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حسابداری و مالی::
خالص ارزش دارایی
Unlike mutual funds, however, ETF shares are traded on a national stock exchange and at market prices that may or may not be the same as the net asset value ("NAV") of the shares, that is, the value of the ETF's assets minus its liabilities divided by the number of shares outstanding.
Generally, ETFs combine features of a mutual fund, which can be purchased or redeemed at the end of each trading day at its NAV per share, with the intraday trading feature of a closed-end fund, whose shares trade throughout the trading day at market prices.
An ETF's market price typically will be more or less than the fund's NAV per share.
This is because the ETF's market price fluctuates during the trading day as a result of a variety of factors, including the underlying prices of the ETF's assets and the demand for the ETF, while the ETF's NAV is the value of the ETF's assets minus its liabilities, as calculated by the ETF at the end of each business day.
Accordingly, in 2014 the Commission voted to require a floating NAV for prime institutional money market funds and provide non-government money market funds with new tools - liquidity fees and redemption gates - to address runs.
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