| PMF | Prediction Market Fund; a controlled-access vault product holding pUSD and prediction-market positions. |
| STBL | PMF product expressing the canonical Stability Index side. |
| CHAO | PMF product expressing the opposite side of the Stability Index. |
| NAV | Net asset value; accounting value of product assets minus liabilities. |
| NAV per share | NAV divided by outstanding vault shares, used as an accounting reference. |
| Quote price | AP-signed executable price for one specific primary-flow action. |
| Exit value | Realized value after quote terms, market depth, execution cost, settlement state, and capacity constraints. |
| Authorized Participant | Role that signs short-lived creation and redemption quotes under product controls. |
| Solver | Execution operator that fills bounded order intents against supported venues. |
| Intent | Bounded execution instruction defining token, side, price, size, expiry, and batch constraints. |
| pUSD | Settlement asset used by PMF vaults. |
| Capacity | Product specific ability to support creation or redemption flow under market constraints. |
| Cash drag | Deviation caused by idle settlement asset instead of target market exposure. |
| Adverse selection | Flow that exploits stale marks, thin markets, or asymmetric information against existing shareholders. |
| Tracking error | Difference between product exposure or performance and its target basket or thesis. |
| Reconciliation | Check that vault balances, shares, positions, NAV, basket state, and execution records agree. |
| Fail closed | Refuse new flow or execution when required inputs are unsafe, stale, incomplete, or inconsistent. |
| Winddown | Controlled product state for stopping new activity and returning remaining assets according to vault rules. |
| Basket oracle | Source that defines or updates product basket composition. |
| NAV reporter | Role that reports product NAV state against current product inputs. |