How this calculator works
Add a fund's investment holdings, cash and receivables, then subtract its short- and long-term liabilities. Divide net assets by outstanding fund shares for NAV per share. Use valuations and balances at the same date. This accounting value can differ from an exchange-traded fund's market price.
Formula
Assets = investments + cash + receivables. Liabilities = short-term + long-term liabilities. NAV = assets - liabilities. NAV per share = NAV / fund shares outstanding.
Worked example
$900,000 investments, $100,000 cash and $20,000 receivables, less $20,000 liabilities, give $1,000,000 NAV. With 100,000 fund shares, NAV is $10 each. Assets of $600,000 less $100,000 liabilities over 50,000 shares also give $10 each.
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Frequently asked questions
Which share count belongs here?
Use shares of the fund, not the number of underlying securities held in its portfolio.
Is NAV a guaranteed redemption price?
Fees, dealing rules and valuation timing can affect proceeds. Closed-end funds and ETFs can trade above or below NAV.
Can NAV be negative?
The arithmetic allows liabilities to exceed assets. Such a result indicates net liabilities and deserves investigation before an economic interpretation.