> ## Documentation Index
> Fetch the complete documentation index at: https://docs.glam.systems/llms.txt
> Use this file to discover all available pages before exploring further.

# Pricing & Valuation

> Price vault assets and validate AUM for tokenized vaults

The `price` sub-client handles vault asset pricing, which is required before fulfilling subscription/redemption requests or crystallizing fees.

For an overview of pricing concepts, see [Pricing](/v1/operations/pricing).

<Warning>
  Do not read `FeeParams` from the GLAM State Account to display current AUM or NAV. Those fields are fee-accounting checkpoints. Use pricing instructions, AUM validation, or vault holdings for current valuation data.
</Warning>

## Pricing Instructions

Generate all necessary pricing instructions for a vault. The method automatically detects which integrations are enabled and builds the appropriate set of instructions:

```typescript theme={null}
import { GlamClient } from "@glamsystems/glam-sdk";

const glamClient = new GlamClient();

// Get all pricing instructions for the vault
const pricingIxs = await glamClient.price.priceVaultIxs();
```

The returned instructions cover:

* **Vault tokens** — Prices all token balances in the vault
* **Kamino obligations** — Prices Kamino Lending collateral and debt positions
* **Kamino vault shares** — Prices Kamino Vault share holdings
* **Stake accounts** — Prices native stake account balances

### SingleAssetVault

For `SingleAssetVault` types, pricing is simplified since the vault holds only one asset:

```typescript theme={null}
// priceVaultIxs() automatically detects the vault type
// and returns a single priceSingleAssetVault instruction
const pricingIxs = await glamClient.price.priceVaultIxs();
```

For `SingleAssetVault` vaults, current priced AUM is based on the current balance of the vault's base-asset token account. `FeeParams.last_aum` may differ after subscriptions because it records the AUM checkpoint used during the last fee crystallization.

## Validate AUM

After pricing, validate the computed AUM:

```typescript theme={null}
const validateIx = await glamClient.price.validateAumIx();
```

## Vault Holdings

Fetch all vault holdings with current prices for display or analysis:

```typescript theme={null}
const holdings = await glamClient.price.getVaultHoldings("confirmed");

// Access individual holdings
for (const holding of holdings) {
  console.log(holding.mintAddress, holding.uiAmount, holding.price);
}
```

## Pricing Workflow

A typical pricing workflow before fulfilling requests:

```typescript theme={null}
// 1. Build pricing instructions
const pricingIxs = await glamClient.price.priceVaultIxs();

// 2. Build validate AUM instruction
const validateIx = await glamClient.price.validateAumIx();

// 3. Send pricing + validation as a transaction
const tx = new Transaction().add(...pricingIxs, validateIx);
const vTx = await glamClient.intoVersionedTransaction(tx);
await glamClient.sendAndConfirm(vTx);

// 4. Now fulfill pending requests
await glamClient.invest.fulfill(null);
```

<Warning>
  Pricing transactions can be large when a vault has many assets or DeFi positions. Use [address lookup tables](/v1/cli/alt) to reduce transaction size.
</Warning>