Income, Fees & Yield
Income
The Fund invests exclusively in short-duration U.S. Government Securities, including investments in U.S. Treasury Bills. Interest income from these securities is recognized each market day and is reflected in the Fund's NAV.
A market day is each day that both the New York Stock Exchange and the Federal Reserve Bank of Philadelphia are open. Each market day starts at 9:00am ET on a given day that NYSE and FRBP are open and continues until 8:59am ET the next day that NYSE and FRBP are open.
Fees
Please refer to superstate.com/assets/ustb for more information
NAV per share
The Net Asset Value per share (or NAV/S) is the price per share of USTB, and represents the value of a share, after accounting for all investor cash flows, interest income, and fund expenses. The NAV/S of USTB is recorded with 6 decimal places of accuracy.
NAV/S started at $10.000000, and increments continuously as the Fund's investments accrue interest. NAV/S is calculated by taking the total Assets Under Management (AUM) in the Fund and dividing by the total number of shares in the Fund.
Continuous NAV/S
USTB features a Continuous NAV/S that updates every second, 24 hours a day, 365 days of the year. This is achieved by using the day-over-day growth rate of the Fund's NAV/S to extrapolate the price at any given time, with the growth rate recalculated based on data from our NAV Calculation Agent partner. Purchases and Redemptions are priced using the Continuous NAV/S at the time a transaction is initiated.
Interest accrual
USTB works in a similar way to Lido's wstETH. You are minted a static amount of tokens and your token balance stays the same unless you mint, burn, or transfer. The NAV increases over time, allowing you to redeem a share of USTB for an increasing amount of U.S. Dollars or USDC.
For Disclosures and Risk Factors related to the Invesco Short Duration US Government Securities Fund visit superstate.com/assets/ustb#disclaimers
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