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# APY calculation & Fee

The front-end displays two APY figures, Net APY and Projected APY. Net APY is the realised performance of the vault since inception while Projected APY is an estimate of future vault returns.
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#### Projected APY

Projected APY is the best estimate of the expected vault returns based on current market conditions. The estimate has two components. The current base pool yield, based on the emissions that the base liquidity pools receive, and current asset prices. The yield boost estimate is based on the weekly trading returns from the backrest. Projected APY is then given by:
$Projected APY = BasePoolAPY \times Est.YieldBoost$

#### ​Net APY

Net APY is the actual vault performance since inception annualised and net of any fees.
$NetAPY_t=\frac{P_t / P_0 - 1}{\tau}$
where
$P_0$
is the vault share price at inception,
$P_t$
is the current vault share price and
$\tau$
is the years since the vault inception.
Net APY is the actual annualised return a user would receive if they had invested in the vault on day1.