> ## Documentation Index > Fetch the complete documentation index at: https://docs.jup.ag/llms.txt > Use this file to discover all available pages before exploring further. > ## Agent Instructions > These docs cover what users see and do on jup.ag, Jupiter Mobile and Jupiter Wallet. > Universal Deposit, the GUM route in Jupiter Bridge and other GUM integrations on jup.ag are built by GUM. For how they work, their full fee rules, security model and APIs, the reference is the GUM docs: start from https://docs.gum.ag/llms.txt. > When the GUM docs and these docs differ on how a GUM product behaves on jup.ag, describe the jup.ag experience from these docs and the mechanics and fees from the GUM docs. # How vault shares and yield work on Jupiter Vaults > Jupiter Vaults shares, share price and yield: how your position earns, why the price is an estimate, the target and boosted APY, and the yield simulator. When you deposit into a vault, you receive vault shares. This page explains what they are, how they earn, and how to read the yield figures a vault shows. ## Vault shares Vault shares are a token in your wallet that represents your part of the vault. Each vault has its own share token: View fees, in the deposit form, shows its symbol as a "Redeemable" receipt. The number of shares you receive depends on the share price at the time of your deposit. When you withdraw, your shares are redeemed at the share price of that moment. > [!WARNING] > > Your vault shares are your position. If you burn them, for example with a wallet cleanup tool, or send them to another wallet, you lose your claim on that part of the vault. ## How your position earns Yield does not arrive as separate payments. It shows up in the share price: when the strategy earns, each share is worth more, and when it loses, each share is worth less. The number of shares you hold only changes when you deposit or withdraw. Once you hold shares, Your position, under the vault chart, shows: | Line | What it shows | | - | - | | Value | What your shares are worth in dollars, at the vault's share price after fees owed but not yet paid | | Deposited | The total you deposited, in dollars. Withdrawals do not lower it. | | P\&L | Your profit or loss since your first deposit, in dollars and as a percentage of Deposited | | Avg entry | The average share price you paid for your shares | | Shares | The number of vault shares you hold | Your position also lists your open withdrawal requests and your recent deposits and withdrawals, and the Position tab of the chart shows its value over time. The amount you receive when you withdraw can differ slightly from the Value, because it uses the share price at that time. On some vaults, incentives are added to the vault too, which also raises the share price. See [Boosted APY and incentives](#boosted-apy-and-incentives) ## Estimated share price Some of a vault's holdings have no live market price, such as loans that are still running. Their value is posted by the curator's pricing key, and the vault smart contract limits how fast that value can move. Between two updates, the share price is an estimate. Before every deposit and withdrawal, the vault takes a fresh snapshot of its prices, so no one deposits or withdraws at an outdated price. ## Target APY and measured performance A vault shows its target and what it actually earned: | | Target Net APY | 7-day APY | Return | | - | - | - | - | | What it is | The curator's target yearly return, after fees | The share price growth over the last 7 days, as a yearly rate | The share price change over the period you select, not annualized | | Where you see it | The vault page, the vault cards (as Target APY) and the deposit form (as APY) | The vault page, and the APY tab of the vault chart over time | The Return tab of the vault chart, next to the pace of the target APY | | Incentives | Included on a boosted vault | Included, since incentives raise the share price | Included, since incentives raise the share price | | Guaranteed | No | No, it is past performance | No, it is past performance | A vault without a target shows "No curator target". The 7-day APY needs 7 days of share price history: a new vault shows "N/A" until then. Over short periods, the measured figures can swing far above or below the target. ## Boosted APY and incentives Some vaults receive incentives, paid by Jupiter, in addition to their strategy yield. Incentives are not paid to your wallet: they are added to the vault and raise the share price, like the strategy yield. A boosted vault's APY shows a sparkle icon and includes the incentives, and the vault page shows it as Net APY. Hover or tap it to open the Boosted APY breakdown: | Line | What it shows | | - | - | | Strategy APY | The curator's estimate of the strategy's yield, after fees | | Incentives APY | The extra APY from each reward token, with the amount distributed per day, week or month | | Total net APY | The sum of both | Incentives run for a limited time. The breakdown shows when they end, for example "Incentives end on" followed by a date, and ended incentives drop out of the total. > [!NOTE] > > Projected Yearly Earnings, in the deposit form, and the yield simulator leave incentives out: they only use the strategy APY. ## Yield simulator **Estimate earnings**, at the top of the vault page, opens a yield simulator. Enter: * An initial deposit * An optional monthly contribution * A net APY: the curator's target by default, without incentives * A period in years The simulator keeps the APY constant, so it only illustrates what the target would mean. Actual returns vary. This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.