The NAV Verification Pack composes three fund-operations nodes: recomputing a fund's net-asset-value-per-share, testing whether a NAV error is material against a declared policy, and checking expense ratios under a declared fee-waiver order. Each returns a receipt binding an execution_hash to its declared inputs and its arithmetic. Read this before handing a receipt to an auditor, or receiving one from a counterparty, so the claim it makes — and the claim it does not make — is unambiguous.
Stage 1 is the primary entry point. Stage 2 continues that path. Stage 3 is an independent rider: it shares Stage 1's declared accrual conventions but does not depend on Stage 2's output.
Holdings (quantity × supplied price, multi-currency with supplied FX), accruals under a declared day-count, liabilities, and shares outstanding → NAV per share under a declared rounding mode, with a full component breakdown. Fixed-point BigInt money math throughout — no float accumulation.
An erroneous NAV compared against a corrected NAV — either can come from Stage 1 — against a declared materiality policy (the industry half-cent/1% conventions plus the fund's own policy). Returns a material/immaterial verdict, affected-period math, and a reprocessing-need indication. This is a fund-ops incident artifact, not an accounting opinion.
Gross and net expense ratios and TER from supplied expense components and average net assets, with fee waivers and caps applied strictly in a declared order — because waiver order changes the result, the order itself is a declared input, never a house convention.
| The receipt proves | The receipt does NOT prove |
|---|---|
| The NAV-per-share follows correctly from the supplied holdings, prices, FX rates, and accruals under the declared rounding mode. | That the supplied prices or FX rates reflect actual market value. |
| Whether a given NAV error is material under the declared policy, and the affected-period math that follows from that verdict. | That reprocessing is legally required, or that any party is at fault for the error. |
| The expense ratio and TER that follow from the supplied expense figures under a specific, declared waiver order. | That the fund's reported expenses are accurate or complete. |
That a third party can independently replay the arithmetic from the same declared inputs and reach the same execution_hash. | Any opinion, valuation, or compliance determination whatsoever. |