> For the complete documentation index, see [llms.txt](https://docs.kpk.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kpk.io/funds/infrastructure/architecture/core-concepts.md).

# Core concepts

The primitives that power shares, valuation, subscriptions, redemptions, fees, and permissions.

Core concepts define how funds work at the protocol level: how ownership is represented, how the fund is valued and priced, how users enter and exit, how fees are charged, and how operators can act on behalf of a fund without taking custody. These concepts apply across all funds, regardless of strategy or denomination. If you're integrating, these pages clarify what the onchain contracts guarantee, and what they do not.

In this section:

* [**Shares**](/funds/infrastructure/architecture/core-concepts/shares.md): how the `kpkShares` ERC-20 token represents pro-rata ownership and how supply changes.
* [**NAV**](/funds/infrastructure/architecture/core-concepts/nav.md): how the fund is valued onchain and how that valuation becomes a settlement share price.
* [**Subscriptions**](/funds/infrastructure/architecture/core-concepts/subscriptions.md): the request-based deposit flow, from request to minted shares.
* [**Redemptions**](/funds/infrastructure/architecture/core-concepts/redemptions.md): the request-based exit flow, from request to paid-out assets.
* [**Fees**](/funds/infrastructure/architecture/core-concepts/fees.md): management, performance (high-water mark), and redemption fees.
* [**Roles and operators**](/funds/infrastructure/architecture/core-concepts/roles-and-operators.md): how permissions are modelled and the Admin vs Operator APIs.
* [**Policies**](/funds/infrastructure/architecture/core-concepts/policies.md): how onchain permissions constrain what a fund can do.
* [**Bridging**](/funds/infrastructure/architecture/core-concepts/bridging.md): how cross-chain transfers affect accounting.


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