> ## Documentation Index
> Fetch the complete documentation index at: https://docs.groundtech.co/llms.txt
> Use this file to discover all available pages before exploring further.

# Concepts and control model

## Vault and shares

Each MicroVault accepts one base asset and issues its own ERC-20 shares. The vault contract address is also the share-token address.

## Authority

Your organization's Turnkey authority creates and configures its MicroVaults. You can export an individual vault to another EOA or ERC-1271 authority, after which Ground no longer manages it.

## Shareholder policy

The shareholder allowlist is stored onchain as a Merkle root, a compact commitment to the approved wallet addresses. A wallet supplies a proof against the active root when subscribing or receiving shares. See [Manage shareholders](/docs/microvaults/shareholders) for the update procedure.

## Delegation

A vault authority may delegate specific operations to a manager. Each delegation can limit the operation, source, amount, allocation range, redemption permissions, and validity period.

## Valuation

NAV per share reflects the vault's idle assets, yield-source positions, in-flight operations, and redemption liabilities. It determines how many shares a subscription receives and how much base asset a redemption returns.