> For the complete documentation index, see [llms.txt](https://docs.rfy.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.rfy.finance/rfy/product/yield-vaults.md).

# Yield Vaults

Yield Vaults convert supported assets into ERC-4626 strategy shares whose NAV reflects realized strategy returns and any applicable onchain yield. Users deposit during an available window, receive vault shares, and redeem according to the vault's epoch rules.

{% hint style="info" %}
Yield Vaults are rolling. Each epoch includes defined deposit, strategy, settlement, and redemption periods.
{% endhint %}

***

### How Yield Vaults work

* **Deposit window** — Users deposit a supported token and receive an ERC-4626 share representing their proportional ownership.
* **Epoch start** — A vetted strategist directly executes the defined income strategy. Eligible idle collateral may also be deployed into curated onchain yield opportunities.
* **Settlement** — Realized strategy results and onchain yield are reflected in the vault's `totalAssets()` and NAV.
* **Redemption window** — Users redeem according to the schedule and rules shown on the vault page.

***

## Fees

| Strategist | Performance fee |
| ---------- | --------------- |
| RFY        | 10%             |

{% hint style="info" %}
The performance fee is charged only on realized positive returns at settlement. Always confirm the current fee on the vault page before depositing.
{% endhint %}

**Example**

A vault starts an epoch with 100 units in deposits and earns 1 unit of gross profit. With a 10% performance fee:

* Gross profit: 1 unit
* Performance fee: 0.1 unit
* Net profit reflected in NAV: 0.9 unit

***

### Available vaults

Current vault availability, deposit assets, caps, fees, and links are maintained in the [RFY app](https://rfy.finance/).

For RFY's higher-conviction tier, see Blackbox Vaults.

***

### Risks and disclosures

Yield Vaults carry strategy, market, counterparty, smart contract, liquidity, and protocol risk. A lower relative risk label does not mean principal is protected, and positive returns are not guaranteed. [Read Risks & Disclosures before depositing.](/security/risks-disclosures.md)


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