> For the complete documentation index, see [llms.txt](https://docs.guru.fund/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.guru.fund/how-guru-works/fund-pnl-tvl-and-price.md).

# 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.
```