Net asset value per unit
The fund's net assets divided by the number of units: how much of the fund's property one unit represents as valued on a given date.
Formula
Assets are valued under the fund's rules at the end of the day, then liabilities and accrued fees are deducted. The figure always refers to a date that has already passed.
How to read the number
It anchors the exchange price of the unit: a persistent gap between the two is a statement about demand, not a calculation error.
When the metric lies
Also known as: nav per share