Summary
Ketju does not approve the Mantle Index Four Fund (MI4): it is closed to most US investors. Advisors could also mistake it for a treasury fund. MI4 sat in Ketju’s queue of issuer and RWA reviews, but it holds no treasuries or money-market assets. It is a crypto index fund, weighted by market cap, that holds BTC, ETH and SOL. It adds staking and restaking yield through Mantle’s mETH, Bybit’s bbSOL and Ethena’s sUSDe. Mantle markets it as "the crypto equivalent to the S&P 500," and treating it as a stable-NAV treasury product would misstate a client’s risk. The fund is a BVI limited partnership with a $100,000 minimum. Only non-US persons under Regulation S or US accredited investors under Regulation D may invest. The same access bar kept BUIDL, USYC, Ondo Global Markets and Anemoy/JTRSY off the approved list. On-chain data shows only 6 holders against a tracked balance of roughly $117.6M, a counterparty and liquidity concern apart from smart-contract risk.
Review triggers
- A US-eligible offering opens to the US clients Ketju's advisors serve
- The on-chain tracked balance reconciles with the fund's reported total AUM, or a primary source explains the difference
- Holders spread out meaningfully beyond the current 6
- Materials for advisors keep classifying MI4 as a crypto index fund, apart from any stable-NAV treasury product
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Mantle
- Instruments
- MI4
- Reviewed
- Last confirmed