> For the complete documentation index, see [llms.txt](https://docs.osero.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.osero.com/osero-app/yield+-vaults/net-apy-composition.md).

# Net APY Composition

The Net APY displayed in the Osero App reflects the current performance of the Yield+ strategy after borrowing costs and fees.

### Formula

The **Net APY** shown in the Osero App reflects four main inputs: **Net APY = (Sky Savings Rate × Leverage) − Borrow Cost − Costs & Fees**

### Components

* **Sky Savings Rate** — the base yield earned by sUSDS.
* **Leverage** — the current leverage used by the strategy, up to 6x.
* **Borrow Cost** — the cost of borrowing across the Morpho markets.
* **Costs & Fees** — Gauntlet’s fee on generated yield, plus swapping costs.

### Variability

Because leverage and borrowing costs change with market conditions, **Net APY is variable and can change over time. It is not a fixed or guaranteed rate**.

Learn more in [How The Strategy Works](/osero-app/yield+-vaults/how-the-strategy-works.md).


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