NAV
Net asset value — the per-share value of a fund's underlying holdings (total assets minus liabilities, divided by the number of shares). A fund's market price can trade slightly above or below its NAV.
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Related lessons
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Separate a daily inverse fund from a fixed short sale, calculate negative-target compounding and examine why a simple offset need not remain matched over time.
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Use IWM to study small-cap benchmark boundaries, changing constituents and fund tracking, with worked examples of weighted losses, turnover and transaction prices.
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