Finance & Money · 基金净值（NAV） · Updated 2026-10-25
What Is Net Asset Value (NAV)?
Definition
NAV per share = (assets − liabilities) ÷ shares outstanding, computed after each close. Buying a fund means buying shares at NAV: 10k at NAV 1 gets 10,000 shares; at NAV 3 gets 3,333 — if both rise 10%, both gain 1,000. The starting NAV is irrelevant. Cumulative NAV adds back historical dividends for long-run performance. Exchange-traded ETFs also have a market price that can deviate from NAV (premium/discount) — buying at a premium is overpaying.
Formula
NAV = (Total Assets − Total Liabilities) / Shares Outstanding
Worked Example
Invest 10k each in two same-strategy funds at NAV 1 and 3: after a 15% year both are worth 11.5k (10,000×1.15 vs 3,333×3.45) — perfectly equivalent.
Common Misconception
"Low-NAV funds are cheap and will rise faster" — NAV is a historical bookkeeping mark; under the same holdings, a 1-yuan and 3-yuan fund move identically. Compare holdings, fees and management instead. Conversely, chasing an ETF at a 40% premium over NAV is pure greater-fool speculation.
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