Flagship Curation Policy

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Overview

Flagship SuperVaults are managed to preserve capital, preserve redemption reliability, and earn onchain yield, in that order. They are built for flagship capital, not for experimental strategies, opportunistic yield chasing, or discretionary style drift. Every position in the policy has to be defensible before entry, monitorable while live, and exitable under stress. If an exposure cannot satisfy those requirements, it does not belong in the portfolio, regardless of quoted APY, incentive support, or recent performance. The governing standard remains conservative, explicit, and enforceable.

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Curation objective and risk profile

The objective is repeatable, risk-adjusted yield with capital preservation and redemption reliability ahead of yield maximization. Most capital should remain in exposures with durable economics, clear monitoring, and credible withdrawal paths. Organic yield from lending carry, fixed-rate carry, and similar legible sources should anchor the book. Incentives can contribute, but only as supplemental income. Speculative rewards, points, and unpriced optionality do not support the core policy. Risk has to be underwritten across the full stack:

• smart contract quality
• oracle design and price-source dependence
• governance and parameter risk
• liquidity depth and withdrawal mechanics
• concentration by protocol, curator, market, and collateral type
• collateral correlation and shared failure modes
• chain-level dependence and operational complexity

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Bottom line

A Flagship SuperVault is conservative in structure and disciplined in yield capture. The core belongs in the anchor sleeve. Tactical allocation can improve portfolio yield without redefining the portfolio. PT is permitted, but it stays capped and actively monitored. Liquidity remains a live operating constraint. If an allocation cannot be monitored, simulated, and exited with confidence, it does not belong in the flagship policy.

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Portfolio Construction

The policy is built to compound through changing conditions while preserving withdrawal confidence and underwriting discipline.

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Construction principles

Apply these rules at all times:

• keep the core in anchor exposures
• size tactical risk deliberately and below hard caps
• treat PT as a controlled supplement, not a return engine
• prefer simpler exposures when headline yield is comparable
• maintain liquidity as a live operating constraint
• reduce complexity before stretching for marginal yield

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Sleeve architecture

The portfolio uses three sleeves. These are risk buckets, not product categories.

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Anchor sleeve

The anchor sleeve is the default home for capital. It holds the exposures that define the flagship policy. Anchor capital belongs in venues with established production history, live monitoring, durable liquidity, and simple exit mechanics. Only the following qualify for anchor:

• Aave
• Morpho vaults that satisfy Superform’s current anchor underwriting standard

Nothing else qualifies as anchor.

Anchor qualification and disqualification

To qualify for anchor treatment, a venue has to satisfy all of the following on an ongoing basis:

• contract, market, and operational risks remain within Superform’s flagship underwriting standard
• oracle inputs remain observable, bounded, and robust to stale, manipulated, or thin-market pricing
• governance rights, upgrade paths, and parameter controls remain legible and acceptable for flagship capital
• collateral composition and correlated exposure remain within concentration limits and do not create a single shared failure mode across the sleeve
• withdrawal mechanics remain reliable enough for anchor sizing

To be removed from anchor treatment, and remain only as tactical if still otherwise eligible, any of the following is sufficient:

• a material contract, oracle, governance, or market-structure change invalidates prior underwriting
• a change in collateral mix materially increases correlation, tail-risk concentration, or wrong-way exposure
• withdrawals become gated, impaired, or operationally uncertain beyond normal market friction
• monitoring becomes insufficient to explain current risk, valuation inputs, or exit mechanics at decision speed
• a security incident, emergency action, or governance intervention changes the venue’s risk profile before a formal policy amendment restores anchor eligibility

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Tactical sleeve

The tactical sleeve exists to improve portfolio yield without changing the character of the portfolio. Tactical capital is earned, capped, and removable. It is additive, not load-bearing. Fluid and Gearbox are reference tactical venues in this policy. Other non-anchor exposures can enter only if they meet the same flagship standard, including documented audits, sufficient production history, explicit oracle design, and a defensible exit path. Good behavior does not promote a tactical position into anchor. If a position weakens monitoring quality, complicates withdrawals, or becomes difficult to defend at size, it should be removed.

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PT sleeve

The PT sleeve is permitted as a limited satellite allocation and cannot be relied on to support the core portfolio. Vanilla PT is permitted as a capped satellite sleeve. Bespoke or synthetic PT is tactical only and is never treated as core exposure. PT can improve carry. It cannot determine whether the portfolio remains liquid, understandable, or defensible under stress.

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Flagship standard and eligible exposures

An exposure is flagship-eligible only if it can be monitored, simulated, and exited with confidence. If any of those fail, the exposure is not eligible. In practice, flagship-eligible exposure should usually come from audited protocols with meaningful production history and operating scale. Morpho markets are the clearest example. Comparable venues may qualify only if they meet the same standard for smart contract quality, governance quality, oracle design, correlation management, liquidity, and live monitoring.

