Calculate Net Asset Value per share from total assets, total liabilities, and shares outstanding for fund valuation.
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Fund Valuation
Net Asset Value (NAV) is the per-share value of a mutual fund, ETF, or closed-end fund, calculated by subtracting total liabilities from total assets and dividing by shares outstanding.
NAV represents the fair value of one share of a fund. Mutual funds are priced at NAV daily after market close. ETFs trade at market prices that may deviate slightly from NAV (premium or discount).
For closed-end funds, comparing market price to NAV reveals whether the fund trades at a premium or discount to its underlying portfolio value.
Subtract liabilities from assets, then divide by shares.
NAV Per Share = (Total Assets − Total Liabilities) / Shares Outstanding
Total assets include the market value of all portfolio holdings plus cash. Liabilities include management fees owed and other obligations.
A fund has 10,000,000 in assets, 2,000,000 in liabilities, and 500,000 shares outstanding. NAV = (10,000,000 − 2,000,000) / 500,000 = 16 per share.
NAV is calculated once daily for mutual funds. Intraday price movements are not captured. Does not account for front-end or back-end sales loads.
Frequently asked questions
Mutual fund NAV is calculated once daily after market close. ETF indicative NAV (iNAV) is published every 15 seconds during trading hours.
In theory, if liabilities exceed assets. In practice, regulated funds would be liquidated before NAV reaches zero.
ETFs trade on exchanges at market prices set by supply and demand. Arbitrage mechanisms keep ETF prices close to NAV, but small premiums or discounts can persist, especially for less liquid funds.
Not necessarily. NAV reflects the accumulated per-share value but does not indicate future performance. A fund at 10 NAV can outperform one at 100 NAV.
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