# Premium & Discount to NAV

At the time of the funds subscription period, 1 vault share is equal to 1 unit of the funds NAV. After the fund's vault shares start trading on the open market, each fund share is representative of the speculative value of the quant vault's future NAV. Behaving much like a close ended fund, where the tokenized units enable investors to get allocation in the fund even after a funding window has closed.&#x20;

Depending on anticipation from the wider market, a fund might trade at a premium or a discount to its NAV. Allowing for speculative investments.

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