Fund shares refer to units or portions of a mutual fund that can be bought and sold by investors. A mutual fund is an investment vehicle that pools money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other assets. When you buy fund shares, you are essentially buying ownership in the underlying assets held within the fund's portfolio. The value of your fund shares is determined by the net asset value (NAV) of the fund, which is calculated by dividing the total value of the fund's assets by the number of outstanding shares. Fund shares can be bought and sold at any time during the trading hours of the stock market through a brokerage firm or other financial intermediary.