> For the complete documentation index, see [llms.txt](https://mmfinance.gitbook.io/mm-etf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://mmfinance.gitbook.io/mm-etf/protocol-internals/policy.md).

# Policy

METF features policy constants that allow us to optimize the system.

## Bonds

Every time a user Mints METF on MM ETF, he is actually purchasing a bond. This Bonds have different parameters.

The **vesting term** determines how long it takes for bonds to become fully redeemable. A longer term means lower inflation and lower bond demand.

## AUM

Profit Allocations are the only AUM variable and this allows us to choose who receives profits from the protocol.

## Team Allocation

5% of the circulating supply of $METF tokens is reserved as a team allocation. Disbursement is in the form of $METF tokens from the DAO, the team receives no cash salary.