Infrastructure
Independent infrastructure, institutional standards.
The basket is structured around independent infrastructure providers, each chosen for institutional standing in their domain. The issuer does not also custody the assets. The custodian does not also strike the NAV. The NAV agent does not also audit itself.
Background
Crypto native yield products have historically conflated roles. The same entity that issues the token often also custodies the underlying, also calculates the NAV, also handles redemptions. When something breaks, the absence of independent checks turns small issues into existential ones.
Traditional fund infrastructure separates these roles by design. Issuer, custodian, administrator, and auditor are independent. Any single failure is isolated. RWY follows the traditional structure.
The infrastructure stack
Issuer
Navmont Automated Strategies Inc. Structures the basket, operates the allocation and hedging rules, instructs trades through the broker dealer. Does not custody assets, does not strike NAV, does not maintain the share register.
Token issuance and share register
Superstate FundOS. Issues the RWY token, maintains the share register on chain, enforces the verified holder allowlist on every transfer, processes subscriptions and redemptions at NAV. Operates within the regulatory perimeter that allows the basket to be issued under Reg D 506(c) and Reg S.
Public stock and option custody
Alpaca. Regulated broker dealer (FINRA / SIPC) that holds the public stocks and executes the per position option hedges. The shares and option positions sit at Alpaca, the same way they would at any conventional broker. The on chain representation is the share register's claim against those positions, not the positions themselves.
Private fund interest custody
Anchorage Digital. Qualified custodian (federally chartered digital asset bank, OCC national trust charter) holding the tokenized private fund interest positions.
NAV calculation agent
NAV Fund Services. Strikes basket NAV daily from broker statements (Alpaca), custodian statements (Anchorage), money market marks (cash sleeve), and option marks (hedges). Independent of the issuer, the custodian, and the broker.
Auditor
Ernst & Young LLP. Audits the fund books annually and reviews quarterly. Attests to the integrity of the on chain state relative to the underlying.
NAV oracle
Publishes the NAV agent's daily strike on chain. Consumed by the lending pool, the redemption queue, and the token itself. Multiple independent oracles cross check the value; consumers pause if they diverge above threshold.
Why this matters
Independence between issuer, custodian, NAV agent, and auditor is the oldest risk control in fund management. It is what lets institutional allocators wire money in. Without it, the entire structure rests on one party's word. With it, any single failure is contained.