diff --git a/packages/run-protocol/src/runStake/runStakeKit.js b/packages/run-protocol/src/runStake/runStakeKit.js
index d21d513d03d..5b44f9aff57 100644
--- a/packages/run-protocol/src/runStake/runStakeKit.js
+++ b/packages/run-protocol/src/runStake/runStakeKit.js
@@ -166,7 +166,7 @@ const helperBehavior = {
   snapshotState: ({ state, facets }, newActive) => {
     const { debtSnapshot: debt, interestSnapshot: interest, manager } = state;
     const { helper } = facets;
-    /** @type {VaultUIState} */
+    /** @type {VaultNotification} */
     const result = harden({
       // TODO move manager state to a separate notifer https://github.com/Agoric/agoric-sdk/issues/4540
       interestRate: manager.getInterestRate(),
diff --git a/packages/run-protocol/src/vaultFactory/prioritizedVaults.js b/packages/run-protocol/src/vaultFactory/prioritizedVaults.js
index f38074536e7..4baad985d2c 100644
--- a/packages/run-protocol/src/vaultFactory/prioritizedVaults.js
+++ b/packages/run-protocol/src/vaultFactory/prioritizedVaults.js
@@ -174,6 +174,7 @@ export const makePrioritizedVaults = (reschedulePriceCheck = () => {}) => {
     addVault,
     entries: vaults.entries,
     entriesPrioritizedGTE,
+    getCount: vaults.getSize,
     highestRatio: firstDebtRatio,
     refreshVaultPriority,
     removeVault,
diff --git a/packages/run-protocol/src/vaultFactory/types.js b/packages/run-protocol/src/vaultFactory/types.js
index 22a8cad0392..5540751c92a 100644
--- a/packages/run-protocol/src/vaultFactory/types.js
+++ b/packages/run-protocol/src/vaultFactory/types.js
@@ -1,7 +1,7 @@
 // @ts-check
 
 /**
- * @typedef {import('./vault').VaultUIState} VaultUIState
+ * @typedef {import('./vault').VaultNotification} VaultNotification
  * @typedef {import('./vault').Vault} Vault
  * @typedef {import('./vaultKit').VaultKit} VaultKit
  * @typedef {import('./vaultManager').VaultManager} VaultManager
@@ -51,6 +51,7 @@
  * @property {() => Allocation} getRewardAllocation
  * @property {() => Instance} getContractGovernor
  * @property {() => Promise<Invitation>} makeCollectFeesInvitation
+ * @property {() => void} updateMetrics
  */
 
 /**
diff --git a/packages/run-protocol/src/vaultFactory/vault.js b/packages/run-protocol/src/vaultFactory/vault.js
index fd74b0d2c62..65ca8db0ee1 100644
--- a/packages/run-protocol/src/vaultFactory/vault.js
+++ b/packages/run-protocol/src/vaultFactory/vault.js
@@ -66,7 +66,7 @@ const validTransitions = {
 /**
  * @typedef {Phase[keyof typeof Phase]} TitlePhase
  *
- * @typedef {object} VaultUIState
+ * @typedef {object} VaultNotification
  * @property {Amount<'nat'>} locked Amount of Collateral locked
  * @property {{debt: Amount<'nat'>, interest: Ratio}} debtSnapshot 'debt' at the point the compounded interest was 'interest'
  * @property {Ratio} interestRate Annual interest rate charge
@@ -74,6 +74,7 @@ const validTransitions = {
  * @property {TitlePhase} vaultState
  */
 
