> For the complete documentation index, see [llms.txt](https://docs.superstate.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.superstate.com/investors/tokenized-funds/invesco-ustb/income-fees-and-yield.md). # 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](https://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](https://help.lido.fi/en/articles/5231836-what-is-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](https://superstate.com/assets/ustb#disclaimers) --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.superstate.com/investors/tokenized-funds/invesco-ustb/income-fees-and-yield.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.