What are NAV and POP?

NAV (Net Asset Value) refers to the total value of a mutual fund's or ETF's assets minus its liabilities, divided by the number of outstanding shares. It represents the per-share value of the fund and is used to determine the price at which investors buy and sell shares. POP (Public Offering Price) is the price at which shares of a mutual fund or ETF are offered to the public, typically reflecting the NAV plus any sales charges or commissions. In essence, POP can exceed NAV due to these additional costs.