The vault authority controls strategy, fees, shareholder access, pauses, and source permissions. By default, this is your organization’s Turnkey authority and Ground submits the changes you authorize. You can export an individual vault to another wallet or smart-contract authority, after which that authority becomes responsible for operating it.
Only approved shareholder wallets may subscribe or receive shares. The vault stores a compact onchain commitment to that list, called a Merkle root. The proof endpoint returns the data a wallet transaction needs to show that an address is on the current list. See Manage shareholders for the update procedure.
Target allocations describe where the vault should hold its assets. Source modes separately control whether the vault may enter or exit each source. Changing a mode does not erase an existing position or change its target allocation.
The management fee is an annual percentage of shareholder capital. The performance fee applies only to gains above the vault’s previous high-water NAV. Both fees accrue by minting shares to the configured fee recipient, which avoids removing base assets from the strategy.
While Ground manages the vault, automation moves assets toward the target strategy, responds to subscriptions and redemptions, and completes asynchronous source operations. Its onchain permissions limit which sources and vault actions it can use.
NAV per share reflects the vault’s idle assets, yield-source positions, in-flight operations, and redemption liabilities. It determines how many shares a subscription receives and how much base asset a redemption returns.
