Constant net asset value

Money market funds.

(CNAV).

A constant net asset value per share money market fund.

A money market fund which aims to maintain its distributing shares at a ‘constant’ value of for example USD 1, EUR 1 or GBP 1, by using an amortised cost basis of accounting for the value of its underlying portfolio of money market instruments.

Money Market Fund (MMF) reforms in 2019 replaced [prime] constant net asset value (CNAV) funds with two new categories:

- the Public Debt CNAV fund, and

- the low-volatility NAV (LNAV) fund.

See also

• Accumulating net asset value
• Amortised cost
• Distributing
• Money market fund
• Money market fund reform: a light at the end of the tunnel?
• Net asset value
• Prime
• Public Debt CNAV
• Variable net asset value
• Volatility