Fixed units and fixed weights

Every basket is one of two kinds. The kind is set when the basket is created and never changes.

Fixed units

A fixed-units basket holds a set quantity of each token per basket token, for example 0.0026 SOL, 0.3 JTO and 0.4 JUP. Those quantities never change.

• Its weights drift with prices. If one token doubles while the others stay flat, that token becomes a bigger share of the basket, exactly as if you held the tokens yourself.
• It never trades on its own. The only swaps are the ones people make when they mint and redeem.
• It needs no oracle or keeper.

Fixed units suits themes where you want to hold the tokens as they are and let winners run, such as a memecoin basket or an ecosystem basket like METADAO.

Fixed weights

A fixed-weights basket aims for target percentages, for example 50% JUP, 30% RAY and 20% ORCA.

• As prices move, the actual weights drift away from their targets.
• A keeper rebalances the basket back to target on a schedule, or sooner if any token’s weight is 5 percentage points off target. Every basket so far uses a 30-day schedule. Rebalancing sells what has grown and buys what has shrunk.
• Rebalancing trades against signed oracle prices. The program limits how much value a rebalance can lose. See Rebalancing.
• Its tokens can change over time through a composition change. Holders get three days’ notice.

Fixed weights suits themes where you want a steady mix, such as a liquid-staking basket split across providers, or a basket that keeps a fixed share in USDC.

Every fixed-weight basket also holds a USDC slot. Rebalances route their trades through USDC, and USDC left over between trades sits there. The slot’s target is usually 0%, but a basket can also give USDC a real weight. SOLC gives it 40%.

JUPprice ×2

Fixed units

• JUP50%67%67%
• RAY30%20%20%
• ORCA20%13%13%

Same token amounts, no trades. The winner is now a bigger share.

Fixed weightsRebalancingBack on target

• JUP50%67%50%
• RAY30%20%30%
• ORCA20%13%20%

The keeper sells some JUP and buys RAY and ORCA, back to target.

Example: 50% JUP, 30% RAY, 20% ORCA, and JUP's price doubles. A fixed-units basket lets the weights drift, like holding the tokens yourself. A fixed-weights basket is traded back to its targets.

Side by side

	Fixed units	Fixed weights
What stays constant	Token quantities	Target percentages
Weights over time	Drift with prices	Drift, then rebalanced back
Trades on its own	Never	When rebalanced
Needs an oracle	No	Yes, for rebalances
Can change components	No	Yes, with 3 days’ notice

How NAV is calculated

For both kinds, a basket token’s NAV is its share of the vaults. For each component, take the amount the basket holds per basket token and multiply it by that token’s current price. NAV is the sum of these. Mints and redeems after the first are proportional to what’s in the vaults, so NAV is the same for every holder.