Strategy

Four sleeves into one token.

$RWY is the first basket built to the Navmont Yield Index. Four sleeves implement the index rules. The blend is the product.

The four sleeves

Public yield engine

Direct dividend paying equities for the high yield core (BDCs, mortgage REITs, REITs, MLPs). Cheapest in class passive index ETFs only where they are the cleanest expression of broad exposure. No actively managed ETFs from other managers. Each position carries a sized hedge per Rule 02. Carries most of the daily liquidity burden.

Private fund sleeve

Tokenized private fund interests, each paired with a publicly traded counterpart and a sized proxy hedge per Rule 02. Carries the income premium. Illiquid by design. Never the source of redemption funding.

Tail overlay

Convex instruments held continuously. Per position hedges absorb the average case; the overlay catches the tail.

Cash buffer

Tokenized money market. Funds routine redemptions and short-term margin needs. Also absorbs weight from any constituent removed mid-cycle per index Maintenance.

Sleeve rebalancing

Sleeve weights monitored continuously against documented target ranges. When a sleeve drifts outside its band, the allocator rebalances at the next subscription, redemption, or distribution cycle. Natural flow used before secondary trades. Per-position weights follow the index Methodology.

Distinction from the index

The four sleeves are how $RWY holds what the index prescribes. Sleeve targets, cash buffer floor, tail overlay sizing, and wrapper-level redemption mechanics are basket decisions. A different basket built on the same index could sleeve differently.