Vault shares and NAV

This page explains how vault shares represent ownership, and how Net Asset Value, NAV, is used for deposits and redemptions.

Vault shares

When you deposit, you receive vault shares minted to your wallet. Shares represent your proportional ownership of the vault.

NAV, Net Asset Value

At a high level, NAV is the value of the vault’s assets and open positions, net of fees and liabilities, divided by total shares.

NAV is used to:

1. Determine how many shares you receive on deposit

2. Determine how much USDC you receive on redemption

What affects NAV

Typical inputs include:

1. Vault balances

2. Open positions and unrealized PnL

3. Funding, fees, and execution costs

4. Pending liabilities, if any