A no-load fund has a public offer price (POP) that is:

A no-load fund is a type of mutual fund that does not charge a sales load or commission when shares are purchased or sold. The public offer price (POP) for a no-load fund reflects the net asset value (NAV) of the fund, which is the total value of the fund's assets minus its liabilities, divided by the number of shares outstanding.

In the case of a no-load fund, there are no additional fees tacked onto the NAV when an investor buys shares. Therefore, the POP is effectively the same as the NAV. This means that investors pay exactly what the shares are worth, without any supplementary costs that are typically associated with funds that carry a load.

The other options suggest variations in the relationship between POP and NAV that do not apply to no-load funds. For example, stating that the POP is higher than or lower than NAV does not hold true for no-load funds because it clearly outlines a straightforward pricing structure reflecting the NAV. Furthermore, a reference to a discounted price being based on an expense ratio is not relevant in the context of a no-load fund's pricing. This clarity in pricing reinforces the attractiveness of no-load funds for investors looking to minimize their costs when investing.