The Net Asset Value (NAV) is the per-token value of DFMREIT, calculated daily from the marked-to-market value of SPV holdings.
NAV per Token = (Custody Value + Cash Balances − Accrued Liabilities) ÷ Total Token SupplyCustody Value
Marked-to-market value of all constituent shares held by the SPV, using DFM official closing prices
Cash Balances
Uninvested subscription proceeds and dividend receipts held pending deployment
Accrued Liabilities
Management fee accruals, broker execution fees, and other operational costs accrued but not yet paid
Total Token Supply
Total number of DFMREIT tokens in circulation at the time of calculation
Update frequency
Real-time during DFM trading hours
Daily, after market close
Data source
Live DFM market prices
DFM official closing prices
Purpose
Platform display, AMM reference
Subscription and redemption pricing
When DFM is closed, the last published official NAV is shown as the reference value. The AMM market price may trade at a premium or discount to this value — that spread is displayed in real-time on the platform at all times.
Management fee
0.25% p.a.
Accrued daily and reflected in the NAV
Subscription fee
0.50%
Deducted at issuance — tokens issued net of this fee
Redemption fee
0.50%
Deducted from the payout at the time of redemption
The AMM trading fee (0.25% per swap) does not affect the NAV. It is paid directly to Liquidity Providers at the time of each trade.
The AMM secondary market price may diverge from the indicative NAV. This is normal, particularly outside DFM trading hours.
Natural arbitrage keeps the spread contained over time:
Discount (AMM price < NAV): Profitable to buy cheap tokens on AMM and redeem at NAV during the next window → AMM price rises.
Premium (AMM price > NAV): Profitable to subscribe at NAV during market hours and sell on AMM → AMM price falls.
The current premium or discount is always displayed on the platform before any trade or subscription is confirmed.
Last updated