Index Token Price Calculation

The value of an index token is always tied to the assets held inside its vault. Unlike standalone tokens, each index token represents a proportional share of the vault’s Total Value Locked (TVL).

In other words:

{Token Price (NAV)} = {Vault TVL (USDC)} / {Total Supply of Index Tokens}

This section explains how the price behaves in two situations:

• General Case → when deposits, withdrawals, or market moves occur.

• Vault Opening → how the very first token price is defined at launch.