Shares

Shares represent proportional ownership of the fund. When users subscribe, new shares are minted to reflect their contribution. When they redeem, those shares are burned. At any point in time, each holder’s share balance corresponds to their exact fraction of the fund’s total Net Asset Value (NAV).

The Shares contracts are ERC-20 compatible and implement a request-based subscription and redemption model. While inspired by concepts introduced in ERC-4626 (tokenised vaults), the contracts follow a different architecture. Instead of direct deposit and withdrawal functions, all inflows and outflows are processed through operator-approved requests. This design aligns more closely with the approach described in ERC-7540.

Shares function as a representation of each user’s pro-rata stake in the fund. The price of each share is computed as the total NAV divided by the number of circulating shares. For accounting purposes, share prices are expressed in normalised USD units with 8 decimals, while the share token itself uses 18 decimals.