# Shares and your position (/invest/shares)

A vault share is a token representing your participation in Senior or Junior. It is not a fixed promise to repay a particular number of USDC.

Each vault has two separate share tokens. Always check both the vault and the tranche: shares with similar names are not interchangeable.

## Share count and position value [#share-count-and-position-value]

Your **share count** tells you how many tokens you hold. Your **position value** depends on what each share is worth.

```text
Estimated position value = shares held × estimated value per share
```

Illustrative example, holding the share count constant:

| Value per share (USDC) | Shares held | Estimated position value (USDC) |
| --- | --- | --- |
| 1.00 when you enter | 1,000 | 1,000 |
| 1.02 after a gain | 1,000 | 1,020 |
| 0.90 after a loss | 1,000 | 900 |

These are three valuations, not promised returns. The estimate is also different from a quote for withdrawing the position.

## Deposits and exits use different bounds [#deposits-and-exits-use-different-bounds]

The program uses a range of values when an investment's value is uncertain. Deposits use the upper end. Withdrawal funding uses the lower end. You can therefore receive less on an immediate exit than you deposited, even without a new strategy loss.

For the exact pricing rules, rounding and virtual offsets, read [NAV and share pricing](/invest/advanced/nav-and-share-pricing). The quote for your action is more useful than a token price shown by a wallet or explorer.

## Shares in a withdrawal request [#shares-in-a-withdrawal-request]

A request holds shares in **escrow**: they are reserved for that withdrawal. They continue to participate in gains and losses until funding converts them into a USDC claim. The funded shares are then burned, meaning removed from circulation.

One request can contain both USDC ready to claim and shares still waiting. See the [partial-withdrawal example](/invest/withdraw#a-partial-withdrawal-example) for the numbers at each stage.

Cancelling returns the unfunded shares. It does not turn them back into your original deposit amount or reverse an amount already funded.

## Transferring shares [#transferring-shares]

Sending shares transfers the associated participation to the recipient. The person holding them can use the vault's withdrawal process, subject to its rules. Akashi does not keep a separate ownership record that overrides the tokens.

Before transferring, confirm the token mint, vault and tranche with the recipient. For an exit to USDC, follow [withdrawals](/invest/withdraw).