> 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/core-concepts.md).

# Core concepts

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


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