> ## Documentation Index
> Fetch the complete documentation index at: https://docs-staging.centuari.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Mutual Fund Vaults

> Managed yield strategies with curator-controlled parameters

<Warning>
  **Coming Soon** - Mutual Fund Vaults is an upcoming feature. Further details will be available when it launches.
</Warning>

<Frame>
  <img src="https://mintlify.s3.us-west-1.amazonaws.com/centuari/assets/gifs/vault-deposit.gif" alt="Animation showing user depositing into a curator-managed vault with automatic rebalancing" />
</Frame>

## Overview

Mutual Fund Vaults are curator-managed pools that automatically deploy capital across yield strategies. Instead of managing your own positions, deposit into a vault and let experienced curators optimize returns.

<Info>
  **Think of it as**: DeFi mutual funds. Professional management, transparent on-chain, and you can withdraw anytime.
</Info>

## Why Vaults?

### The Challenge

Managing fixed-rate positions requires:

* Monitoring multiple maturities
* Rebalancing across rates
* Optimizing rollover timing
* Tracking market conditions

Most users don't have time for active management.

### The Solution

<CardGroup cols={2}>
  <Card title="Professional Management" icon="user-tie">
    Curators with proven track records manage strategy
  </Card>

  <Card title="Automatic Rebalancing" icon="scale-balanced">
    Positions optimized continuously
  </Card>

  <Card title="Diversification" icon="layer-group">
    Exposure across multiple positions reduces risk
  </Card>

  <Card title="Liquid" icon="droplet">
    Withdraw anytime (subject to vault liquidity)
  </Card>
</CardGroup>

## How Vaults Work

<Steps>
  <Step title="Deposit">
    Deposit stablecoins into your chosen vault
  </Step>

  <Step title="Receive Shares">
    Get vault shares representing your proportional ownership
  </Step>

  <Step title="Curator Manages">
    Curator deploys capital according to vault strategy
  </Step>

  <Step title="Yields Accrue">
    Your share value increases as yields are earned
  </Step>

  <Step title="Withdraw">
    Redeem shares for your principal + returns
  </Step>
</Steps>

## Vault Types

<Tabs>
  <Tab title="Fixed Rate Focus">
    **Strategy**: Pure fixed-rate lending

    Deploys to Centuari fixed-rate positions only:

    * Various maturities (30-180 days)
    * Multiple stablecoins
    * Auto-rollover enabled

    **Target Yield**: 6-10% APY
    **Risk**: Low (fixed rates, stablecoin only)
  </Tab>

  <Tab title="Yield Optimized">
    **Strategy**: Best yield across protocols

    Allocates to:

    * Centuari fixed-rate
    * Aave/Compound variable rate
    * Pendle fixed yield
    * Other yield sources

    **Target Yield**: 8-15% APY
    **Risk**: Medium (protocol diversification)
  </Tab>

  <Tab title="RWA Enhanced">
    **Strategy**: Fixed-rate + RWA yield

    Combines:

    * Centuari fixed-rate lending
    * Tokenized treasury yields
    * RWA-collateralized positions

    **Target Yield**: 7-12% APY
    **Risk**: Low-Medium (RWA exposure)
  </Tab>
</Tabs>

## Featured Vaults

| Vault           | Curator           | Strategy         | TVL     | 30d APY |
| --------------- | ----------------- | ---------------- | ------- | ------- |
| Steady Yield    | CuratorDAO        | Fixed Rate Focus | \$5.2M  | 7.8%    |
| Alpha Optimizer | DeFi Partners     | Yield Optimized  | \$12.1M | 11.2%   |
| Treasury Plus   | Institutional Cap | RWA Enhanced     | \$8.7M  | 8.5%    |

<Card title="View All Vaults" icon="grid" href="https://app-staging.centuari.finance/vaults">
  Browse and compare available vaults
</Card>

## Vault Mechanics

### Share Pricing

Vault shares are priced based on total assets under management:

```
Share Price = Total Vault Assets / Total Shares Outstanding
```

As yields accrue, total assets increase, and share price rises.

**Example**:

```
Day 1:
  You deposit: $10,000
  Share price: $1.00
  You receive: 10,000 shares

Day 90:
  Vault earned 2% (quarterly)
  Share price: $1.02
  Your shares worth: $10,200
```

### Deposits

* **No minimum**: Deposit any amount
* **Instant**: Shares issued immediately
* **Gasless**: Protocol covers gas

### Withdrawals

* **Request**: Initiate withdrawal request
* **Queue**: May enter queue if vault liquidity insufficient
* **Receive**: Funds sent when liquidity available

<Warning>
  **Withdrawal Queue**: If a vault is fully deployed, you may wait for positions to mature or be liquidated before receiving funds. Check vault liquidity before depositing.
</Warning>

### Fees

| Fee Type        | Typical Range     | Charged To        |
| --------------- | ----------------- | ----------------- |
| Management Fee  | 0.5-2% annually   | Vault assets      |
| Performance Fee | 10-20% of profits | Yields earned     |
| Withdrawal Fee  | 0-0.5%            | Withdrawal amount |

Fees are set by curators and disclosed upfront.

