Investor Walkthrough (for a $1B allocation)

An end-to-end view of what happens before funding, where your money goes on-chain, what might slow things down, and how you redeem.

1) Before you fund (single checklist)

  • Eligibility & gating. We admit professional investors only. Your ops team completes KYC/KYB once; upon approval your wallet receives a non-transferable KYC_PASS token that unlocks deposits.
  • What you’ll hold. You will deposit USDC.e on Arbitrum and receive yTBill vault shares (ERC-4626). yTBill rises with NAV; you can view holdings and events on-chain.
  • Risk rails in place. A 3-of-5 Safe multisig, a Guard module that can pause deposits on stale proof-of-reserve/NAV divergences, issuer concentration caps, and a 48-hour upgrade timelock are standard.
  • Fees (net, simple). Streaming fee TVL-tiered 20→15→12→8→5 bp (with potential volume/loyalty rebates; floor 5 bp) and 0.015% (1.5 bp) exit fee kept in the pool (benefits remaining holders). No performance fee.

2) Funding day (“T0”) — what you do and what happens

  1. Connect the KYC-cleared wallet and call deposit() with your USDC.e notional (we can coordinate in tranches; examples below). The vault checks your KYC_PASS and mints yTBill at the current NAV. No idle cash sits in the vault.
  2. Immediate allocation. In the same transaction, the StrategyRouter swaps USDC.e into the best net-yield tokenised T-bill wrappers on the allow-list, respecting issuer caps (default 60% to any single issuer).
  3. Transparency. The system logs Deposit and Allocation events; your dashboard shows allocation split, rolling yield, and any system alerts (e.g., “PoR lag—deposits paused”).

What “$1bn” means in practice

  • Issuer caps. With a 60% per-issuer cap, a single wrapper will not hold more than ~$600m of your exposure; the router diversifies the remainder automatically.
  • Trancheable flow. We can stage T0 across multiple same-day calls (e.g., $4×250m) to align with wrapper mint windows and operational cut-offs while preserving full on-chain traceability. Your economic start is at each filled deposit’s NAV strike.

3) Where your money goes (simple mental model)

  • Legal owner. The Luxembourg RAIF (your fund vehicle) owns the on-chain AggregatorVault. The external AIFM oversees the mandate; the Depositary safekeeps and co-signs. You hold yTBill as your claim.
  • Economic engine. The vault holds whitelisted tokenised T-bill wrappers (e.g., TBILL, wSTBT). Their net yields (after their own ERs) drive your return; the router rebalances if a ≥5 bp net-yield edge appears (and risk checks are green).
  • Data & NAV. NAV comes from wrapper contract getters plus proof-of-reserve feeds; calculations follow a strict as-of window and deterministic rounding for auditability.

4) Timings & cut-offs (what could slow you down)

  • KYC gate. One-time; once you have KYC_PASS, deposits are T+0 at the chain level. If PoR is stale or NAV diverges beyond thresholds, deposits auto-pause until healthy (withdrawals remain open).
  • Wrapper windows. Underlying mint/redeem for some wrappers follow daily cut-offs (T+0/T+1). The router batches and sequences flow to avoid settlement gaps; you see status in event logs.
  • Very large tickets. For $1bn, expect diversified allocation due to issuer caps and sequenced calls to match wrapper SLAs. Your economic start is immediate per filled deposit; any unfilled remainder is attempted in the next window(s).

5) After funding — what runs every day

  • Monitoring & alerts. Agents check PoR freshness, yields, gas. If a ≥5 bp edge persists (net of expected frictions), the router migrates a slice once per 24 h, subject to caps and safety rails; every move emits an on-chain Rebalance event.
  • Your view. The dashboard shows Live Yield, last/next rebalance, 90-day performance, and cumulative NAV vs benchmarks—all driven by a single NAV series (one source of truth).
  • Fees. Streaming accrues continuously; the exit fee is 0.015% (1.5 bp) and applies only on redemption, retained in the pool (benefiting stayers). Any volume/loyalty rebates apply per policy.