+// XXX masks typedef from types.js, but using that causes circular def problems
 /**
  * @typedef {object} VaultManager
  * @property {() => Notifier<import('./vaultManager').AssetState>} getNotifier
@@ -101,7 +102,7 @@ const validTransitions = {
  *
  * @typedef {{
  *   interestSnapshot: Ratio,
- *   outerUpdater: IterationObserver<VaultUIState> | null,
+ *   outerUpdater: IterationObserver<VaultNotification> | null,
  *   phase: VaultPhase,
  *   debtSnapshot: Amount<'nat'>,
  * }} MutableState
@@ -302,7 +303,7 @@ const helperBehavior = {
    */
   getStateSnapshot: ({ state, facets }, newPhase) => {
     const { debtSnapshot: debt, interestSnapshot: interest } = state;
-    /** @type {VaultUIState} */
+    /** @type {VaultNotification} */
     return harden({
       // TODO move manager state to a separate notifer https://github.com/Agoric/agoric-sdk/issues/4540
       interestRate: state.manager.getGovernedParams().getInterestRate(),
diff --git a/packages/run-protocol/src/vaultFactory/vaultDirector.js b/packages/run-protocol/src/vaultFactory/vaultDirector.js
index 0ee764c7d9a..9acd8971973 100644
--- a/packages/run-protocol/src/vaultFactory/vaultDirector.js
+++ b/packages/run-protocol/src/vaultFactory/vaultDirector.js
@@ -18,7 +18,7 @@ import { Far } from '@endo/marshal';
 import { AmountMath } from '@agoric/ertp';
 import { assertKeywordName } from '@agoric/zoe/src/cleanProposal.js';
 import { defineKindMulti } from '@agoric/vat-data';
-import { observeIteration } from '@agoric/notifier';
+import { makeSubscriptionKit, observeIteration } from '@agoric/notifier';
 import { makeVaultManager } from './vaultManager.js';
 import { makeMakeCollectFeesInvitation } from '../collectFees.js';
 import {
@@ -31,11 +31,18 @@ import {
 const { details: X } = assert;
 
 /**
+ * @typedef {{
+ * collaterals: Brand[],
+ * rewardPoolAllocation: AmountKeywordRecord,
+ * }} MetricsNotification
+ *
  * @typedef {Readonly<{
  * debtMint: ZCFMint<'nat'>,
  * collateralTypes: Store<Brand,VaultManager>,
  * electionManager: Instance,
  * directorParamManager: import('@agoric/governance/src/contractGovernance/typedParamManager').TypedParamManager<import('./params.js').VaultDirectorParams>,
+ * metricsPublication: IterationObserver<MetricsNotification>
+ * metricsSubscription: Subscription<MetricsNotification>
  * mintSeat: ZCFSeat,
  * rewardPoolSeat: ZCFSeat,
  * vaultParamManagers: Store<Brand, import('./params.js').VaultParamManager>,
@@ -68,10 +75,15 @@ const initState = (zcf, directorParamManager, debtMint) => {
 
   const vaultParamManagers = makeScalarMap('brand');
 
+  const { publication: metricsPublication, subscription: metricsSubscription } =
+    makeSubscriptionKit();
+
   return {
     collateralTypes,
     debtMint,
     directorParamManager,
+    metricsSubscription,
+    metricsPublication,
     mintSeat,
     rewardPoolSeat,
     vaultParamManagers,
@@ -149,9 +161,8 @@ const getCollaterals = async ({ state }) => {
     ),
   );
 };
-
 /**
- * @param {import('@agoric/governance/src/contractGovernance/typedParamManager').TypedParamManager<import('./params.js').VaultDirectorParams>} directorParamManager
+ * @param {ImmutableState['directorParamManager']} directorParamManager
  */
 const getLiquidationConfig = directorParamManager => ({
   install: directorParamManager.getLiquidationInstall(),
@@ -160,7 +171,7 @@ const getLiquidationConfig = directorParamManager => ({
 
