> 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/nav-income-and-yield.md).

# NAV, income, and yield

### NAV per share (NAV/S)

The Net Asset Value per share (NAV/S) is the price of one share. It is the value of the fund after accounting for all investor cash flows, income, and fund expenses.

### Accumulating NAV (no distributions)

Funds use an accumulating-NAV model rather than paying cash distributions. An investor is minted a fixed number of tokens, and the token balance does not change unless the investor subscribes, redeems, or transfers. Instead, the **NAV/S increases over time** as the fund earns income, so the same number of tokens becomes redeemable for more value.

### How income accrues

Income accrues on **market days** (days the relevant markets are open). It is reflected in the NAV/S rather than paid out. The fund's management fee accrues into the NAV/S as well, reducing NAV growth.

### When the price (NAV/S) updates <a href="#when-the-price-nav-s-updates" id="when-the-price-nav-s-updates"></a>

A fund's NAV/S is set on one of two schedules:

* **Continuous:** the NAV/S updates around the clock. A subscription or redemption is priced at the NAV/S at the moment funds or shares are received (e.g. Invesco USTB).
* **Daily or periodic:** the NAV/S is set once per period at a cutoff time. Orders received before the cutoff are priced at that period's NAV/S; orders after the cutoff are priced at the next one (e.g. Bitwise USCC, set daily at 5pm ET).

The fund's page states which schedule it uses and its cutoff time.

### On-chain price

The fund's NAV/S is published on-chain through a price oracle (Superstate's Continuous Oracle and Chainlink-compatible feeds), so each token has an on-chain reference price that DeFi protocols and integrators can read. See [Smart contracts for oracle addresses and details.](/investors/smart-contracts.md)

### Yield

A fund's 30-day yield is calculated from the change in NAV/S over the period, incorporating all realized and unrealized income for that fund. What that income is varies by strategy, so see the fund's page (for example, T-bill interest for USTB, or basis accrual, staking rewards, and mark-to-market effects for USCC).

### Per-fund specifics

More information on each fund including NAV/S, fees, historical performance is on each [fund's page](https://superstate.com/assets).