Product overview
The deposit asset, the assets used by the MM and the payout asset are separate product fields. A crypto deposit does not establish that all positions remain in that asset or that all costs and returns are denominated in it. The product identifies its valuation and conversion policy. It does not inherit a dollar peg or the sarcoUSD token from Stablecoin Savings.
Capital and information flow
A deposit acknowledgement is not share issuance; MM receipt is not investment performance; a return instruction is not recovered capital. Each stage retains its own completion evidence. Moving capital between the vault and the MM is not itself a gain or loss.
MM management, custody and authority
The MM manages the allocated capital in its designated investment accounts under the approved mandate. The agreements and account permissions distinguish trading authority, account access, asset withdrawal, capital-return obligations and reporting responsibilities. The description does not assume that an Arco-controlled account retains all assets while the MM has only trading access.
Vault authority does not by itself give Arco direct withdrawal control over an external MM account. Assets committed to MM management are evaluated under the actual asset holding, contractual rights and recovery arrangements. Account ownership, segregation, loss allocation and recourse follow those agreements; an investment mandate does not establish custody protections or principal guarantees.
MPC controls, multisig approvals and operational permissions apply according to their actual scope at each account. The ETH Staking Vault’s MPC custody and validator Security Council participation are specific to that design. They do not automatically establish MPC custody of MM assets, MM Council membership or the same recovery authority for this product.
Strategy and performance sources
Describe the MM’s actual mandate, assets, markets and permitted activities before presenting performance. The manager’s title does not establish a particular spot, derivatives, hedged, lending or market-making strategy. Any return source or exposure shown to customers must correspond to the selected mandate and its records. A strategy overview connects what the MM does with how it can gain or lose value, the costs it incurs and the conditions under which capital can be returned. Borrowing, leverage, hedging, funding payments and exchange use are included only when part of the approved product. They are not implied by the Static Asset category.Share price and net performance
Share price = net assets attributable to shares in the product’s valuation unit ÷ shares outstanding. Valuation reconciles the vault’s assets and the value attributable to it in the MM-managed accounts under the valuation policy. Account balances, open positions, realized and unrealized results, costs and obligations are considered on one consistent basis. The MM’s reported return is not simply applied to the customer’s share price.
The valuation record identifies its reference time, scope and source records. The product’s transaction-validity policy determines which price can be used for issuance or redemption. A transfer confirmation or a manager report alone is not a complete valuation record.
Show period-specific net performance with its reference asset or currency, observation dates and treatment of costs. If an annualized rate is shown, disclose the calculation and capital basis separately from compounded APY and future expectations. Cash flows into or out of the portfolio are not investment returns. A crypto-denominated gain can coincide with a USD loss if the reference asset’s dollar price falls.
Standard and Instant Redemption
Standard capital recovery
A request records the position, recipient, applicable pricing conditions and share processing. Arco follows the capital-return arrangement with the MM. Recovery may involve changes to open positions, settlement of account obligations and return of the available assets. MM payment confirmation and actual vault receipt are reconciled before those assets are treated as available for customer settlement.
Price fixing, performance and losses during the wait, fees, conversions and burn timing follow the product’s settlement policy. If shares are burned before payout, the unpaid payout obligation remains recorded. Restricted but unburned shares remain included in the appropriate outstanding-share accounting.
The manager’s recovery indication is distinct from a guaranteed customer payout date. Account access limits, open positions, counterparties, custody and settlement can affect the amount and timing of recoverable capital. A positive NAV is not proof that its full value can be returned immediately.
Instant liquidity
An offered Instant route uses available vault payout balances or an executable OTC quote. Assets in the MM-managed account are not automatically immediately available to pay the customer. Internal balances are measured after existing obligations and reserved payouts, and the offered quote identifies its fees, limits and net receipt. An OTC acquisition transfers the shares to the buyer rather than automatically burning them. It is distinct from capital recovery from the MM. When executable liquidity is unavailable, Standard follows the product’s actual recovery and settlement conditions. See Vault Liquidity Architecture.Illustrative share-value example
All numbers are invented for explanation. They are not an actual asset listing, performance history, target return, fee quote or payout commitment. The reference-asset unit below is a hypothetical accounting unit, not a named product token.