# Asset Classes Nest vault strategies are built around five core asset categories, each with distinct return drivers, liquidity characteristics, and risk profiles. Together, these exposures combine traditional financial instruments, real-world income streams, and market-neutral digital asset strategies to construct diversified on-chain yield portfolios.
### **Payment Financing** Short-duration lending exposure through receivables financing and working capital advances to businesses. This category captures private credit strategies used in vaults such as nCREDIT and nALPHA, where returns are driven by real-economy cash flows and an embedded illiquidity premium. NAVs are primarily mark-to-model and updated periodically, resulting in smoother reported performance but lower liquidity and transparency compared to liquid markets. *** ### **U.S. Treasuries** Low-risk yield generated from short-term U.S. government debt instruments. This forms the base yield layer in the system, used in nTBILL and as a liquidity component across other vaults. Exposure is sourced through established providers such as Superstate and BlackRock, with returns driven by prevailing interest rates and accrued income. Assets are marked-to-market daily, offering low volatility and high liquidity. *** ### **Mineral Rights** Royalty-based income streams tied to oil, gas, and mineral production. These assets generate yield from underlying production rather than financial markets, providing diversification relative to traditional credit and rate-sensitive instruments. Cash flows are typically contractual or volume-linked, with NAVs reflecting periodic valuation updates and moderate liquidity depending on underlying structures. *** ### **Crypto Basis** Delta-neutral strategies capturing spreads between spot and derivatives markets in digital assets. Used in nBASIS, returns are primarily driven by funding rates and futures premiums without taking directional exposure. NAVs update frequently and are responsive to market conditions, including basis compression, volatility, and liquidity dynamics. *** ### **Diversified RWA Index** A multi-asset allocation combining various real-world yield strategies such as private credit, structured products, and income-focused funds. Used in vaults such as nALPHA, nOPAL, and nWISDOM, these strategies balance diversification and active management. NAVs reflect a mix of mark-to-market and modeled components, with moderate short-term volatility and varying liquidity depending on underlying exposures.