Like cash, but better.

Fund objectives:

Targeting low volatility, high liquidity and enhanced yield, with the aim of preserving purchasing power over time.

Target 1: Cash-like volatility (Target <0.5% )

Target 2: Yield above inflation (Target +0.5% above CPI )

Money Market 2.0

Traditional money market funds are designed for capital preservation. Yet over the past 10 years, many have struggled to keep pace with inflation, resulting in negative real returns.

Money market yields track interest rates closely, whereas real world inflation is driven by a broader set of factors, including money-supply growth, productivity trends, demographic shifts, and the velocity of money.

We target real returns above inflation by blending the stability and liquidity of traditional money market funds with small allocations of ultra-low volatility Asset-Backed Yield (ABY) instruments. A real yield cash proxy. This uncorrelated diversification also increases the underlying security and resilience of the fund, reducing exposure to capital decay during low interest rate environments.

Traditional Money Market

                100%
Debt Only
100%
Debt Yield
0%
Asset Yield
hopeGBP

                85 / 15
Blended
85%
Debt Yield
15%
Asset Yield

Asset-Backed Yield (ABY) Calculator

Companies that have built substantial asset treasuries often issue yield-bearing instruments to raise low-cost growth capital for further expansion or asset acquisition.

The strength of the balance sheet means any volatility in the underlying assets is effectively "stripped out", offering investors a stable income stream in return.

A key metric for assessing the sustainability of an Asset-Backed Yield instrument is the "Years of Yield Coverage", which is how many years a company could continue to fund dividend payments based on the current valuations of its asset treasury.

The assets held in hope GBP currently have 50+ Years of Yield Coverage at todays prices.

Another key metric is the Required Compound Annual Growth Rate (Required CAGR) of the assets where the issuer can make the yield payments indefinitely.

The required CAGR for the assets held in hope GBP to be paid indefinitely is —%.

TOTAL YEARS OF ASSET-BACKED YIELD COVERAGE

Cash coverage years

Asset coverage years

Asset-backed Yield %

Asset CAGR % (5 years)

Use our calculator to stress-test the combined Years of Yield Coverage for all the Asset Backed Yield (ABY) products used in hope GBP:

Asset CAGR % (5 years) - assess the impact of 5 years of a fixed asset price growth/decline (CAGR) on Years of Yield Coverage

Asset-backed Yield % - assess the impact of variable rate dividend changes to the Years of Yield Coverage

∞ - To make payment obligations on the Asset Backed Yield (ABY) products included in hope GBP forever, a CAGR of just 1.82% is required. (Formula = Annual Interest Obligations ÷ Current Asset Market Value)

Core Inputs

BTC price ($)

Asset-backed Yield %

Asset CAGR % (5 years)

Advanced Inputs

BTC held (coins)

Cash reserves ($B)

STRC $B

Annual yield override ($B, optional)

Net-of-Debt Scenario + Convertibles (Option 2)

Option 2 logic: refinance debt at $8,000 BTC first; only residual shortfall draws from reserves.

Total debt ($B)

Convertible capacity ($B)

Refinance BTC floor ($)

Metric	Value
Debt coverage at floor via BTC value ($B)	-
Residual debt shortfall after floor ($B)	-
Residual after convertibles ($B)	-
Reserve draw required ($B)	-
Net cash reserves post draw ($B)	-
Net-of-debt combined coverage years	-

Year-by-Year Coverage Breakdown

Each year assumes the same annual yield obligation. Cash is used first; any shortfall is funded by selling BTC at that year’s projected price. Coverage remaining is from end-of-year resources.

Year	BTC price ($)	Yield obligation ($B)	Cash start ($B)	Cash used ($B)	Cash end ($B)	BTC start (coins)	BTC sold (coins)	BTC end (coins)	BTC value end ($B)	Total resources end ($B)	Coverage remaining (yrs)

∞ = —%

To make the monthly payment obligations forever, the asset-backed instruments included in hope GBP need a CAGR of just —%.

To put it another way, a company that has £100 in assets, owing £— in total payments per year, only needs a —% growth in asset value to be able to make the payments indefinitely. Anything above —% enables the company to perpetually grow its assets on the balance sheet.

For the last 50 years, the global money supply has increased by 6.7% per year.

Formula = Annual Interest Obligations ÷ Current Asset Market Value

Investment Philosophy

Traditional money market funds are designed for capital preservation. Yet over the past 10 years, many have struggled to keep pace with inflation, resulting in negative real returns. Money market yields track interest rates closely, whereas real world inflation is driven by a broader set of factors, including money-supply growth, productivity trends, demographic shifts, and the velocity of money.

We believe the true objective of “capital preservation” should be to protect real purchasing power indefinitely. We describe this objective as “Cash Above Inflation”, a money whose value and purchasing power can be stored without decay, forever.

It is not possible to achieve this consistently through money market funds that use interest rates as its primary benchmark, with a near-100% allocation to short-term debt instruments.

By including modest allocations to asset-backed yields, which better capture the fundamental drivers of inflation and economic growth (money supply, productivity, demographics and monetary velocity), we aim to generate consistent positive real returns while keeping volatility cash-like <0.5%.

We believe that:

True capital preservation has never been more important.
Overnight rates such as SONIA are a poor benchmark for capital preservation. CPI inflation and money-supply growth are far better measures of real purchasing power.
Pure debt portfolios benchmarked to interest rates limit yields, restrict diversification and lack resilience across market conditions.
Asset-backed yields more effectively reflect productivity gains, money-supply growth and broader economic trends.
Adding modest allocations of ultra-low volatility Asset-Backed Yield instruments delivers meaningful, uncorrelated diversification with virtually no increase in overall volatility.

hope GBP combines the stability, liquidity and accessibility of a traditional money market fund with ultra-low volatility, high-yield Asset-Backed Yield (ABY) instruments - targeting a real return of +0.5% above CPI with cash-like volatility <0.5%.

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