 /**
  *
- * @param {*} govParams
+ * @param {ImmutableState['directorParamManager']} govParams
  * @param {VaultManager} vaultManager
  * @param {*} oldInstall
  * @param {*} oldTerms
@@ -192,7 +203,7 @@ const machineBehavior = {
    * @param {VaultManagerParamValues} initialParamValues
    */
   addVaultType: async (
-    { state },
+    { state, facets },
     collateralIssuer,
     collateralKeyword,
     initialParamValues,
@@ -256,6 +267,7 @@ const machineBehavior = {
       }
       // TODO add aggregate debt tracking at the vaultFactory level #4482
       // totalDebt = AmountMath.add(totalDebt, toMint);
+      facets.machine.updateMetrics();
     };
 
     /**
@@ -291,6 +303,7 @@ const machineBehavior = {
     const { install, terms } = getLiquidationConfig(directorParamManager);
     await vm.setupLiquidator(install, terms);
     watchGovernance(directorParamManager, vm, install, terms);
+    facets.machine.updateMetrics();
     return vm;
   },
   getCollaterals,
@@ -306,6 +319,15 @@ const machineBehavior = {
   },
   /** @param {MethodContext} context */
   getContractGovernor: ({ state }) => state.zcf.getTerms().electionManager,
+  /** @param {MethodContext} context */
+  updateMetrics: ({ state }) => {
+    /** @type {MetricsNotification} */
+    const metrics = harden({
+      collaterals: Array.from(state.collateralTypes.keys()),
+      rewardPoolAllocation: state.rewardPoolSeat.getCurrentAllocation(),
+    });
+    state.metricsPublication.updateState(metrics);
+  },
 
   // XXX accessors for tests
   /** @param {MethodContext} context */
@@ -356,6 +378,11 @@ const publicBehavior = {
     /** @type {VaultManager} */
     return collateralTypes.get(brandIn).getPublicFacet();
   },
+  /**
+   * @param {MethodContext} context
+   */
+  getMetrics: ({ state }) => state.metricsSubscription,
+
   /** @deprecated use getCollateralManager and then makeVaultInvitation instead */
   makeLoanInvitation: makeVaultInvitation,
   /** @deprecated use getCollateralManager and then makeVaultInvitation instead */
diff --git a/packages/run-protocol/src/vaultFactory/vaultManager.js b/packages/run-protocol/src/vaultFactory/vaultManager.js
index 1e75b4a9c8f..262b7634f6c 100644
--- a/packages/run-protocol/src/vaultFactory/vaultManager.js
+++ b/packages/run-protocol/src/vaultFactory/vaultManager.js
@@ -14,7 +14,11 @@ import {
   makeRatio,
   floorDivideBy,
 } from '@agoric/zoe/src/contractSupport/index.js';
-import { makeNotifierKit, observeNotifier } from '@agoric/notifier';
+import {
+  makeNotifierKit,
+  makeSubscriptionKit,
+  observeNotifier,
+} from '@agoric/notifier';
 import { AmountMath } from '@agoric/ertp';
 
 import { defineKindMulti, pickFacet } from '@agoric/vat-data';
@@ -34,11 +38,15 @@ const trace = makeTracer('VM', false);
  *  compoundedInterest: Ratio,
  *  interestRate: Ratio,
  *  latestInterestUpdate: bigint,
- *  totalDebt: Amount<'nat'>,
  *  liquidatorInstance?: Instance,
- * }} AssetState */
-
-/**
+ * }} AssetState
+ *
+ * @typedef {{
+ *  numVaults: number,
+ *  totalCollateral: Amount<'nat'>,
+ *  totalDebt: Amount<'nat'>,
+ * }} MetricsNotification
+ *
  * @typedef {{
  *  getChargingPeriod: () => bigint,
  *  getRecordingPeriod: () => bigint,
@@ -56,6 +64,8 @@ const trace = makeTracer('VM', false);
  * debtBrand: Brand<'nat'>,
  * debtMint: ZCFMint<'nat'>,
  * factoryPowers: import('./vaultDirector.js').FactoryPowersFacet,
+ * metricsPublication: IterationObserver<MetricsNotification>,
+ * metricsSubscription: Subscription<MetricsNotification>,
  * periodNotifier: ERef<Notifier<bigint>>,
  * poolIncrementSeat: ZCFSeat,
  * priceAuthority: ERef<PriceAuthority>,
@@ -72,6 +82,7 @@ const trace = makeTracer('VM', false);
  * latestInterestUpdate: bigint,
  * liquidator?: Liquidator
  * liquidatorInstance?: Instance
+ * totalCollateral: Amount<'nat'>,
  * totalDebt: Amount<'nat'>,
  * vaultCounter: number,
  * }} MutableState
@@ -118,12 +129,28 @@ const initState = (
     factoryPowers.getGovernedParams().getChargingPeriod(),
   );
 
