Skip to main content
Minting is the process of investing in a Belief Index series — analogous to subscribing to a mutual fund or creating ETF shares. You deposit USDC, place a mint order, and receive shares at the next NAV window’s price.
Belief Index uses forward pricing — your order executes at the next NAV window’s price, not the current one. This is the same mechanism used by mutual funds worldwide to prevent arbitrage against existing shareholders.

​
The Mint Process

1

Ensure funds are available

You need USDC in your Belief Systems uninvested balance. If you have not deposited yet, see Deposits & Withdrawals. Your uninvested balance is a platform-level cash account — funds deposited here can be used to invest in any series.
2

Select a series

Choose which series you want to invest in (e.g., “U.S. Monetary Policy Easing Expectations 2026”). Review the series composition, current NAV, and index level to ensure it aligns with your investment thesis.
3

Specify your investment amount

Enter the USDC amount you want to invest. Your funds are locked while the order is pending — they cannot be withdrawn or used for another order until this one is processed or cancelled.
4

Wait for the next NAV window

Your order queues until the next scheduled NAV window. All pending orders in the window are processed together as a single batch. You can cancel the order at any time before the window processes.
5

Shares are issued

At the NAV window, the system computes the current NAV per share. New shares are created and credited to your account:
shares_issued = net_investment / nav_per_share
Your locked funds are deducted from your uninvested balance, and shares appear in your series holdings.

​
Pricing and Share Calculation

Shares are always issued at the NAV per share computed at the window. There is no negotiation, no market orders, and no slippage on the share price itself. 
Investment amount:        $1,000.00
NAV per share at window:  $10.00
Shares issued:            100.000000
You now hold 100 shares, each worth $10.00.

​
Why Forward Pricing Matters

Forward pricing means you do not know the exact price at which your shares will be issued when you place the order. You know the current NAV, but your order will execute at the next window’s NAV — which may be higher or lower. This is standard practice across the mutual fund industry. The reason is straightforward: if investors could buy at a known price, they could exploit information about market movements between now and the next window to trade against existing shareholders. Forward pricing eliminates this arbitrage.
  • Current NAV per share: $10.00
  • You place a $1,000 mint order
  • Between now and the next window, underlying markets move
  • At the next window, NAV per share is computed as $10.25
  • You receive: $1,000 / $10.25 = 97.56 shares
You receive fewer shares because the price went up — but this means existing holders were not disadvantaged by your entry.

​
Partial Fills

If there is more demand than the system can execute in a single window — due to liquidity constraints in underlying markets or risk limits — orders are scaled pro-rata. Every investor in that window receives the same fill percentage.
  • Total mint requests in window: $1,000,000
  • Capacity for this window: $800,000
  • Pro-rata factor: 80%
If you requested $50,000:
  • Filled: $40,000 (80%) — shares issued at NAV
  • Unfilled: $10,000 — funds unlocked, returned to your uninvested balance
No investor gets priority over another in the same window. This prevents timing games and ensures fairness.

​
What Happens After Minting

Once your shares are issued:
  1. You hold shares in the series, visible in your account
  2. The series acquires positions in the underlying prediction markets using your investment capital, weighted according to the index methodology
  3. NAV updates at each subsequent window based on market movements and resolutions
  4. You can redeem at any future NAV window (subject to capacity and risk limits)
Minting new shares at NAV does not dilute existing holders. The mathematics of open-end fund accounting ensure that creating shares at the current NAV per share preserves proportional ownership for everyone. This is the same guarantee that mutual fund investors rely on.

​
Key Properties

PropertyDetail
PricingForward pricing at next NAV window
Dilution protectionNew shares are created at current NAV — existing holders are not diluted
BatchingAll orders in a window are processed together
FairnessPro-rata scaling if capacity is limited
CancellationOrders can be cancelled before the window processes
Minimum orderMinimum investment amounts may apply; full balance redemption is always permitted
Minting is not instant. Your order will not execute until the next NAV window. If you need immediate exposure to prediction markets, Belief Index is not designed for that use case. The delay is a feature, not a limitation — it enables fair pricing for all participants.

Redeeming Shares

How to exit your position.

Deposits & Withdrawals

Getting USDC into your account.

Fees

Current fee structure and how fees are applied.

NAV Per Share

How your share value is determined.