## Curator Requirements

Anyone can become a curator, but successful vaults require:

<AccordionGroup>
  <Accordion title="Track Record" icon="chart-line">
    * Demonstrated DeFi experience
    * Verified historical performance
    * Community reputation
  </Accordion>

  <Accordion title="Skin in the Game" icon="hand-holding-dollar">
    * Minimum curator deposit (typically 1-5% of vault)
    * Aligns curator incentives with depositors
  </Accordion>

  <Accordion title="Strategy Documentation" icon="file-lines">
    * Clear strategy description
    * Risk parameters defined
    * Rebalancing rules explained
  </Accordion>
</AccordionGroup>

## Risk Disclosures

<Warning>
  Vaults are not risk-free. Understand before depositing:
</Warning>

| Risk                | Description                  | Mitigation                        |
| ------------------- | ---------------------------- | --------------------------------- |
| Curator Risk        | Poor decisions lose money    | Track record review, skin in game |
| Smart Contract Risk | Vault/strategy contract bugs | Audits, insurance                 |
| Liquidity Risk      | Cannot withdraw immediately  | Check liquidity ratio             |
| Strategy Risk       | Strategy underperforms       | Diversify across vaults           |

## Comparing Vaults

When selecting a vault, consider:

### Performance Metrics

| Metric         | What It Shows             |
| -------------- | ------------------------- |
| 30d APY        | Recent annualized returns |
| Historical APY | Longer-term performance   |
| Sharpe Ratio   | Risk-adjusted returns     |
| Max Drawdown   | Worst peak-to-trough loss |

### Risk Metrics

| Metric           | What It Shows                        |
| ---------------- | ------------------------------------ |
| Liquidity Ratio  | % available for immediate withdrawal |
| Concentration    | Exposure to single positions         |
| Maturity Profile | When underlying positions mature     |

### Curator Metrics

| Metric        | What It Shows         |
| ------------- | --------------------- |
| AUM History   | Growth and retention  |
| Curator Stake | Skin in the game      |
| Time Active   | Experience with vault |

## Example: Depositing to a Vault

**Scenario**: You have \$50,000 USDC and want passive fixed-rate exposure.

<Steps>
  <Step title="Research">
    Compare vaults:

    * Steady Yield: 7.8% APY, pure fixed-rate, low risk
    * Alpha Optimizer: 11.2% APY, multi-protocol, medium risk

    You choose Steady Yield for lower risk.
  </Step>

  <Step title="Deposit">
    * Connect wallet
    * Enter \$50,000 USDC
    * Review fees (1% management, 10% performance)
    * Confirm deposit
  </Step>

  <Step title="Receive Shares">
    * Get 50,000 vault shares (at \$1.00 each)
    * Shares appear in your wallet
  </Step>

  <Step title="Monitor">
    * Check dashboard for share price updates
    * View underlying positions
    * Track vs benchmark
  </Step>

  <Step title="Withdraw (Later)">
    * After 6 months, share price is \$1.039
    * Your 50,000 shares worth \$51,950
    * Withdraw, receive USDC
  </Step>
</Steps>

## FAQs

<AccordionGroup>
  <Accordion title="Can I lose money in a vault?">
    Yes, if underlying positions lose value or curator makes poor decisions. Choose vaults with conservative strategies and verified curators to minimize risk.
  </Accordion>

  <Accordion title="How often is the share price updated?">
    Continuously. Share price reflects current value of all underlying positions.
  </Accordion>

  <Accordion title="Can curators run away with my money?">
    No. Vault smart contracts are non-custodial. Curators can only deploy within defined parameters, not withdraw user funds.
  </Accordion>

  <Accordion title="What if a vault strategy fails?">
    You bear losses proportional to your share. Diversifying across multiple vaults reduces single-strategy risk.
  </Accordion>

  <Accordion title="Are vault yields fixed or variable?">
    Depends on strategy. Fixed Rate Focus vaults earn mostly fixed yields. Yield Optimized vaults have variable components.
  </Accordion>
</AccordionGroup>

<CardGroup cols={2}>
  <Card title="Vault Strategies" icon="chess" href="./vault-strategies">
    Learn about different vault strategies
  </Card>

  <Card title="Become a Curator" icon="user-plus" href="./curator-parameters">
    Create and manage your own vault
  </Card>
</CardGroup>