# Fund Tokens

Fund tokens are minted upon fund creation and represent share ownership for each holder in the fund. They are ERC20 tokens but non-transferrable — external liquidity pools cannot be opened for them.

{% hint style="info" %}
A user holding fund tokens can trade them back in to withdraw their portion of the fund's current TVL at any time, provided their fund tokens are not on cooldown. Fund tokens are burnt when they are traded back in.
{% endhint %}


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