+  const debtBrand = debtMint.getIssuerRecord().brand;
+  const totalCollateral = AmountMath.makeEmpty(collateralBrand, 'nat');
+  const totalDebt = AmountMath.makeEmpty(debtBrand, 'nat');
+
+  const { publication: metricsPublication, subscription: metricsSubscription } =
+    makeSubscriptionKit();
+  metricsPublication.updateState(
+    harden({
+      numVaults: 0,
+      totalCollateral,
+      totalDebt,
+    }),
+  );
+
   /** @type {ImmutableState} */
   const fixed = {
     collateralBrand,
-    debtBrand: debtMint.getIssuerRecord().brand,
+    debtBrand,
     debtMint,
     factoryPowers,
+    metricsSubscription,
+    metricsPublication,
     periodNotifier,
     poolIncrementSeat: zcf.makeEmptySeatKit().zcfSeat,
     priceAuthority,
@@ -134,7 +161,6 @@ const initState = (
     zcf,
   };
 
-  const totalDebt = AmountMath.makeEmpty(fixed.debtBrand, 'nat');
   const compoundedInterest = makeRatio(100n, fixed.debtBrand); // starts at 1.0, no interest
   // timestamp of most recent update to interest
   const latestInterestUpdate = startTimeStamp;
@@ -144,8 +170,6 @@ const initState = (
       compoundedInterest,
       interestRate: fixed.factoryPowers.getGovernedParams().getInterestRate(),
       latestInterestUpdate,
-      totalDebt,
-      liquidationInstance: undefined,
     }),
   );
 
@@ -158,6 +182,7 @@ const initState = (
     vaultCounter: 0,
     liquidator: undefined,
     liquidatorInstance: undefined,
+    totalCollateral,
     totalDebt,
     compoundedInterest,
     latestInterestUpdate,
@@ -219,12 +244,13 @@ const helperBehavior = {
       updateTime,
     );
     Object.assign(state, stateUpdates);
-    facets.helper.notify();
+    facets.helper.assetNotify();
     trace('chargeAllVaults complete');
     facets.helper.reschedulePriceCheck();
   },
 
-  notify: ({ state }) => {
+  /** @param {MethodContext} context */
+  assetNotify: ({ state }) => {
     const interestRate = state.factoryPowers
       .getGovernedParams()
       .getInterestRate();
@@ -233,12 +259,23 @@ const helperBehavior = {
       compoundedInterest: state.compoundedInterest,
       interestRate,
       latestInterestUpdate: state.latestInterestUpdate,
-      totalDebt: state.totalDebt,
+      // XXX move to governance and type as present with null
       liquidatorInstance: state.liquidatorInstance,
     });
     state.assetUpdater.updateState(payload);
   },
 
+  /** @param {MethodContext} context */
+  updateMetrics: ({ state }) => {
+    /** @type {MetricsNotification} */
+    const payload = harden({
+      numVaults: state.prioritizedVaults.getCount(),
+      totalCollateral: state.totalCollateral,
+      totalDebt: state.totalDebt,
+    });
+    state.metricsPublication.updateState(payload);
+  },
+
   /**
    * When any Vault's debt ratio is higher than the current high-water level,
    * call `reschedulePriceCheck()` to request a fresh notification from the
@@ -295,6 +332,9 @@ const helperBehavior = {
     trace('update quote', highestDebtRatio);
   },
 
