> 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/redeem.md). # Redeem Redeeming burns fund shares, and returns proceeds as either U.S. Dollars or USDC. The specific steps depend on the fund's configuration. ### Before redeeming Investors must own shares in the fund, add a payout destination, and set a default payout destination. ### How to redeem 1. Go to the Portfolio page and click **Redeem** next to the fund 2. In the **Redeem** dropdown select whether you want to view instructions for tokens or shares held in book-entry. 3. In the **Receive** input, select where to receive redemption payout. Options include U.S. Dollars at a bank account or USDC to a supported blockchain network address. 4. To redeem tokens, send them to the redemption address shown in the portal. Or for Ethereum tokens, call the offchainRedeem() function on the token contract. Either method will initiate a redemption. 5. To redeem shares held in book-entry, select Book-Entry shares and enter the amount to redeem. 6. Confirmation emails are sent on initiation and completion, and status can be tracked in the Transactions table on the portfolio page. #### **Protocol redemptions** For developers building smart contracts that interact with on Ethereum, refer to these [redemption instructions](/investors/smart-contracts.md#ustb-and-uscc-shared-functionality). ### When it settles A redemption is priced and paid out follows the fund's schedule. See the fund's page for more information. > **Example: Invesco USTB:** USTB features continuous pricing, so a redemption is priced at the NAV/S at the time the shares are received. Proceeds are delivered according to the investor's Payout Destination as either U.S. Dollars to a bank account, or USDC to an Ethereum or Solana address ### Fees Gas fees to burn or transfer tokens, and bank fees on USD wires, are the investor's responsibility. ### Terms Redemption frequency, cutoff times, and payout options vary by fund. See the [fund's asset page](https://superstate.com/assets).