> For the complete documentation index, see [llms.txt](https://mevcapital.gitbook.io/vaults-protocol/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://mevcapital.gitbook.io/vaults-protocol/fixed-yield/overview.md).

# Overview

Fixed Yield Vaults are designed to offer predictable, time-bound returns by leveraging DeFi-native financial instruments that separate principal and yield. These vaults are ideal for users seeking low-volatility returns with clear maturity horizons, offering a structured alternative to variable yield farming.

MEV Capital primarily executes these strategies through Pendle Finance and its derivative infrastructure, which enable fixed income construction by tokenizing future yields. By acquiring Principal Tokens (PTs) at a discount and holding them to maturity, MEV Capital locks in deterministic yield, independent of market fluctuations or incentive volatility.

These vaults are tailored for:

* Investors prioritizing stability over variable returns
* Users seeking defined APY exposure across top-tier assets
* Institutions allocating to fixed-income DeFi instruments

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