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 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.

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.