> ## Documentation Index > Fetch the complete documentation index at: https://yieldxyz.mintlify.site/llms.txt > Use this file to discover all available pages before exploring further. # Smart contract addendum > A conceptual, contract-level view of the Meta Vault: its components, its roles, and the invariants that hold across them. This addendum complements the product-level [Meta Vaults overview](/documentation/platform/vaults/meta-vaults/index) with a contract-level view: the components involved, how they relate, and the invariants worth knowing before you rely on one. It describes the contract conceptually rather than function by function; see [Architecture](/documentation/platform/vaults/meta-vaults/architecture) for the operational flow. ## Components | Component | Role | | - | - | | Vault contract | The ERC-4626 entrypoint. Holds the whitelisted strategy set, target weights, and idle target; exposes the standard user functions plus role-gated management functions | | Strategy set | Each entry is itself an ERC-4626 vault. Yield sources that are not natively ERC-4626 are wrapped in a minimal adapter that presents one, the same wrapper pattern OAVs use | | Compounding pipeline | A configurable reinvestor component the vault delegates reward claiming and swapping to, so the core vault contract does not embed swap logic directly | | Off-chain allocation service | Reads on-chain state, proposes weight changes, and, where enabled, submits them; described in [Architecture](/documentation/platform/vaults/meta-vaults/architecture) | ## Core mechanics **Deposits and withdrawals.** `deposit` and `mint` take the underlying asset from the caller and mint shares against the vault's current total value; `withdraw` and `redeem` burn shares and return the underlying asset. Newly deposited assets can sit idle until a role holder deploys them into a strategy, rather than being split across strategies inside the deposit transaction itself. **Allocation.** The vault tracks two things per strategy: how much of the portfolio it currently holds, and how much it is targeted to hold. A portfolio rebalance reconciles the two by moving capital out of over-allocated positions and into under-allocated ones; a targeted allocate or exit call can also move capital into or out of one specific strategy without touching the rest of the portfolio. **Fees.** Deposit, management, and performance fees are configured together and enforced through share minting rather than asset withdrawal: a deposit fee mints fee shares alongside the depositor's shares, and management and performance fees are realized at harvest based on elapsed time and portfolio value growth since the last checkpoint. ## Roles The vault separates administration, emergency pausing, economic configuration, strategy composition, allocation, and fee realization into distinct roles, so no single key holds all of them. See [Roles & signing models](/documentation/platform/vaults/meta-vaults/vault-mechanics/roles-signing-models) for the full reference and who typically signs for each. End users never hold a role. Exact function gating per role is not published here; confirm it with yield.xyz before assigning a role to your own signer. ## Invariants worth knowing * **One share price for the whole portfolio.** The vault's total value is always the sum of its idle balance and the redeemable value of every strategy position, so a single conversion rate applies to every share regardless of how many strategies are behind it. * **Weight changes do not move capital.** Setting a new target only changes what the vault is aiming for. Capital moves only when a rebalance, or a targeted allocate or exit call, actually executes. * **Fees dilute, they do not withdraw.** Every fee is collected by minting shares to the fee recipient, never by pulling assets out of a strategy, so realizing a fee cannot itself disturb the portfolio's positions. * **Role functions don't send assets to arbitrary addresses.** They move capital between idle and whitelisted strategies; strategy whitelisting and contract upgrades remain privileged actions held by yield.xyz. ## Next steps The operational view of the same components. The share-based accounting model in detail. This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.