> For the complete documentation index, see [llms.txt](https://docs.enzyme.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.enzyme.finance/onyx-user-documentation/enzyme-vault/subscription/redemptions.md).

# Redemptions

The default redemption mechanism is asynchronous and relies on a queue.

**Redemption Requests** can :

* Be arbitrarily processed by Vault Owners or Managers
* Be executed in batch
* Be cancelled by the depositor after a waiting period defined by the Vault Owner or Admins

**Redemption Requests cannot** be cancelled by Vault Owner and Admins (*Subscriptions are on-chain transactions and only the initiator can revoke them*). However, Vault Owners and Admins may choose to ignore pending requests.

{% stepper %}
{% step %}

### Investor fill redemption requests

The investor submits a redemption request, which enters a dedicated queue.  
{% endstep %}

{% step %}

### Redemption Processing - NAV Calculation and Reporting

"Before redemptions can be processed, the Vault Owner or Admin must assess the portfolio’s underlying assets and positions, and report the NAV in the Administration App to determine the value of the assets being redeemed, including any profits or losses.
{% endstep %}

{% step %}

### Redemption Processing - Deposit Request Execution

Once NAV has been calculated and reported, Vault Owner or Admins can execute the Redemption Request, triggering the transfer of funds from the Smart to the Depositor Address. 

{% hint style="warning" %}
The Vault smart contract must have sufficient liquidity, and managers must ensure that funds are transferred to the contract beforehand.
{% endhint %}

{% hint style="info" %}
A depositor can request to redeem any % of their shares. However, each redemption request has to be executed in full, i.e. it can't be executed partially by the fund owner.
{% endhint %}
{% endstep %}
{% endstepper %}


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