Product layer

Strategies, terms and fees

What the fund invests in, where the return actually comes from, the limits the manager operates under, and the terms on which capital enters and leaves.

Investment objective

The fund seeks to generate a return above short-term dollar cash rates while maintaining published liquidity and limiting exposure to directional digital asset price movement. It is constructed as a crypto money market vehicle: the emphasis is on carry, collateral quality and redemption certainty rather than capital appreciation.

The objective is a target, not a guarantee. Periods of negative funding, stablecoin stress or venue disruption can produce flat or negative returns, and the fund does not offer principal protection of any kind.

Where the return comes from

Funding basis — Holding spot collateral against a short perpetual position and collecting funding paid by long traders.
Staking yield — Protocol rewards earned for securing proof-of-stake networks, held in hedged form.
Lending spread — Supplying dollar liquidity to over-collateralised borrowers on vetted venues.
Reserve income — Yield passed through by attestation-backed stablecoin issuers holding short-duration instruments.

Diversification of source matters more than diversification of ticker. Atlas is constructed around return streams that respond differently to funding, rates and volatility.

Strategy sleeves and allocation limits

Institutional dollar strategies — Core carry engine. Delta-hedged and yield-led dollar baskets. Majority allocation. Daily liquidity profile.
Liquidity routing — Moves capital between chains and venues to improve risk-adjusted yield. Moderate allocation.
Private access vaults — Return enhancement from curated early-stage and growth exposure. Capped minority allocation. Restricted, separate terms.
Cash and equivalents — Redemption buffer held in immediately liquid instruments. Minimum floor maintained at all times.

Limits are hard constraints monitored by the risk function. Breaches trigger a documented remediation process.

What the fund does not do

Take unhedged directional positions in volatile digital assets as a primary return strategy.
Use portfolio-level leverage to amplify returns beyond the collateral required to run hedges.
Allocate to assets without an observable market price and a documented liquidation path.
Guarantee a rate of return, offer principal protection, or smooth reported performance between periods.
Rehypothecate investor collateral for purposes outside the published strategy set.

Subscription and redemption terms

Dealing frequency — Published dealing days against net asset value.
Subscription pricing — Forward priced at the next struck NAV following cleared funds and completed onboarding.
Redemption settlement — Target settlement after the applicable dealing point, subject to the liquidity buffer.
Minimum allocation — Set per investor class and disclosed in the offering documentation.
Notice period — None for standard redemptions from the core sleeves. Private access vaults carry their own lock-up.
Gating provision — The manager may apply a redemption gate in stressed conditions to protect remaining holders.