MELON PROTOCOL: A BLOCKCHAIN PROTOCOL FOR DIGITAL ASSET MANAGEMENT DRAFT 7 Note, the case where t < t < t and vtk = 0, for a k ∈ {l,l +1,...,j −1} is when the first investment has been made i l j h m but the funds have been withdrawn completely at some point within time (tl,tj−1]. The GAV in this case can not be calculated by factoring together Deltas of single time steps, as this would mean a division through zero. The Delta in this case is set to 0 for all times, even if the portfolio receives investments in the future. The same is true for the second similar case where t ≤ t and vtk = 0, for a k ∈ {i,i+1,...,j −1}. l i h m By induction, we can see that the Delta ∆(t ,t ] remains independent of funds invested or withdrawn within the time i j (ti,tj]. Appendix F. Net Asset Value per Share Expressed mathematically the NAV per share pti of portfolio m, at time t is: m i ti (12) p =∆(t ,t ] m 0 i ti where t0 is the time of contract creation. The price p is denominated in Ether. m Appendix G. Share Price The share price is defined by the Net Asset Value per Share (see appendix F) and is denominated in Ether.