{
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  "schemaVersion": "1.0.0",
  "id": "vault-share-price",
  "canonical": "https://degreesofsatoshi.com/encyclopedia/vault-share-price/",
  "collection": "defi",
  "title": "Vault share price: converting between shares and assets",
  "description": "Interpret vault shares as claims on underlying assets, distinguish conversion estimates from executable previews and account for fees, rounding and limits.",
  "aliases": [],
  "dates": {
    "published": "2026-10-02",
    "modified": "2026-10-02",
    "verified": "2026-10-02T18:19:48.887Z",
    "dataAsOf": "2026-10-02"
  },
  "authorship": {
    "publisher": "Degrees of Satoshi editorial project",
    "process": "AI-assisted research and drafting with a separate automated source-verification pass; no external expert or named human review is implied."
  },
  "quickAnswer": {
    "text": "A vault share price expresses how many underlying asset units a share represents under the vault’s accounting. The share count can remain fixed while that conversion changes. For ERC-4626 vaults, conversion estimates, operation-specific previews and maximum-action limits answer different questions; none alone guarantees a future withdrawal amount or a positive investment return.",
    "claimId": "vault-share-price-quick-answer",
    "sourceIds": [
      "eip4626",
      "oz-vault"
    ]
  },
  "keyFacts": [
    {
      "label": "Units",
      "value": "ERC-4626 distinguishes underlying assets from vault shares.",
      "sourceIds": [
        "eip4626"
      ],
      "id": "units",
      "claimId": "vault-share-price-fact-units"
    },
    {
      "label": "Conversion",
      "value": "convertToAssets and convertToShares exclude fees and round down under the standard.",
      "sourceIds": [
        "eip4626"
      ],
      "id": "conversion",
      "claimId": "vault-share-price-fact-conversion"
    },
    {
      "label": "Limits",
      "value": "Preview methods do not account for deposit or withdrawal limits; max methods address limits separately.",
      "sourceIds": [
        "eip4626"
      ],
      "id": "limits",
      "claimId": "vault-share-price-fact-limits"
    }
  ],
  "prerequisites": [
    "yield-vaults"
  ],
  "sections": [
    {
      "id": "example",
      "heading": "Measure value in the underlying asset first",
      "sourceIds": [
        "eip4626"
      ],
      "paragraphs": [
        "In a simplified proportional vault with 120 assets and 100 shares, each share corresponds to 1.2 assets. A holder’s ten shares represent 12 assets before any fees or rounding.",
        "This ratio is an illustration, not a universal implementation formula. Virtual balances, accounting choices and the standard’s permitted conversion estimates can change the exact contract calculation."
      ]
    },
    {
      "id": "preview",
      "heading": "Use the function that matches the intended action",
      "sourceIds": [
        "eip4626",
        "oz-vault"
      ],
      "paragraphs": [
        "Redeeming a fixed number of shares and withdrawing a fixed number of assets are different requests. The relevant preview includes the operation’s fee treatment and specified rounding direction.",
        "A preview describes conditions at the time of the call. State can change before execution, and the caller must separately check maximum permitted amounts and any enforced execution bounds."
      ]
    },
    {
      "id": "interpret",
      "heading": "A higher conversion does not prove earned profit",
      "sourceIds": [
        "oz-vault",
        "eip4626"
      ],
      "paragraphs": [
        "Donations can alter assets per share without representing strategy income. Fees, losses and valuation of the underlying asset also affect the holder’s economic result.",
        "Do not use a manipulable preview as an unquestioned oracle. ERC-4626 explicitly discusses the distinction between display estimates, close previews and conversion implementations designed for more robust price use."
      ]
    }
  ],
  "faq": [
    {
      "question": "If the share price rises, must my dollar value rise too?",
      "answer": "No. The conversion is measured in underlying asset units. That asset’s dollar price can fall, and fees or other constraints can affect what the holder ultimately receives.",
      "sourceIds": [
        "eip4626",
        "oz-vault"
      ]
    }
  ],
  "claims": [
    {
      "id": "vault-share-price-quick-answer",
      "articleSlug": "vault-share-price",
      "statement": "A vault share price expresses how many underlying asset units a share represents under the vault’s accounting. The share count can remain fixed while that conversion changes. For ERC-4626 vaults, conversion estimates, operation-specific previews and maximum-action limits answer different questions; none alone guarantees a future withdrawal amount or a positive investment return.",
      "sourceIds": [
        "source-0500eb916f66cd39",
        "source-e18b8696025f65d0"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-0500eb916f66cd39",
          "locator": "Specification; Security Considerations"
        },
        {
          "sourceId": "source-e18b8696025f65d0",
          "locator": "Security concern: Inflation attack; Defending with a virtual offset"
        }
      ],
      "scope": {
        "collection": "defi",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
        "status": "verified",
        "method": "independent automated source review",
        "checkedAt": "2026-10-02T18:19:48.887Z",
        "reviewer": "automated independent verification — Codex root, separate from final-ten DeFi author",
        "notes": [
          "Read ERC-4626 conversion, preview, max, rounding and security sections; OpenZeppelin vault guide donation/fee explanations. Recomputed120/100×10=12. Fees, time of preview, maximum limits and manipulable oracle risks preserved."
