™$10 million assets minus $1 million liabilities divided by 1 million shares gives $9 NAV per share; the trading price can differ for an ETF.
ETFs & Funds
Net asset value (NAV)
A fund’s assets minus liabilities, usually expressed on a per-share basis.
Plain-English context
Put the definition to work.
Specify total or per-share NAV and valuation time. An ETF's executable market price can differ, especially with stale asset marks.
Further reading and verification. Examples are hypothetical, not current quotes or recommendations. Product terms, tax treatment and market rules can change. Investor.gov — ETF bulletin