As a depositor into a Vault, you are entitled to withdraw your pro-rata share of that Vault's assets at any time*. There is an important nuance to note here, however. Your shares do not entitle you to your pro-rata share of the Vault's assets in the denomination currency. When you redeem shares, you will receive a slice of every asset the Vault holds.

Let's look at an example. Say you own 1% of the shares outstanding in an Enzyme Vault that's denominated in WETH. Its total assets under management equal 100 WETH, and its portfolio is divided evenly between WETH, WBTC, YFI, and UNI. If you were to redeem your shares, you would receive WETH, WBTC, YFI, and UNI in equal proportions that add up to a total value of 1 WETH. You would not just receive 1 WETH.

To redeem shares, login to your Ethereum connection provider and click into the Vault's info page. In the top right corner of that page, click the Redeem button. This will launch a modal showing your current balance and an input field for you to choose an amount to redeem.

Once you've chosen an amount of shares to redeem, click Continue . On the transaction modal that pops up next, you can choose your gas price and then Submit. This will bring up your connection provider asking you to confirm the transaction. Once that's been done, the transaction will mine and the appropriate token balances will be sent to your Ethereum wallet.

If redeeming from a vault that holds external positions, note that redemption in kind can lead to a loss of funds. This option should be disabled on our user interface. If you are unable to redeem from a vault holding external positions, please contact us to discuss other possibilities.

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