+  /**
+   * @param {MethodContext} context
+   */
   processLiquidations: async ({ state, facets }) => {
     const { prioritizedVaults, priceAuthority } = state;
     const govParams = state.factoryPowers.getGovernedParams();
@@ -368,6 +408,7 @@ const helperBehavior = {
       .then(() => {
         prioritizedVaults.removeVault(key);
         trace('liquidated');
+        facets.helper.updateMetrics();
       })
       .catch(e => {
         // XXX should notify interested parties
@@ -425,6 +466,7 @@ const managerBehavior = {
    * @param {ZCFSeat} seat
    */
   burnAndRecord: ({ state }, toBurn, seat) => {
+    trace('burnAndRecord', { toBurn, totalDebt: state.totalDebt });
     const { burnDebt } = state.factoryPowers;
     burnDebt(toBurn, seat);
     state.totalDebt = AmountMath.subtract(state.totalDebt, toBurn);
@@ -461,6 +503,8 @@ const collateralBehavior = {
   /** @param {MethodContext} context */
   getNotifier: ({ state }) => state.assetNotifier,
   /** @param {MethodContext} context */
+  getMetrics: ({ state }) => state.metricsSubscription,
+  /** @param {MethodContext} context */
   getCompoundedInterest: ({ state }) => state.compoundedInterest,
 };
 
@@ -486,7 +530,7 @@ const selfBehavior = {
    * @param {MethodContext} context
    * @param {ZCFSeat} seat
    */
-  makeVaultKit: async ({ state, facets: { manager } }, seat) => {
+  makeVaultKit: async ({ state, facets: { helper, manager } }, seat) => {
     const { prioritizedVaults, zcf } = state;
     assertProposalShape(seat, {
       give: { Collateral: null },
@@ -505,7 +549,12 @@ const selfBehavior = {
       // TODO `await` is allowed until the above ordering is fixed
       // eslint-disable-next-line @jessie.js/no-nested-await
       const vaultKit = await vault.initVaultKit(seat);
+      state.totalCollateral = AmountMath.add(
+        state.totalCollateral,
+        vaultKit.vault.getCollateralAmount(),
+      );
       seat.exit();
+      helper.updateMetrics();
       return vaultKit;
     } catch (err) {
       // remove it from prioritizedVaults
@@ -557,7 +606,7 @@ const selfBehavior = {
     });
     state.liquidatorInstance = instance;
     state.liquidator = creatorFacet;
-    facets.helper.notify();
+    facets.helper.assetNotify();
   },
 
   /** @param {MethodContext} context */
@@ -632,5 +681,6 @@ const makeVaultManagerKit = defineKindMulti(
  */
 export const makeVaultManager = pickFacet(makeVaultManagerKit, 'self');
 
+/** @typedef {ReturnType<typeof makeVaultManagerKit>['manager']} VaultKitManager */
 /** @typedef {ReturnType<typeof makeVaultManager>} VaultManager */
 /** @typedef {ReturnType<VaultManager['getPublicFacet']>} CollateralManager */
diff --git a/packages/run-protocol/src/vaultFactory/vaultTitle.js b/packages/run-protocol/src/vaultFactory/vaultTitle.js
index 43b541351ae..c51da929168 100644
--- a/packages/run-protocol/src/vaultFactory/vaultTitle.js
+++ b/packages/run-protocol/src/vaultFactory/vaultTitle.js
@@ -10,8 +10,8 @@ const { details: X } = assert;
 
