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

# Glossary

> Glossary documentation for Red Potion.

**Allowlisted call.** A specific `(caller, target, selector)` tuple — optionally with pinned calldata words — that a [Strategy](/developers/contract-reference/strategy) operator is permitted to execute. Any call not on the allowlist reverts.

**Batch.** A time window, bounded by a cutoff, into which deposit and redemption requests are grouped. Every request in a batch settles at the same price.

**Cutoff (`nextCutoffTime`).** The timestamp at which the current batch closes. After the cutoff, new requests roll into the next batch and the closed batch can be priced.

**ERC-20.** The standard token interface used by Red Potion [fund shares](/developers/contract-reference/fund-share) and most supported assets.

**External wallet.** A whitelisted, user-controlled destination (e.g. a custodian or CEX deposit address) the Fund can push assets to. The Fund cannot pull assets back from it — only its controller can return them.

**Fee base asset.** The asset whose reported price drives time- and price-based fee accrual (management, performance, protocol) and risk valuation. Always included in every settlement's price set.

**Fund.** A single tokenized fund instance: the [Fund](/developers/contract-reference/fund) hub plus its spokes and strategies.

**Fund instance.** The complete hub-and-spoke cluster for one fund — Fund, FundShare, DepositQueue, RedeemQueue, Oracle, FeeManager, RiskManager, and any strategies.

**High-water mark (HWM).** The highest share price at which a performance fee has been charged. Performance fees only accrue when the price exceeds the HWM, which then ratchets up.

**Hub-and-spoke (star architecture).** The design in which the [Fund](/developers/contract-reference/fund) is a central hub and all other fund contracts are spokes that talk only to the Fund, never to each other.

**Native ETH.** Ether itself (not wrapped). Supported everywhere assets are handled, via the sentinel address `0xEeeeeEeeeEeEeeEeEeEeeEEEeeeeEeeeeeeeEEeE`.

**NAV (net asset value).** The value of a fund's holdings, reported per share by the [Oracle](/developers/contract-reference/oracle) and used to price a batch.

**ProxyAdmin.** The contract that holds upgrade authority over a proxy. Owned by the `proxyAdmin` address set at tenant/fund creation. ProxyAdmin ownership governs code; roles govern behavior.

**Pending report.** A submitted but not-yet-accepted NAV price, held through the review window and possibly flagged suspicious.

**Reporter.** The party (holding `SUBMIT_REPORT_ROLE`) that submits NAV prices after a batch closes.

**Settlement.** The `Fund.acceptReport` transaction that accepts a NAV report, accrues fees, and settles all deposit and redeem batches at one price.

**Snapshotted payout.** The asset amount a redeem batch is owed, fixed at settlement so later fee/price changes cannot alter it.

**Spoke.** A fund component (DepositQueue, RedeemQueue, Oracle, FeeManager, RiskManager) that holds no roles of its own and authorizes by calling back into the Fund.

**StandaloneStrategy.** An allowlisted execution wallet detached from Fund control, used to deploy a fund's capital on a chain other than the Fund's. See [StandaloneStrategy](/developers/contract-reference/standalone-strategy).

**Strategy.** A Fund-controlled execution wallet that deploys capital into external protocols through allowlisted calls only. See [Strategy](/developers/contract-reference/strategy).

**Suspicious price.** A submitted price that breaches a configured safety bound. It stays pending and can only be accepted with a stronger role after review, or rejected and resubmitted.

**Tenant.** A fund house or organization with its own [FundManager](/developers/contract-reference/fund-manager), able to launch and control its own funds.

**TVL (total value locked).** The total value a fund holds, valued in the fee base asset. Can be capped per fund.