> 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/what-is-ensemble.md).

# What is Ensemble?

Learn how Ensemble turns a configured leveraged market strategy into an on-chain vault share.

Ensemble manages a trading strategy for people who deposit USDC into a vault. In return, you receive shares whose value reflects the strategy's gains, losses, and costs. You choose the vault; its contracts govern trading, share accounting, and withdrawals.

## The problem it addresses

A leveraged trading position needs regular attention. Its size, collateral, and available cash change as prices move. Ensemble vaults encode the rules for that upkeep, and automated callers request eligible maintenance. You hold shares instead of managing each trade yourself.

## What a vault share represents

A share represents a proportional interest in the vault's net assets. Its price changes with the strategy. It does not promise a fixed amount of USDC or give you ownership of a particular trade.

Shares are generally transferable, but permanent emergency withdrawal mode freezes transfers. See [How vault shares work](/start-here/how-vault-shares-work.md).

## What remains on-chain

The contracts decide how much a transaction can move and how many shares it creates or burns.

* The vault calculates net asset value, records fees, and enforces strategy and emergency rules.
* CircuitBreaker checks deposit and withdrawal permissions and limits.
* VaultLens collects the contract reads used for estimates and status.
* HyperCore holds and executes the perpetual-futures positions.

HyperEVM runs the vault contracts. HyperCore is the trading environment. They are parts of the same Hyperliquid blockchain, with different execution rules. See the [HyperEVM overview](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperevm).

## What automation does

Automated callers, often called keepers, ask the vault to move capital, rebalance positions, and confirm completed work. These maintenance functions are permissionless when their conditions are met. The contract checks each request; an automated caller cannot choose an arbitrary share price.

## Next steps

Start with the product that matches your intended exposure, then study its accounting and risks. Compare [the public vaults](/start-here/choose-a-vault.md), learn [how shares work](/start-here/how-vault-shares-work.md), then read [the risks](/start-here/risks-before-you-deposit.md).