What is the NAV per unit?

The NAV per unit (base price) is the price of one unit of a fund that applies when you buy or sell (redeem) the fund.

It is calculated by valuing the fund's assets as of the day before the announcement date at fair value or a similar basis, subtracting liabilities to arrive at total net assets, and dividing by the total number of units of beneficiary certificates outstanding. Asset managers and others must announce and post the NAV per unit daily; where daily announcement is difficult, such as for funds investing in foreign-currency assets, a separate interval of up to 15 days may be set.