I would have to refer to some course notes to get a proper answer, I remember that the indexed view contains a count of the rows, and updates the pre-aggregated data based on changes in the underlying table. (Just like a normal index.)
It specifically contains the sum and the count so that it can handle insertions / updates and deletions. (Adjust the sum and the count then represent the result). This way a view can output an average (sum / count) but does not store the average, since it would have no way of being able to adjust it from new data coming it.
As far as I remember, the indexed view is stored just the same as the normal index, using a B-Tree, data pages and has it's own IAM.
Thats all I remember off top of my head.