Asset Classes
Core exposure types that drive portfolio construction across Nest vaults.
Nest vault strategies are built around five core asset categories. Each category has distinct return drivers, liquidity characteristics, and risk profiles.
Payment Financing
Short-term cash advances
Payment Financing provides exposure to short-duration operational lending, typically through invoice financing, receivables advances, and structured cash advances to businesses. These strategies generate yield by providing immediate working capital in exchange for repayment within short settlement cycles.
Returns are driven by fees and short-term financing spreads. NAV updates reflect repayment cycles and may follow modeled valuations between settlement periods. Liquidity is moderate and tied to repayment schedules, with risk primarily associated with counterparty performance and underwriting quality.
U.S. Treasuries
Lending money to the U.S. government
U.S. Treasuries represent the lowest-risk yield layer in the system. These short-term government obligations generate yield through interest accrual based on prevailing rate environments.
Pricing is updated daily on a mark-to-market basis. Volatility is low relative to other asset classes, and liquidity is high due to the depth of the U.S. Treasury market. Returns are primarily driven by interest rates and duration exposure.
Diversified RWA Index
A diversified mix of different assets
The Diversified RWA Index provides exposure to a broad mix of real-world assets, such as private credit, structured products, income-focused ETFs, and alternative yield strategies.
This multi-asset approach seeks to balance risk and return by combining different yield sources across markets. NAV calculations may include a mix of mark-to-market and modeled components, depending on the underlying assets. Liquidity varies by allocation and may reflect staggered redemption schedules.
Mineral Rights
Royalties from oil, gas, and minerals
Mineral Rights exposure generates yield from royalty income tied to oil, gas, and mineral production. Returns are linked to production volumes and commodity pricing.
Valuations may blend contracted revenue expectations with mark-to-market commodity references. Income streams are tied to underlying extraction activity, and liquidity is generally lower relative to traditional fixed income markets.
Crypto Basis
Delta-neutral crypto strategies
Crypto Basis strategies aim to capture spreads between spot and futures prices in digital asset markets without taking directional exposure.
Returns are driven by funding rates and derivatives market structure. NAVs update frequently and respond dynamically to basis expansion or compression, as well as liquidity conditions in crypto derivatives markets. Volatility is typically lower than directional crypto exposure but remains sensitive to market dislocations.
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