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Each fund has a FundShare token — an ERC-20 with 18 decimals (FundShare). Holding shares is a pro-rata claim on fund assets at the latest oracle-reported price.

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Price

Share balance stays fixed between your transfers. Price per share moves with reported NAV.

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Transferability and supply

FundShare is a transferable ERC-20. After your deposit batch settles and you claim, shares sit in your wallet. Only the Fund mints or burns, and only during settlement:
  • Minted to you when your deposit batch settles (via the queue, then claim)
  • Minted to fee recipient(s) when fees accrue — always in shares; see Fees
  • Burned when your redemption batch settles

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Lifecycle

1

Deposit

Deposit an asset into the DepositQueue. The request joins the current batch.
2

Settle

On report acceptance, the Fund mints the batch’s shares to the queue.
3

Claim shares

Call claim on the queue. Shares move to your wallet.
4

Redeem and claim assets

Redeem through the RedeemQueue. After settlement and funding, claim assets.
Details: Depositing, Redeeming.

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Effects to expect

  • Fee dilution. Management, performance, and protocol fees mint new shares to fee recipients, so your ownership fraction shrinks as fees accrue. Entry/exit fees also mint to the fee recipient at settlement.
  • Share price can fall. Shares track fund value. Strategy losses lower reported price.
  • Claims never expire. After settlement, owed shares or assets stay claimable with no deadline.