Calculate share price

When interacting with any of the funds, whether for subscriptions or redemptions, and in order to properly adjust for the desired slippage, the minimum number of shares or assets needs to be calculated according to the current share price.

While the Web UI will handle this calculation for the users, any external integration with the funds will have to manually fetch this value.

Definition

A fund’s share price corresponds to the sum of NAVs across all chains where the fund has portfolio Safes, divided by the total number of circulating shares.

Both the NAV and the total shares supply can be fetched either via the JSON API, or via onchain function calls.

JSON API

The preferred method for getting the current NAV reading is to use the JSON API. Calling the Fund Details endpoint will allow you to leverage our off-chain data indexing.

We encourage going this route in order to minimise complexity, and optimise for integration speed and resilience. Our Data Indexer will handle the aggregation of multi-chain NAV data, and provide a single up-to-date value, ready to be used.

API Call

GET /funds/<fund>

{
  "nav": { "usd": "string" },
  "supply": { "totalSupply": "string" }
}

The Share Price is calculated by dividing the NAV value by the total number of Shares (adjusting for the respective number of decimal places).

Onchain

While the JSON API is the recommended route to fetch the current NAV and total supply, you can also fetch both values onchain.

As per the share price’s definition, its calculation depends on getting both the fund’s NAV and the total number of shares.

NAV

The main source of the funds’ NAVs are the NAV Calculator contracts, deployed on each chain. The NAV value for a given fund, on any given chain, is retrieved by calling the following function on each of the NAV Calculator contracts:

    /// @notice Reads the current NAV of a given account.
    ///
    /// @param account The address of the account to calculate for.
    /// @return The NAV of the account.
    function read(address account) external view returns (NAV memory)

The function return type (the NAV struct) is defined as follows:

/// @notice The complete NAV snapshot
///
/// @param block - Block number this reading refers to
/// @param timestamp - Block timestamp this reading refers to
/// @param usd - NAV USD value
/// @param issues - Counter of issues found (bridging & stale operations).
struct NAV {
    uint64 block;
    uint64 timestamp;
    int256 usd;
    uint16 issues;
}

Important

The number of issues returned by the read(address account) function represents pending actions (e.g.: token bridging operation in progress).

If the NAV reading returns a non-zero number of issues, it shouldn’t be considered for Subscription/Redemption purposes, as it won’t be a true representation of the real NAV value.

Number of Shares

This value is fetched by simply querying the fund’s shares contract for its current total supply:

function totalSupply() public view returns (uint256)

The share price is calculated by dividing the NAV value by the total number of shares (adjusting for the respective number of decimal places).