# Fund PNL, TVL, and Price A fund's PNL (Profit and Loss) indicates the fund's overall performance, and is determined by the price movements of the underlying assets held in the fund. A fund's TVL (Total Value Locked) is the combined dollar amount of all assets in the fund. ### Fund Token Price Fund tokens are all minted at $1 upon fund creation, and increase or decrease in price depending on the performance of the underlying assets, irrespective of TVL. Example: ``` The starting capital in X fund is $500, and the starting token price is $1. John enters the fund by depositing $1000, but the assets in the fund have not increased or decreased in price, so the token price remains $1 while the TVL is now $2000. The assets in the fund increase in value by 50%, so the token price increases to $1.5, with a new TVL of $3000. ``` --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.guru.fund/how-guru-works/fund-pnl-tvl-and-price.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.