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 — how the kpkShares ERC-20 token represents pro-rata ownership and how supply changes.
• NAV — how the fund is valued onchain and how that valuation becomes a settlement share price.
• Subscriptions — the request-based deposit flow, from request to minted shares.
• Redemptions — the request-based exit flow, from request to paid-out assets.
• Fees — management, performance (high-water mark), and redemption fees.
• Roles and operators — how permissions are modelled and the Admin vs Operator APIs.
• Policies — how onchain permissions constrain what a fund can do.
• Bridging — how cross-chain transfers affect accounting.