represents the per-share market value of a fund, but for closed-end/exchange-traded funds the market value is not necessarily identical to net asset value.