What does NAV (net asset value) mean?

NAV (Net Asset Value) is the value of the assets held by a fund or similar vehicle minus its liabilities.

Dividing it by the number of units held by investors gives the net asset value per unit (or per share), and funds are usually bought and redeemed on the basis of this value. The NAV per unit of Korean funds is the same concept, since it is total net assets divided by the total number of units.