 /**
  * @typedef {{
- * notifier: NotifierRecord<VaultUIState>['notifier'],
- * updater: NotifierRecord<VaultUIState>['updater'],
+ * notifier: NotifierRecord<VaultNotification>['notifier'],
+ * updater: NotifierRecord<VaultNotification>['updater'],
  * vault: Vault | null,
  * }} State
  * @typedef {Readonly<{
@@ -29,7 +29,7 @@ const { details: X } = assert;
  * @returns {State}
  */
 const initState = vault => {
-  /** @type {NotifierRecord<VaultUIState>} */
+  /** @type {NotifierRecord<VaultNotification>} */
   const { updater, notifier } = makeNotifierKit();
 
   return { notifier, updater, vault };
diff --git a/packages/run-protocol/test/vaultFactory/test-vaultFactory.js b/packages/run-protocol/test/vaultFactory/test-vaultFactory.js
index 338be019dbc..9848692e79c 100644
--- a/packages/run-protocol/test/vaultFactory/test-vaultFactory.js
+++ b/packages/run-protocol/test/vaultFactory/test-vaultFactory.js
@@ -7,6 +7,7 @@ import { E } from '@endo/eventual-send';
 import { deeplyFulfilled } from '@endo/marshal';
 
 import { makeIssuerKit, AssetKind, AmountMath } from '@agoric/ertp';
+import { makeNotifierFromAsyncIterable } from '@agoric/notifier';
 import buildManualTimer from '@agoric/zoe/tools/manualTimer.js';
 import {
   makeRatio,
@@ -304,14 +305,12 @@ async function setupServices(
   await startVaultFactory(space, { loanParams: loanTiming }, minInitialDebt);
 
   const governorCreatorFacet = consume.vaultFactoryGovernorCreator;
-  /** @type {Promise<VaultFactory & LimitedCreatorFacet<any>>} */
-  const vaultFactoryCreatorFacet = /** @type { any } */ (
-    E(governorCreatorFacet).getCreatorFacet()
-  );
+  /** @type {Promise<VaultFactory & LimitedCreatorFacet<VaultFactory>>} */
+  const vaultFactoryCreatorFacetP = E(governorCreatorFacet).getCreatorFacet();
 
   // Add a vault that will lend on aeth collateral
   /** @type {Promise<VaultManager>} */
-  const aethVaultManagerP = E(vaultFactoryCreatorFacet).addVaultType(
+  const aethVaultManagerP = E(vaultFactoryCreatorFacetP).addVaultType(
     aethIssuer,
     'AEth',
     rates,
@@ -320,18 +319,23 @@ async function setupServices(
   // @ts-expect-error cast
   const [
     governorInstance,
-    vaultFactory,
+    vaultFactory, // creator
     lender,
     aethVaultManager,
     priceAuthority,
   ] = await Promise.all([
     E(consume.agoricNames).lookup('instance', 'VaultFactoryGovernor'),
-    vaultFactoryCreatorFacet,
+    vaultFactoryCreatorFacetP,
     E(governorCreatorFacet).getPublicFacet(),
     aethVaultManagerP,
     pa,
   ]);
-  trace(t, 'pa', { governorInstance, vaultFactory, lender, priceAuthority });
+  trace(t, 'pa', {
+    governorInstance,
+    vaultFactory,
+    lender,
+    priceAuthority,
+  });
 
