The net asset value of an investment fund indicates the value of a unit based on the securities in the fund. It is the sum of the value of all positions plus the cash reserve minus costs. It is usually calculated daily by the custodian bank and allocated to the fund units.
The published net asset values are normally based on the securities prices of the previous day. In the event of purchase or sale directly from the fund issuer, the net asset value counts. When trading on the stock exchange, bid and ask prices are published on an ongoing basis using reference models, so that investors can buy or sell their fund units at any time at their current value.