The fund · read live from chain

Every position, and what it cost.

Nothing on this page is typed in. Your browser calls the treasury contract and the options vault directly. If a number here is wrong, the chain is wrong.

NAV is stablecoin plus option intrinsic value only. It ignores time value entirely, so while the options are out of the money it reads as zero even though the fund paid real money for them and they have months left to run. That understatement is deliberate: redemption pays against this number, and a model that flattered it would let the first redeemer out with more than their share.

How much the fund may spend in one purchase is not a judgement call. It is a function of how far the asset has fallen from the highest price the contract has ever seen, and the contract refuses anything larger.

Bands: within 5% of the high → 10% of cash per purchase · down 5–20% → 25% · down 20–40% → 50% · down more than 40% → the whole balance. The allowance is a share of cash on hand rather than a budget per period, so it needs no clock and shrinks by itself as the fund spends. Anyone can refresh a high-water mark; it is not a lever the manager can hold.

The manager cannot sell. There is no restricted path, no timelocked path — the function reverts unless holders have voted for that specific sale.

A proposal names the series, the size and a floor price. It runs three days and needs a tenth of the supply voting for it. Votes are cast by locking PRIOR in the contract, so the same tokens cannot vote twice from two addresses; locked tokens keep their full claim on the fund, so voting never costs the voter anything.

Calls here are capped. A cash-settled call has unbounded payoff, so a writer would have to lock unbounded collateral and no one would write. The cap is what makes a counterparty possible, and it is the honest limit on the fund's upside.

The fund can only buy one underlying, one expiry, one kind of option. Those three are constructor arguments, checked on every purchase. They cannot be changed by the manager, by the guardian, or by a vote — only by deploying a different fund, which would have a different address and would not receive the tax.

Every figure above comes from one of these calls. They are views; they cost nothing.