NAV Return

The total return of an ETF, based on its NAV at the beginning and end of the holding period. This may be different from the ETF's market return. The market return, not the NAV return, is the return actually earned by ETF investors, except for those who hold creation units.

Net Asset Value (NAV)

The value of each share of a fund as determined by the value of its underlying holdings, including any cash in the portfolio. NAV is calculated by dividing a fund's total net assets by its number of shares outstanding. Shares in regular open-end mutual funds are bought and sold at NAV, but shares in ETFs (with the exception of creation units) are bought and sold at the market price, which can differ from NAV.