# Ketju research: Delta Wellington Ultra Short Treasury On-Chain Fund (ULTRA)

- URL: https://riadefi.com/rejections/delta-wellington-ultra/
- Research assessment: adverse
- Client selection: not considered
- Exposure: tokenized RWA
- Reviewed: 2026-09-24
- Next review: 2026-12-24

## Research summary

ULTRA is a unit of a sub-fund of the Delta Master Trust, a Singapore unit trust. FundBridge Capital manages it, Wellington Management picks the bonds, Perpetual (Asia) is trustee, Standard Chartered holds the assets, Vistra keeps the books, and Libeara, a Standard Chartered company, runs the token contracts. The fund holds US Treasuries due within a year, repos, and cash; each unit was worth about $1.057 on 2026-09-24. Its Form D, amended on 3 November 2025, reports $135.3 million sold to seven investors.

The fund is for qualified purchasers. Libeara’s site aims it at accredited and institutional investors under Singapore law; the Form D claims Rule 506(c) and the section 3(c)(7) exclusion, so a US holder must be a qualified purchaser. The minimum is $200,000. Redemptions are daily and settle in one to two business days.

The assessment is adverse. The service providers are sound, but the fund has shrunk from Libeara’s $195 million claim of December 2025 to about $7 million on rwa.xyz, one private key can replace the token’s code on both chains read, and every transfer between holders waits in a manager contract for an off-chain release. A client who is a qualified purchaser can hold US Treasury funds with larger books and published documents.

## Observable review triggers

- FundBridge publishes the information memorandum and trust deed, and they settle which register governs
- The default admin, super admin, and operator admin roles move to a multisig with a delay on every chain
- The transfer limit rises so that holders can move units without an off-chain release
- The fund’s units outstanding return above $100 million across the chains read

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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