Definition
Investor.gov defines NAV through assets and liabilities and discusses value per share.[31](#source-cm-nav) Distinguish total net value from the result of dividing by the number of units or shares. The date, asset-valuation method, accrued expenses and currency are part of the meaning of the measure.
Market price and NAV
The exchange price of a unit can differ from NAV, which SEC materials describe through a premium and discount.[5](#source-cm-etf) This is not automatic proof of an error or a risk-free exchange opportunity: the compared values may refer to different times, and creation and redemption procedures have conditions. An increase in assets when new units are issued is not by itself a profit for the previous holder because the denominator changes. The [fund-value analysis](/guides/fund-nav-market-premium/) shows its own arithmetic and does not establish the legal regime of all Russian funds.