A mutual fund's net asset value (NAV) is impacted when:

When shares are redeemed, the total number of shares outstanding decreases, which can affect the NAV calculation. However, the NAV itself is primarily driven by the value of the underlying assets, not merely by share redemptions. Thus, this choice does not directly influence the NAV as the market value of the securities does.

Exchanging fund shares for shares of another fund does not affect the NAV of the original fund. The NAV remains determined by the value of the securities in the original fund's portfolio. This action simply reallocates ownership rather than altering the underlying asset values.

A stock split, such as a 1:2 split, adjusts the number of shares of the security but does not change the overall market value of the holding. Consequently, while the NAV calculation may reflect a change in the number of shares, it does not change the fund's NAV since the total value of the portfolio remains unchanged post-split.