Glossary

General Key Concepts

NAV (Net Asset Value) Represents the total value of the investment fund. The value is calculated by subtracting its liabilities from its assets.

NAV = Assets - Liabilities

NAV/S (Net Asset Value per Share) The value of a single share, calculated as the total Net Asset Value divided by the total number of shares.

AUM (Assets Under Management) Represents the total market value of all assets managed by the fund held by the portfolio manager or investment company on behalf of its clients.

TVL (Total Value Locked) Calculated as: TVL = NAV/S * Total Supply

Reflects the total onchain value tied to the asset.

Yield The earnings generated and realized on an investment over a period of time.

Token Price The price of the token on a given exchange or as an aggregated token price. It may differ from the price per share because the actual token price is determined by the exchange, not by the fund. e.g.: the token price on ByBit and the NAV per share on the Superstate itself for the same timestamp.

CUSIP (Committee on Uniform Securities Identification Procedures number) It is a unique identifier for securities issued in the United States. A CUSIP is similar to an ISIN but does not include the country code. To convert a CUSIP into an ISIN, simply add the country prefix (e.g:"US").

Yield to maturity (YTM) The total return anticipated on a bond if the bond is held until it matures. To compute YTM, the following formula can be used:

YTM = [ C+ (FV - PV) ÷ t ] ÷ [ (FV + PV) ÷ 2 ]

Where:

C = Coupon Payment

FV = Face Value

PV = Present Value/Current Price

t = Years to Maturity