6) Liquidity, capacity & “what if” scenarios for $1bn

  • Capacity policy. 60% per-issuer cap by default; the Router can also enforce a global TVL cap if insurance or risk policy requires. This spreads a $1bn deposit across multiple wrappers and keeps liquidity pathways open.
  • Normal redemptions. You can call withdraw() anytime; the Router unwraps needed amounts back to USDC.e, applies the 0.015% (1.5 bp) exit fee, burns your shares, and sends proceeds to your wallet. Most flows complete T+0/T+1 depending on wrapper windows; the on-chain leg settles instantly.
  • Stressed conditions. If a wrapper’s PoR is stale or NAV diverges, deposits pause; withdrawals remain open. If a specific wrapper has quotas/queues, the router taps other wrappers first, subject to caps, to meet redemptions and then unwinds queued lines as windows reopen. An emergency-withdraw path exists (timelocked, multisig-gated) to unwrap everything pro-rata to USDC.e.

7) Economics you can expect (net)

  • What you earn. You earn the underlying wrappers’ net yield, minus the streaming fee (tiered with rebates), with daily compounding reflected in NAV/APY. APY is computed from the NAV curve using a documented, testable method.
  • Why we sometimes “just hold.” If yield spreads are tightly clustered, the system will not churn; it rebalances only when the net benefit clears costs and the ≥5 bp rule, to protect holders from noise.
  • Fairness on exits. The 1.5 bp exit fee is not manager revenue; it stays in the vault for remaining holders, which cushions churn and aligns incentives.

8) The exact investor experience

  • “Cockpit” explainers. Clickable lifecycle cards (“Onboarding & Deposit”, “Allocation”, “Rebalancing”, “Withdrawal”) with visuals (Sankey, timelines) explain each step in plain language for your ops/recon teams.
  • Strategy metrics. Tiles for allocation breakdown, rolling yield, rebalance events, fee overview, and strategy health—all backed by the same data feeds you can reconcile.
  • Alerts & auditability. System Alerts surface PoR staleness, cap breaches, gas spikes, and link to txids.
  • Simulate first (optional). A Deposit Simulation can emulate the on-chain steps and show projected NAV paths vs. benchmarks (equal-weight, best-at-t₀), including fees and switching costs. Useful for IC packs.

9) What could delay you (and how we reduce it)

  • KYC/KYB not finalised → no KYC_PASS → deposit reverts.
  • PoR or NAV stale → deposits pause until feeds are fresh (withdrawals remain open).
  • Wrapper quotas/cut-offs during very large flows → we stage deposits and diversify across issuers. (Issuer caps and multi-wrapper design exist for exactly this reason.)

10) Quick FAQs

Can we move the full $1bn same day?

You can initiate full size T0. The on-chain leg is instant; underlying wrapper windows and issuer caps mean allocation may settle in sequenced batches across the trading day(s) while your yTBill reflects filled portions at each NAV strike.

Who “holds” the assets?

The RAIF owns the vault; the Depositary safekeeps and reconciles; you hold yTBill in your wallet.

How do we get out?

Call withdraw() for your target USDC.e amount or burn shares. You receive USDC.e minus 0.015% (1.5 bp); any wrapper unwrapping is handled inside the atomic flow.

Is there a performance fee?

No. Only the streaming and exit fees described above.

Will you churn positions or only rebalance when it pays?

We rebalance only when a ≥5 bp net advantage clears expected frictions and risk checks. Otherwise we hold, to avoid noise and gas drag.

Can deposits ever be paused? What about withdrawals?

Yes—deposits can auto-pause if proof-of-reserve or NAV feeds go stale or diverge beyond thresholds. Withdrawals remain open.

How do issuer caps work at our size?

A default 60% per-issuer cap spreads exposure (e.g., no more than ~$600m into any one wrapper for a $1bn ticket). The router allocates the balance across other allow-listed wrappers.

What reporting and visibility do we get?

A dashboard with live NAV/APY, allocation breakdown, rebalance events, fee accrual, and alert logs. Everything links to on-chain txids for audit.

Can we simulate before committing?

Yes. A deposit simulator shows expected allocation, NAV path, and fee impact versus benchmarks, so your IC can review before funding.

Any performance fee or other hidden costs?

No performance fee. Only the streaming fee (tiered, floor 5 bp) and the 1.5 bp (0.015%) exit fee taken only on redemption and kept in the pool for remaining holders.