Walled Fund Vaults (ETH & BTC)Version: 2.1 Effective Date: December 1, 2025

1. Fund Particulars

The following vaults (collectively, the "Funds") are managed on the Ethereum Mainnet.

2. Executive Summary

This Investment Policy Statement (IPS) establishes the mandate, strategy, and risk framework for the Funds. The Funds operate as on-chain investment vehicles targeting native-denominated returns (ETH and BTC) through a dual strategy of (i) covered call writing and (ii) conservative on-chain yield generation.While the Funds prioritize on-chain transparency, investors acknowledge that off-chain activities entail distinct counterparty and operational risks.

3. Investment Objectives

• Primary Objective: Capital appreciation of the native asset (ETH or BTC) through the accumulation of option premia and DeFi yields.
• Secondary Objective: To outperform relevant benchmarks—specifically Lido Staked ETH (stETH) for the ETH Fund and Aave WBTC Supply APY for the BTC Fund—while maintaining strict liquidity controls.

4. Investment Strategies

The Funds employ a rules-based, active management approach.

4.1. Yield Enhancement (Covered Calls)

The Funds may systematically sell out-of-the-money (OTM) call options against spot holdings.

• Constraint: A maximum of 25% of Net Asset Value (NAV) may be posted as collateral on options venues (CEXs).

4.2. Low-Risk DeFi (On-Chain Yield)

The Funds allocate capital to audited, high-liquidity DeFi protocols. Permissible activities include:

• Overcollateralized lending.
• Liquid staking or restaking services (LSTs and/or LRTs).