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Cargo vault shares pay no coupon. Their return is the discount to NAV you buy at, plus or minus NAV moves, plus any Genesis lock bonus. Those depend on prices and on how often you rotate, so annualising them would mislead. Older materials quoting 18%, 28% or 35% APY described an earlier facility structure and no longer apply.
Every vault uses the same shape: NAV per share = (reference price − statutory levies − delivery costs) ÷ FX. The reference is a published price for the asset, such as an exchange settlement price or the LBMA benchmark for gold.In the Genesis Vault, the reference is ICE London Cocoa for West African Grade 1 beans, less delivery costs, converted from GBP to USD. At 9 Oct 2026 prices, NAV was $5.277 per share.
NAV is struck daily after the reference price publishes and posted on-chain. iNAV, which moves NAV with the asset’s hedge market between fixes, updates every minute by API and WebSocket and every 15 minutes on-chain during market hours. Creations and redemptions strike at NAV. In the Genesis Vault, both follow ICE London Cocoa.
  • The asset’s reference price moves.
  • FX moves between the reference currency and USD.
  • Delivery costs are re-based periodically on invoices, or at once if realised sales run well below NAV.
  • Statutory levies change only if the law changes.
In the Genesis Vault: ICE London Cocoa, GBP/USD, and delivery costs, re-based quarterly or at once if realised sales run $150/t below NAV for 30 days.
It is how far below NAV new shares sell. On a Genesis curve it narrows as money comes in (from 9.2% to 3.0% in the Genesis Vault); in each batch auction it is set by competing sealed bids. It will compress as more capital arrives.
The originator. Originators acquire goods at origin below their reference value, and selling shares below NAV passes part of that margin to holders. Each lot carries a reserve price, published before the batch window, so a lot never clears below what its originator will accept.In the Genesis Vault, the originator buys at the farm gate and receipts the cocoa at $4.793/kg, against a NAV of $5.277/kg at 9 Oct 2026 prices: a 10.1% spread. At those prices, the originator’s reserve means a batch clears no more than about 7.3% below NAV.
Not exactly. NAV is the value of the goods at the reference price. To turn shares into USDC you can redeem at NAV − 0.10% at a batch, sell instantly to the Liquidity Bridge at NAV − 1.0%, ask panel market makers for an RFQ quote, or take delivery above the vault minimum. A bid on RFQ is never guaranteed. See Buying and exiting.
They may. The Genesis Vault’s published curve ($4.793 to $5.118 per share) was set against the NAV of 9 Oct 2026. The term sheet for the rescheduled window sets the prices that apply, and they are announced with the new dates.
Every vault has a differential check and an outage fallback. In the Genesis Vault, if the physical differential to ICE London Cocoa moves more than $250/t from its 30-day median, or no reference price publishes for two business days, NAV uses the median differential and creations and redemptions pause for that batch.
Isolated Morpho markets are planned, starting with cvCOCOA/USDC after Batch 4 of the Genesis Vault, at a 62.5% liquidation LTV with a lower-of NAV oracle. They are not live yet.
Genesis Vault figures are at prices of 9 Oct 2026, before price moves. They are illustrations, not forecasts. Capital is at risk.