> For the complete documentation index, see [llms.txt](https://docs.ensemble.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ensemble.io/start-here/choose-a-vault.md).

# Choose a vault

Compare the direction, basket, leverage, cash buffer, and fees of Ensemble's public vaults.

Choose the price movement you want exposure to, then consider how much risk you can accept. BULL, iBEAR and iVOL seek gains when their baskets rise; iBULL, BEAR and VOL seek gains when theirs fall. Each uses leverage, which increases exposure and can make losses happen quickly.

| Vault                     | Direction | Basket                             | Target exposure | EVM buffer | Management fee | Deposit fee | Withdrawal fee |
| ------------------------- | --------- | ---------------------------------- | --------------: | ---------: | -------------: | ----------: | -------------: |
| [BULL](/vaults/bull.md)   | Long      | BTC 50%, HYPE 50%                  |              3x |        15% |             2% |        0.1% |           0.3% |
| [iBULL](/vaults/ibull.md) | Short     | BTC 50%, HYPE 50%                  |              3x |        15% |             2% |        0.1% |           0.3% |
| [BEAR](/vaults/bear.md)   | Short     | BTC 33.33%, ETH 33.33%, SOL 33.34% |              2x |        15% |             2% |        0.1% |           0.3% |
| [iBEAR](/vaults/ibear.md) | Long      | BTC 33.33%, ETH 33.33%, SOL 33.34% |              2x |        15% |             2% |        0.1% |           0.3% |
| [VOL](/vaults/vol.md)     | Short     | BTC 100%                           |              6x |        45% |             2% |        0.1% |           0.3% |
| [iVOL](/vaults/ivol.md)   | Long      | BTC 100%                           |              6x |        45% |             2% |        0.1% |           0.3% |

{% hint style="warning" %}
Fees and strategy settings can change. Check current contract configuration before transacting. See [Fees and caps](/how-it-works/fees-and-caps.md).
{% endhint %}

## Start from the risk you intend to take

Each vault takes a different view of the market.

* BULL targets long BTC and HYPE positions; iBULL targets the opposite short direction. A long position benefits when prices rise and loses when they fall.
* BEAR targets short BTC, ETH, and SOL positions; iBEAR targets the opposite long direction. A short position benefits when prices fall and loses when they rise.
* VOL targets a larger short position in BTC alone; iVOL targets the opposite long direction. Its 45% cash buffer supports operations and withdrawals; it does not remove the risk of its 6x exposure.

## Compare more than direction

An inverse vault reverses its pair's configured direction. Each vault has independent positions, settings, fees and state. The pair's returns are not guaranteed to be equal and opposite. VOL and iVOL are directional BTC strategies rather than options, VIX or volatility products.

The path prices take matters as well as where they finish. Rebalancing, fees, funding payments, and execution can make a vault return differ from a simple multiple of its basket return. A target of 3x exposure does not promise three times the return over your holding period.

All six vaults charge a 2% annual management fee, 0.1% deposit fee and 0.3% withdrawal fee. All six vaults also have a 0.1% builder trading fee on contract-observed executed notional. HyperCore exchange fees and funding payments are separate. See [Fees and caps](/how-it-works/fees-and-caps.md).

## Before you deposit

Before depositing, be comfortable with both the intended market exposure and the possibility of large losses or delayed access to funds. Continue with [How vault shares work](/start-here/how-vault-shares-work.md) and [Risks before you deposit](/start-here/risks-before-you-deposit.md).