# Vault Synopsis Pendle Finance was built for users to harness full control over their Yield Bearing Tokens simply by splitting the tokens into their underlying components: PT (Principal Tokens) and YT (Yield Tokens). Pendle has emerged as the leading yield-derivative protocol attracting over 2 billion in TVL as users trade on yield markets via a native AMM. PT tokens act similarly to zero-coupon bonds where users purchase the tokens at a discount and may redeem them at full value of 1:1 upon reaching term of maturity. This guarantees a fixed APY% once the position is opened allowing users to secure their preferred profit levels at any time before the maturity date. The PT-USD0++-Mar 2025 5x vault (maturity date on [27th March 2025](https://app.pendle.finance/trade/markets/0xafdc922d0059147486cc1f0f32e3a2354b0d35cc/swap?view=pt\&chain=ethereum)) allows users to increase their effective exposure to the underlying PT-USD0++ to 5x by folding their PT-USD0++ collateral on Morpho Finance. This means that *at the Target Leverage of 5x*, the user will receive 5x the spot yield for native base PT-USD0++ yield minus the associated cost of leverage as represented by the borrow APY in the [PT-USD0++/USDC 91.5% LLTV Morpho pool](https://app.morpho.org/market?id=0x8411eeb07c8e32de0b3784b6b967346a45593bfd8baeb291cc209dc195c7b3ad\&network=mainnet\&morphoPrice=0.0) for the PT-USD0++-Mar25 5x Vault. At maturity, the PT-USD0++-Mar 2025 5x vault will be sunset in favour of the next PT-USD0++ market on Pendle. On the date of expiry i.e. Mar 27th, new user deposits to the PT-USD0++-Mar 2025 5x vault will be disabled and Exit Fees will be turned off to allow users to exit without paying the `minExitFee`. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.origami.finance/the-second-fold-v2/deprecated-vaults/pt-usd0++-mar-2025-5x/vault-synopsis.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.