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.
NAV per share fundamentals 2024
FORMULA.
NAV = (Total Assets − Total Liabilities) / Shares Outstanding.
Per-share net asset value.
Assets = securities + cash at market value.
Liabilities = fees payable, etc.
MUTUAL FUNDS.
Priced at NAV once daily.
Forward pricing: orders fill at next 4pm ET NAV.
Buy/sell at NAV (no premium/discount).
ETFS.
Trade intraday at market price.
Market price ≈ NAV (arbitrage).
Premium/discount usually small (liquid).
iNAV (indicative NAV) intraday estimate.
Creation/redemption keeps price near NAV.
CLOSED-END FUNDS (CEF).
Fixed shares, trade on exchange.
Often trade at discount (or premium) to NAV.
Discount can be 5-15%+.
Pricing nuances + caveats
DISTRIBUTIONS.
Ex-dividend date: NAV drops by distribution.
Not a loss (cash received).
EXPENSES.
Fund expense ratio deducted from NAV daily.
Already reflected.
STALE PRICING.
Illiquid/international assets may have stale prices.
Fair-value adjustments.
NAV may lag true value.
PREMIUM/DISCOUNT (ETF/CEF).
Liquid ETFs: tight to NAV.
Illiquid/international ETFs: wider.
CEFs: structural discount common.
USE.
Track fund performance.
ETF premium/discount = trading signal.
CEF discount = potential value (or trap).
CAVEAT.
NAV ≠ market price (ETF/CEF).
Forward pricing (mutual funds).
ICI + SEC data.
U.S. NAV per share benchmarks (2024)
Reference fund NAV mechanics.
| Item | Detail |
|---|---|
| Formula | (Assets − Liabilities) / Shares |
| Mutual fund pricing | Daily at NAV |
| Forward pricing | Next 4pm ET |
| Mutual fund premium/disc | None (at NAV) |
| ETF pricing | Market ± NAV |
| ETF premium/discount | Usually small |
| ETF iNAV | Intraday estimate |
| CEF pricing | Often discount/premium |
| CEF discount range | 5-15%+ |
| Ex-dividend | NAV drops by distribution |
| Expenses | Deducted daily |
| Stale pricing | Illiquid/intl assets |
Mutual funds transact at NAV (forward priced 4pm ET). ETFs trade at market price ≈ NAV (arbitrage). CEFs often at discount/premium (5-15%+). Distributions drop NAV (not a loss). ICI + SEC + FINRA data.
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.
When is this calculator unreliable?
Less reliable when mutual fund (transacts at NAV) vs ETF (market price ± NAV) vs closed-end fund (often discount/premium), when forward pricing (mutual funds price once daily 4pm ET), when premium/discount to NAV (CEFs, some ETFs), when intraday iNAV (ETF indicative NAV), when stale/illiquid asset pricing (NAV may not reflect fair value), when fund expenses already deducted, when distributions reduce NAV (ex-dividend), or when creation/redemption arbitrage (ETFs).
References & Authoritative Sources
- U.S. Securities and Exchange Commission (SEC) — Investor Resources + Disclosures · consulted June 1, 2026 · Federal securities regulator
- Financial Industry Regulatory Authority (FINRA) — Investor Education · consulted June 1, 2026 · Self-regulatory organization
- Investment Company Institute (ICI) — Fund Pricing + NAV · consulted June 1, 2026 · Industry trade group
Related Calculators
Methodology & Review
NAV per share = (Total Assets − Total Liabilities) / Shares Outstanding. U.S. 2024: mutual funds priced at NAV daily (forward pricing 4pm ET); ETFs trade at market price (premium/discount to NAV via arbitrage); closed-end funds often trade at discount/premium; NAV is the per-share net asset value. RELIABILITY: Reliable for the formula. Less reliable for (a) mutual fund (transacts at NAV) vs ETF (market price ± NAV) vs closed-end fund (often discount/premium), (b) forward pricing (mutual funds price once daily 4pm ET), (c) premium/discount to NAV (CEFs, some ETFs), (d) intraday iNAV (ETF indicative NAV), (e) stale/illiquid asset pricing (NAV may not reflect fair value), (f) fund expenses already deducted, (g) distributions reduce NAV (ex-dividend), (h) creation/redemption arbitrage (ETFs).
Updated