   const { g, v } = {
     g: {
@@ -2350,3 +2354,104 @@ test('addVaultType: extra, unexpected params', async t => {
   );
   t.true(matches(actual, M.remotable()), 'unexpected params are ignored');
 });
+
+test('director notifiers', async t => {
+  const {
+    aethKit: { brand: aethBrand },
+  } = t.context;
+  const services = await setupServices(
+    t,
+    [500n, 15n],
+    AmountMath.make(aethBrand, 900n),
+    undefined,
+    undefined,
+    500n,
+  );
+
+  const { lender, vaultFactory } = services.vaultFactory;
+
+  const metricsSub = await E(lender).getMetrics();
+  const metrics = makeNotifierFromAsyncIterable(metricsSub);
+
+  let state = await E(metrics).getUpdateSince();
+  t.deepEqual(state.value, {
+    collaterals: [aethBrand],
+    rewardPoolAllocation: {},
+  });
+
+  // add a vault type
+  const chit = makeIssuerKit('chit');
+  await E(vaultFactory).addVaultType(
+    chit.issuer,
+    'Chit',
+    defaultParamValues(chit.brand),
+  );
+  state = await E(metrics).getUpdateSince(state.updateCount);
+  t.deepEqual(state.value, {
+    collaterals: [aethBrand, chit.brand],
+    rewardPoolAllocation: {},
+  });
+
+  // Not testing rewardPoolAllocation contents because those are simply those values.
+  // We could refactor the tests of those allocations to use the data now exposed by a notifier.
+});
+
+test('manager notifiers', async t => {
+  const LOAN = 450n;
+  const DEBT = 473n; // with penalty
+  const AMPLE = 100_000n;
+
+  const { aethKit, runKit } = t.context;
+  const services = await setupServices(
+    t,
+    [10n],
+    AmountMath.make(aethKit.brand, 900n),
+    undefined,
+    undefined,
+    AMPLE,
+  );
+
+  const { aethVaultManager, lender } = services.vaultFactory;
+  const cm = await E(aethVaultManager).getPublicFacet();
+
+  const metricsSub = await E(cm).getMetrics();
+  const metrics = makeNotifierFromAsyncIterable(metricsSub);
+  let state = await E(metrics).getUpdateSince();
+  t.deepEqual(state.value, {
+    numVaults: 0,
+    totalCollateral: AmountMath.makeEmpty(aethKit.brand),
+    totalDebt: AmountMath.makeEmpty(t.context.runKit.brand),
+  });
+
+  // Create a loan with ample collateral
+  const collateralAmount = AmountMath.make(aethKit.brand, AMPLE);
+  const loanAmount = AmountMath.make(runKit.brand, LOAN);
+  /** @type {UserSeat<VaultKit>} */
+  const vaultSeat = await E(services.zoe).offer(
+    await E(lender).makeVaultInvitation(),
+    harden({
+      give: { Collateral: collateralAmount },
+      want: { RUN: loanAmount },
+    }),
+    harden({
+      Collateral: t.context.aethKit.mint.mintPayment(collateralAmount),
+    }),
+  );
+
+  await E(vaultSeat).getOfferResult();
+
+  state = await E(metrics).getUpdateSince(state.updateCount);
+  t.deepEqual(state.value, {
+    numVaults: 1,
+    totalCollateral: collateralAmount,
+    totalDebt: AmountMath.make(runKit.brand, DEBT),
+  });
+
+  await E(aethVaultManager).liquidateAll();
+  state = await E(metrics).getUpdateSince(state.updateCount);
+  t.deepEqual(state.value, {
+    numVaults: 0,
+    totalCollateral: collateralAmount,
+    totalDebt: AmountMath.make(runKit.brand, 0n),
+  });
+});
diff --git a/packages/zoe/test/unitTests/zcf/setupZcfTest.js b/packages/zoe/test/unitTests/zcf/setupZcfTest.js
index 3a02315d7ae..e7d85d5bbaf 100644
--- a/packages/zoe/test/unitTests/zcf/setupZcfTest.js
+++ b/packages/zoe/test/unitTests/zcf/setupZcfTest.js
@@ -14,6 +14,12 @@ const dirname = path.dirname(filename);
 
 const contractRoot = `${dirname}/zcfTesterContract.js`;
 
+/**
+ * Test setup utility
+ *
+ * @param {IssuerKeywordRecord} [issuerKeywordRecord]
+ * @param {Record<string, unknown>} [terms]
+ */
 export const setupZCFTest = async (issuerKeywordRecord, terms) => {
   /** @type {ZCF} */
   let zcf;