---
title: "Net Asset Value (NAV)"
url: "https://www.unknowngravity.com/en/glosario/valor-liquidativo-nav"
site: Unknown Gravity
published: "2026-10-13T19:10:06+00:00"
modified: "2026-10-13T19:10:06+00:00"
language: en-US
description: "Net asset value (NAV; valor liquidativo in Spanish) is the value of each unit of a fund: its net assets, that is, its assets minus its liabilities, divided by the number of units outstanding."
section: "Home > Net Asset Value (NAV)"
---

# Net Asset Value (NAV)

**Net asset value (NAV; valor liquidativo in Spanish) is the value of each unit of a fund: its net assets, that is, its assets minus its liabilities, divided by the number of units outstanding.** It is the reference price at which the fund issues and redeems units. In Spain it is defined in Article 7(2) of Law 35/2003 on collective investment undertakings (CIUs): for each class of units, the value of the share of the fund's net assets attributable to that class divided by the units of that class outstanding. In English, NAV refers both to total net assets and to the value per unit (NAV per share or per unit).

**How it is calculated in a Spanish CIU.** The CIU Regulation (Royal Decree 1082/2012) sets the rules for financial investment funds in Article 78:

- the management company calculates it every day; if its fund rules provide for it and its investments require it, a fund may handle subscriptions and redemptions less often, but at least every two weeks, in which case the management company may calculate it only at that frequency (Article 78(1) and 78(3));
- net assets are total assets minus creditor accounts, and operating expenses are accrued daily (Article 78(1));
- listed securities are valued at that day's market price, and unlisted ones at their effective value, using criteria of maximum prudence (Article 78(1));
- orders are processed at the NAV of the day of the request or the next business day, as set out in the prospectus, and only if placed when that value is still unknown to the investor and cannot be estimated with certainty (Article 78(2));
- the depositary pays redemptions within three business days at most, extendable to five in exceptional cases (Article 78(5)).

SICAVs (Spanish open-ended investment companies) apply Article 78 and also accrue depreciation and income taxes daily (Article 81(1)). In the US, a registered fund that issues redeemable securities may only sell, redeem or repurchase them at a price based on the current NAV next computed after receipt of the order (17 CFR 270.22c-1(a)).

**Example in a tokenized fund.** A fund whose units are represented by tokens has a portfolio valued at EUR 10,150,000, EUR 150,000 in cash and EUR 300,000 in creditor accounts, such as accrued fees. Its net assets are EUR 10,000,000. With 800,000 units outstanding, the NAV is EUR 12.50. An investor who subscribes EUR 50,000 at that value receives 4,000 units, and the smart contract issues the tokens that represent them; on redemption, the tokens are retired and the depositary pays. The figures are illustrative and do not include subscription or redemption fees.

**What tokenization changes, and what it does not.** Since April 7, 2023, a Spanish fund's units can be represented through distributed ledger technology systems, as well as through registered certificates or book entries (Article 7(1) of Law 35/2003, as worded by final provision 4.1 of [Law 6/2023](/en/glosario/lmvsi-ley-6-2023)); Article 4(2) of the CIU Regulation still mentions only certificates and book entries. Tokenization does not change who calculates NAV or how: the management company does it under the rules above, off-chain, and the smart contract can receive it to apply it to subscriptions and redemptions. If tokens are transferred between investors, the price is agreed by the parties and may differ from NAV. The steps for a Spanish fund are in [how to tokenize an investment fund in Spain](/en/articulos/tokenizar-fondo-inversion-espana).

**Other uses.** NAV is also the basis for limits and metrics. An [ELTIF](/en/glosario/eltif) that can be marketed to retail investors may borrow no more than 50% of its net asset value, and up to 100% if marketed solely to professional investors (Article 16(1)(a) of Regulation (EU) 2015/760). An investor's return is measured with the NAV at entry and exit and, if there are distributions, with their [IRR](/en/glosario/tir-tasa-interna-de-retorno); in private equity, the unrealized part of [MOIC](/en/glosario/moic) relies on a valuation of this kind. In a fund that lends, NAV depends on how the loans are valued: their collateral is summed up by [LTV](/en/glosario/ltv-loan-to-value), and Spanish venture capital entities, for example, may grant [participating loans](/en/glosario/prestamo-participativo) (Article 10(1) of Law 22/2014).

**Official sources:** [Law 35/2003, Article 7 (BOE)](https://www.boe.es/buscar/act.php?id=BOE-A-2003-20331); [Royal Decree 1082/2012, Articles 4, 78 and 81 (BOE)](https://www.boe.es/buscar/act.php?id=BOE-A-2012-9716); [Law 6/2023, final provision 4 (BOE)](https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053); [Regulation (EU) 2015/760, Article 16 (EUR-Lex)](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02015R0760-20240110); [17 CFR 270.22c-1 (eCFR)](https://www.ecfr.gov/current/title-17/section-270.22c-1); [Law 22/2014, Article 10 (BOE)](https://www.boe.es/buscar/act.php?id=BOE-A-2014-11714).

*Framework verified as of October 13, 2026.* At Unknown Gravity we build the platform and smart contracts that apply the NAV calculated by the management company to the tokens on each subscription and redemption. [Talk to us](/en/meeting).