Version: 2.0

Effective Date: September 26, 2025

Vault Details

1. Executive Summary

This Investment Policy Statement (IPS) sets forth the mandate, investment strategies, and risk management framework for the Walled Fund ETH, Walled Fund BTC (“the Funds”). These vaults are on-chain investment vehicles managed via the Enzyme platform on Ethereum. Each vault targets native-denominated returns in its reference asset (ETH, BTC) using a dual-strategy framework: (i) covered call writing and (ii) conservative on-chain yield.

The primary investment objective is to generate sustainable ETH- and BTC-denominated returns through a dual-strategy framework: (i) income generation from covered call writing, and (ii) conservative yield generation from established decentralized finance (DeFi) protocols.