Pod AuM calculation in multi-strat hedge fund

Hello there,

My apologies for this question, but any insight would be greatly appreciated please.

I am wondering how multi-strat hedge funds (Citadel, Millennium, Balyasny, Point 72 etc.) calculate assets for any pod. I have heard that certain pods manage more than $1bln. Let’s say that the pod trades S&P500 futures. Do these funds use the notional of future contracts for calculation of the asset by pod? Or do they use any other metric please? I mean buying 1000 S&P futures has a notional value of almost $300mln. I understand that these funds are market-neutral. But let’s say that a spread is put on between two different futures. In that case, how are assets for the pod calculated please?

Being a newbie, any insight would be greatly appreciated.

Thank you once again.