The net value of one share in a fund is calculated by dividing the fund's total assets by the number of outstanding shares. If the value of the fund's investments increases, the fund's assets and the value of a single fund share increase, too.

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	What Is a Fund?
	Exchange-traded Funds
	Active or Passive
	iNAV - The value of a fund's assets
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The individual share in an investment fund is registered to the respective owner. He/she now owns part of the fund's assets and has a right to participate in profits and redeem shares at a certain price. The specific legal stipulations are included in the German Stock Corporations Act (KAGG).

For classic funds, the investment company calculates the total value of the fund, the official net asset value, on a daily basis, in some cases just once a week. The bid and aks price of a fund, which is calculated once a day as well, is based on this value.

Deutsche Börse AG calculates the iNAV® values of index fund units listed in the XTF® segment on an ongoing basis on behalf of issuers, and publishes them in the same way as share prices.

Assets per minute: iNAVs for exchange-traded funds. More

The calculation is based on real-time prices from the key stock markets, as well as the fund composition, which is updated on a daily basis. Deutsche Börse’s iNAVs are calculated every 15 seconds or every minute. They can be used in a variety of ways, ranging from monitoring calculation by market makers during trading and price determination for fund units, through supporting risk management for institutional investors, to providing support for private investors in their investment decisions.

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Trading funds on the stock exchange

The range of exchange-traded funds is growing. The ETFs in Deutsche Börse's XTF segment track all major indices such as DAX, FTSE or MSCI World. However, they also cover more "exotic" markets. Goldman Sachs's EasyETF GSCI, for instance, enables an index-based investment in commodities. Indexchange offers sector funds for each DJ Euro Stoxx sector and a DivDAX fund offers investors an opportunity to track an investment strategy driven by dividend yields. Bond funds are also represented in the XTF segment.