NAV Per Share Calculator: Net Asset Value Per Share
Work out the net asset value per share (NAV) of a mutual fund, ETF, or closed-end fund — the per-share value of the underlying assets, before any market premium or discount.
Adjust the inputs and select Calculate for a full breakdown.
Compare Common Scenarios
How the numbers shift across typical situations for this calculator:
| Scenario | NAV per share |
|---|---|
| $500M NAV / 20M shares | $25.00 |
| $50M NAV / 2M shares | $25.00 |
| $10B NAV / 250M shares | $40.00 |
| $120M NAV / 6M shares | $20.00 |
How This Calculator Works
Enter total net asset value (assets minus liabilities) and shares outstanding. The calculator divides one by the other to give NAV per share — the price mutual funds trade at, and the reference price ETFs are supposed to track.
The Formula
Cost per Unit
Total Amount is the full cost or price, Quantity is the number of units it covers
Worked Example
A fund with $500 million NAV and 20 million shares outstanding has a $25 NAV per share. A mutual fund holder buys or sells at $25 the next day; an ETF trades at a market price that's typically within a cent or two of NAV during US market hours, except when underlying markets are closed or liquidity is thin.
Key Insight
NAV is what the fund's assets are worth; market price is what the market is willing to pay. For most liquid ETFs the two stay within fractions of a percent. Closed-end funds routinely trade at meaningful discounts or premiums to NAV — sometimes 10%+ — because there is no creation/redemption mechanism to arbitrage the gap away. The discount/premium is sometimes a value signal, sometimes a warning.
Frequently Asked Questions
How is NAV per share calculated?
Divide total net asset value (assets minus liabilities) by shares outstanding. A $500 million NAV across 20 million shares is $25 per share.
Why does ETF market price differ from NAV?
ETFs trade intraday on exchanges; market price reflects supply and demand. Liquid ETFs stay within fractions of a percent of NAV through creation/redemption arbitrage. Less liquid ones, or ETFs holding markets that are closed during US hours, can deviate more.
What about closed-end funds?
Closed-end funds have a fixed share count with no creation/redemption mechanism. They routinely trade at premiums or discounts to NAV — sometimes 10%+ — based on demand, dividend policy, and manager reputation.
Is NAV the same as price?
For mutual funds, effectively yes — you buy and sell at NAV (set once daily). For ETFs, NAV and price diverge slightly during trading hours; the price you pay is usually a few cents above NAV when buying and a few cents below when selling.
Does NAV include fees?
Fees are deducted continuously from fund assets, so NAV already reflects the management fee drag. The expense ratio is the rate at which fees come out of NAV each year.
Related Calculators
Methodology & Review
NAV per share is total net asset value divided by shares outstanding. Mutual funds set the next-day buy/sell price at NAV. ETFs trade intraday at market prices that can deviate from NAV (premium or discount), with arbitrage typically keeping the gap small for liquid ETFs.
Written by Ugo Candido · Last updated May 17, 2026.