> For the complete documentation index, see [llms.txt](https://gurufund.gitbook.io/guru/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://gurufund.gitbook.io/guru/how-guru-works/fund-tokens.md).

# Fund Tokens

Fund tokens are minted upon fund creation and are used to represent the share ownership for each holder in the fund. They are non-transferrable, and external liquidity pools cannot be opened for them, though they are ERC20s.

A user holding fund tokens can trade them back in to withdraw their portion of the current TVL in the fund at any time, as long as their fund tokens are not on cooldown.

Fund tokens are burnt when they are traded back in.