> ## Documentation Index > Fetch the complete documentation index at: https://docs.beliefsystems.xyz/llms.txt > Use this file to discover all available pages before exploring further. # Minting Shares > How to invest in a Belief Index series by minting new shares at the next NAV window. These pages document functionality available to approved participants in our **private, invitation-only alpha program**. The program is not open to the public, and nothing in this documentation is an offer to sell or a solicitation of an offer to buy any security. Minting is the process of investing in a Belief Index series – analogous to subscribing to a mutual fund or creating ETF shares. You fund your account, 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 You need dollars in your cash balance. If you have not deposited yet, see [Deposits & Withdrawals](/investing/deposits-withdrawals#depositing). Your cash balance is a platform-level cash account – funds deposited here can be used to invest in any series. Choose which series you want to invest in (e.g., "U.S. Monetary Policy Dovish Stance Expectations"). Review the series composition, current NAV, and index level to ensure it aligns with your investment thesis. Enter the dollar 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 Your funds are **locked** while the order is pending – they cannot be withdrawn or used for another order until this one is processed or cancelled. 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. 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 cash 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. If a mint fee applies (see [Fees](/investing/fees)), it is deducted before shares are calculated: ``` Gross investment: $1,000.00 Mint fee (0.5%): $5.00 Net investment: $995.00 NAV per share: $10.00 Shares issued: 99.500000 ``` The fee covers operational costs of acquiring underlying positions. Fee rates are configured per series and subject to change. ## 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 cash 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 | Property | Detail | | ----------------------- | --------------------------------------------------------------------------------- | | **Pricing** | Forward pricing at next NAV window | | **Dilution protection** | New shares are created at current NAV – existing holders are not diluted | | **Batching** | All orders in a window are processed together | | **Fairness** | Pro-rata scaling if capacity is limited | | **Cancellation** | Orders can be cancelled before the window processes | | **Minimum order** | Minimum 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. How to exit your position. Funding your account. Current fee structure and how fees are applied. How your share value is determined.