# Why Ketju rejected Mantle Index Four Fund (MI4)

- URL: https://riadefi.com/rejections/mantle-index-four-fund/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-17
- Next review: 2026-11-17

## The memo

REJECTED ON ACCESS AND MISCLASSIFICATION RISK. MI4 is not a tokenized treasury or money-market product despite sitting in this backlog's issuer/RWA queue — it is a crypto-native, market-cap-weighted digital-asset index fund holding BTC, ETH, and SOL with a staking and restaking yield overlay (Mantle's mETH, Bybit's bbSOL, Ethena's sUSDe), explicitly marketed as "the crypto equivalent to the S&P 500." Confusing this for a stable-NAV treasury product would misstate the risk to a client. Independent of that classification issue, the fund is a BVI limited partnership restricted to non-US persons under Regulation S or US accredited investors under Regulation D, with a $100,000 minimum subscription — the same access bar already applied to BUIDL, USYC, Ondo Global Markets, and Anemoy/JTRSY in this registry. On-chain figures also show only 6 holders against a roughly $117.6M tracked balance, an extreme concentration this review treats as a real counterparty and liquidity consideration distinct from smart-contract risk.

## What would reopen the file

- A US-eligible offering opens to this registry's target client population
- The on-chain tracked balance reconciles with the fund's reported total AUM, or the discrepancy is explained from a primary source
- Holder concentration diversifies meaningfully beyond the current 6 holders
- This entry's crypto-index classification is confirmed to remain distinct from any stable-NAV treasury product comparison in advisor-facing materials

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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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