Growth Asset Income Notes

Product Overview

Growth Asset Income Notes (GAIN) provides onchain access to an institutional market-neutral digital-asset strategy. The underlying strategy seeks to generate income by capturing funding-rate spreads, cross-market pricing inefficiencies and market-making opportunities across major centralized exchanges. The portfolio is designed to maintain limited directional exposure, with an emphasis on capital preservation, disciplined hedging and continuous risk monitoring.

How returns are generated

Funding-rate capture

Maintaining hedged spot and perpetual positions to capture funding payments while limiting directional market exposure.

Cross-market arbitrage

Identifying temporary price differences for the same or closely related assets across exchanges and trading venues.

Market making

Providing two-sided liquidity and seeking to capture bid-ask spreads, execution opportunities and eligible exchange incentives.

Execution infrastructure

Using low-latency systems and automated execution to identify and respond to short-lived market inefficiencies across supported venues.

Risk metrics and transparency

GAIN provides ongoing visibility into NAV, performance, venue exposure, leverage and liquidity. Metrics are updated subject to data availability and may include:

NAV and performance

Tracking current NAV, historical returns, volatility, Sharpe ratio and portfolio drawdowns.

Venue exposure

Monitoring assets and collateral allocated across supported centralized exchanges and custody arrangements.

Leverage and margin

Tracking gross and net leverage, margin utilisation, collateral levels and remaining liquidity buffers.

Directional exposure

Measuring spot, perpetual and aggregate delta exposure to verify that the portfolio remains within defined market-neutral limits.

Concentration risk

Monitoring concentration by asset, trading venue, strategy component and counterparty.

Liquidity and redemption

Tracking available liquidity, open positions and redemption requirements against the applicable T+5 working-day window.

Key Risks

GAIN is not a deposit or guaranteed-income product. Its value may increase or decrease. Key risks include trading and execution risk, exchange and counterparty risk, stablecoin risk, leverage and liquidation risk, technology risk, liquidity risk and temporary deviations from market neutrality. Investors should review the applicable offering documents and risk disclosures before subscribing.