> For the complete documentation index, see [llms.txt](https://docs.cyclex.cc/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.cyclex.cc/transparency-and-information-disclosure-por-nav.md).

# Transparency and Information Disclosure (POR ↔ NAV)

#### **POR (Proof of Reserve)**

* Establishes a verifiable linkage between “issued shares ↔ underlying reserves.”
* Issued by an independent party/system at agreed intervals; core points are recorded on-chain for proof.

#### **NAV (Net Asset Value)**

* Calculated and published according to the product’s disclosed methodology and frequency, serving as the basis for subscription/redemption and performance benchmarking.
* Public disclosure of valuation methods, fees, and rules for handling valuation anomalies.

#### **Disclosure Center**

* Centralized presentation of legal/compliance documents, custody highlights, audit summaries, POR reports, NAV methodology and frequency, significant announcements, and fee standards with examples.
* All updates are timestamped and versioned.