Constant net asset value

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Money market funds.


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