Price

The Subscription and Redemption Price of AoABT will be equal to the Net Asset Value (“NAV”) per share of the Underlying Fund provided by the Fund Administrator and/or confirmed by the Manager, with the last day of the preceding month of the Subscription Date or Redemption Date as the Valuation Date.

The actual Subscription Price of every product will be equal to the Subscription Price of the Underlying Fund. Take subscribing to AoABT as an example, when you make a deposit of $1,000,000, the smart contract automatically takes two actions:

First, it determines how many AoABT tokens you should receive. The number of AoABT tokens you receive is determined by converting the stablecoins you deposit to USD equivalents (1 USDC = $1.00 USD), and then dividing that amount by the current Net Asset Value (NAV) of the AoABT token. For example, if you deposited 1mio USDC worth $1mio and the NAV was $1.0/token, you would receive $1,000,000 / $1 = 1,000,000 AoABT.

Second, it routes your deposited USDC to the Fund’s custodian account. Those funds are then used to purchase AoABT's underlying holdings.

At the end of each Business Day, we update the Net Asset Value (NAV) of the Fund based upon the performance of the underlying investments, along with any accrued fees and/or expenses. We then update the AoABT price onchain to reflect this updated NAV.

Also, the actual redemption price will be equal to the Redemption Price of the underlying Fund.

When you request a redemption of your AoABT tokens, a similar process occurs in reverse. The number of USDC you receive in return for your AoABT is determined by multiplying the number of AoABT you redeem by the then-current NAV (giving a USD value), and then sending the equivalent number of USDC at a fixed value of $1.0 USD per USDC. For example, if you hold 1,000,000 AoABT, the NAV as of the Valuation Date corresponding to your Redemption Date is $1.2/token, you would receive $1.2 * 1,000,000 = $1,200,000 equivalent USDCs.