Net asset value

Net asset value is the per-share value of a fund's holdings. For funds holding illiquid or stale-priced assets, the inputs to net asset value can be influenced by trading in those assets near the valuation point.

Also known as NAV. instruments and markets · updated 2026-09-09

Where does net asset value come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• ETF and NAV abuse — ETF and NAV abuse exploits a fund's valuation of illiquid or stale-priced holdings, creating or redeeming shares at a ratio that transfers value from the investors who remain in the fund.
• Marking the close — Marking the close is trading in the final minutes of a session specifically to move the closing price, which is the price that sets portfolio valuations, margin calls, index levels and derivative settlements.

Enforcement actions involving these techniques

See also

• Exchange-traded fund — An exchange-traded fund is a pooled vehicle whose shares trade on an exchange and are created and redeemed in large blocks by auth…
• Mark to market — Marking to market is valuing a position at current market prices. Because it converts a price into reported profit, collateral and…

Terms that refer here

Authorised participant · Exchange-traded fund · Mark to market · Marking-to-model

Back to the full glossary — 261 defined terms.