        ]
      }
    },
    {
      "id": "vault-share-price-fact-units",
      "articleSlug": "vault-share-price",
      "statement": "Units: ERC-4626 distinguishes underlying assets from vault shares.",
      "sourceIds": [
        "source-0500eb916f66cd39"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-0500eb916f66cd39",
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        "checkedAt": "2026-10-02T18:19:48.887Z",
        "reviewer": "automated independent verification — Codex root, separate from final-ten DeFi author",
        "notes": [
          "Read ERC-4626 conversion, preview, max, rounding and security sections; OpenZeppelin vault guide donation/fee explanations. Recomputed120/100×10=12. Fees, time of preview, maximum limits and manipulable oracle risks preserved."
        ]
      }
    },
    {
      "id": "vault-share-price-fact-conversion",
      "articleSlug": "vault-share-price",
      "statement": "Conversion: convertToAssets and convertToShares exclude fees and round down under the standard.",
      "sourceIds": [
        "source-0500eb916f66cd39"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-0500eb916f66cd39",
          "locator": "Specification; Security Considerations"
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        "checkedAt": "2026-10-02T18:19:48.887Z",
        "reviewer": "automated independent verification — Codex root, separate from final-ten DeFi author",
        "notes": [
          "Read ERC-4626 conversion, preview, max, rounding and security sections; OpenZeppelin vault guide donation/fee explanations. Recomputed120/100×10=12. Fees, time of preview, maximum limits and manipulable oracle risks preserved."
        ]
      }
    },
    {
      "id": "vault-share-price-fact-limits",
      "articleSlug": "vault-share-price",
      "statement": "Limits: Preview methods do not account for deposit or withdrawal limits; max methods address limits separately.",
      "sourceIds": [
        "source-0500eb916f66cd39"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-0500eb916f66cd39",
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        }
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      "scope": {
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      "evidenceStatus": "documented",
      "verification": {
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        "checkedAt": "2026-10-02T18:19:48.887Z",
        "reviewer": "automated independent verification — Codex root, separate from final-ten DeFi author",
        "notes": [
          "Read ERC-4626 conversion, preview, max, rounding and security sections; OpenZeppelin vault guide donation/fee explanations. Recomputed120/100×10=12. Fees, time of preview, maximum limits and manipulable oracle risks preserved."
        ]
      }
    }
  ],
  "sources": [
    {
      "id": "eip4626",
      "label": "Tokenized Vaults",
      "publisher": "Ethereum Improvement Proposals",
      "url": "https://eips.ethereum.org/EIPS/eip-4626",
      "locator": "Specification; Security Considerations",
      "note": "Assets, shares, deposits, withdrawals, limits and preview rounding.",
      "version": "EIP/ERC-4626; retrieved document hash recorded",
      "checkedAt": "2026-10-02T17:03:42.366Z",
      "contentSha256": "0f3b3abdb9e37ef4094f0ad5c6c469a56e888fcc52415d4bf8e657e2b34792ab",
      "recordId": "source-0500eb916f66cd39"
    },
    {
      "id": "oz-vault",
      "label": "ERC-4626",
      "publisher": "OpenZeppelin",
      "url": "https://docs.openzeppelin.com/contracts/5.x/erc4626",
      "locator": "Security concern: Inflation attack; Defending with a virtual offset",
      "note": "Vault share conversion, rounding, donations and inflation-attack defenses.",
      "version": "OpenZeppelin Contracts 5.x",
      "checkedAt": "2026-10-02T17:03:43.088Z",
      "contentSha256": "76a796f770dd8a76bb890dbe91359d0f35582c995e72e1aa809f32b41831005f",
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    }
  ],
  "related": {
    "articles": [
      "vault-inflation-attacks",
      "realized-vs-projected-yield",
      "wrapped-staked-ether"
    ],
    "dossiers": [],
    "wallets": []
  },
  "revisionHistory": [
    {
      "date": "2026-10-02",
      "kind": "published",
      "summary": "First publication after primary-source research and independent automated verification."
    }
  ],
  "citation": "Degrees of Satoshi editorial project. “Vault share price: converting between shares and assets.” Published 2026-10-02; updated 2026-10-02. https://degreesofsatoshi.com/encyclopedia/vault-share-price/"
}