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Liquidity Policy

Sleeve classification and liquidity classification are separate. A position can sit in the anchor sleeve and still fail prompt liquidity standards. Every position is tagged by current liquidity state. Superform maintains an instant redemption buffer and keeps weighted average withdrawal latency short under normal conditions. If conditions deteriorate, Superform cuts tactical and PT first. Superform should restore liquidity before reaching for yield. This policy does not promise instant redemption in all market states. It states the liquidity profile Flagship SuperVaults are built to support, the stressed conditions that can delay exits, and the actions available when prompt withdrawals come under pressure.

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Portfolio Limits

These caps apply at all times within each Flagship SuperVault: These are construction limits, not suggestions.

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Risk controls

In addition to the portfolio limits above, Superform applies the following controls:

• Oracle control: A position must use price sources and update mechanics that Superform can observe and explain. If valuation depends on opaque, stale, thin-market, or governance-adjustable inputs that cannot be monitored in practice, the position is not flagship-eligible.
• Governance control: A position must have governance, admin, and upgrade surfaces that Superform can map and monitor. If a single governance action can materially alter collateral rules, liquidation behavior, withdrawal access, or oracle configuration without adequate notice or response time, sizing must reflect that risk or the position must be excluded.
• Correlation control: Anchor and tactical sizing must account for correlated collateral, shared oracle dependencies, shared governance surfaces, and shared liquidation regimes. Separate wrappers or venues do not count as diversification when failure modes are materially the same.

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Operating Rules

This policy assumes active portfolio control. It is not a passive basket.

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Allowed actions

Within this policy, Superform may:

• allocate and rebalance across approved sleeves and eligible venues
• enter and exit approved positions
• rotate between approved anchor sleeve exposures
• rotate among approved tactical sleeve opportunities within hard caps
• add or remove individual vanilla PT positions within the PT sleeve cap
• claim rewards
• realize rewards through approved swap paths, including standard routing venues such as DEX aggregators or routers used for execution quality
• hold temporary idle balances as part of normal liquidity management

Superform may not:

• introduce cross-chain allocation within a Flagship SuperVault
• add a new venue without a formal amendment
• treat bespoke or synthetic PT as core exposure
• rely on incentive marks as if they were fully realizable yield
• use unmodeled or weakly monitored exposures because they screen well on APY

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Reward treatment

Displayed yield and underwritten yield are not the same. Reporting should distinguish among:

• organic yield from lending, fixed-rate carry, or other durable economic activity
• incentivized yield that depends on token emissions or temporary programs
• speculative upside such as points or uncertain future distributions

Rewards are haircut by default based on realizable liquidity, execution certainty, and observed monetization paths. Rewards count only if they can be harvested, monetized, and defended as realized return. If that standard is not met, the correct underwriting value is zero. Reward realization may include swapping through approved routing venues as part of ordinary portfolio operations.

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Operating controls

Superform continuously monitors:

• liquidity condition
• reward composition
• rate drift
• concentration by protocol, market, curator, and collateral type
• oracle dependencies and price-source quality
• collateral correlation and shared failure modes
• material governance changes that can alter withdrawal, collateral, or parameter risk

At any point, the portfolio must remain explainable across:

• how a position exits
• what the likely frictions are
• what has to go right for current yield to be realized
• what smart contract, oracle, governance, and correlation assumptions the position depends on

If monitoring quality deteriorates, simulation stops being decision-useful, or exit mechanics become unclear, the position has failed the flagship standard even if headline APY still looks attractive.

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Amendments and Exclusions

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Amendment rules

Formal amendment is required for:

• adding a new venue to the policy
• changing the definition of the anchor sleeve or tactical sleeve
• changing the scope of assets or chains in policy scope
• changing hard caps, sleeve targets, or liquidity limits

Formal amendment is not required for:

• adding new PT positions within the PT sleeve
• changing reward treatment or haircut methodology
• routine portfolio rebalancing within the approved action surface

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Excluded exposures

By design, the flagship policy excludes:

• cross-chain allocation inside a Flagship SuperVault
• any anchor designation beyond Aave and Morpho vaults that satisfy Superform’s anchor underwriting standard
• peak APY chasing as a construction objective
• dependence on aggressive valuation of illiquid incentives
• unnecessary structural complexity
• unaudited or weakly monitored venues
• recursive leverage or structurally amplified exposure
• algorithmic stablecoin collateral or fragile synthetic dollar dependencies
• bespoke or synthetic PT as core allocation
• exposures without clear monitoring, simulation, and exit discipline