Flagship Curation Policy

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Overview

This policy sets the construction standard for a flagship SuperVault. The mandate is to preserve capital, preserve redemption reliability, and earn durable onchain yield, in that order. It is intended for flagship capital, not for experimental strategies, opportunistic yield chasing, or discretionary style drift. Every position included in the mandate should 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. This page sets out Superform’s example flagship curation policy. Curators may adapt it to their mandate, but the governing standard should remain 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 may contribute, but only as supplemental income. Speculative rewards, points, and unpriced optionality do not support the core mandate. Risk must 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
• chain-level dependence and operational complexity

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Bottom line

A flagship SuperVault should be conservative in structure and disciplined in yield capture. The core belongs in the anchor sleeve. Tactical allocation may improve portfolio yield without redefining the mandate. PT is permitted, but it should remain 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 mandate.

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Portfolio Construction

The mandate 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

Flagship construction 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 mandate. Anchor capital belongs in battle-tested venues with strong monitoring, durable liquidity, and simple exit mechanics. Only the following qualify for anchor:

• Aave
• Morpho vaults curated by Gauntlet
• Morpho vaults curated by Steakhouse
• Morpho vaults curated by Karpatkey

These named Morpho curators reflect Superform’s flagship example policy, not a universal statement of curator quality across all mandates or market conditions. Nothing else qualifies as anchor.

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Tactical sleeve

The tactical sleeve exists to improve portfolio yield without changing the character of the mandate. Tactical capital is earned, capped, and removable. It is additive, not load-bearing. Fluid and Gearbox are the reference tactical venues in this policy. Other non-anchor exposures may enter only if they meet the same flagship standard, including reputable audits, sufficient production history, clear 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, remove it.

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PT sleeve

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

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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 reputable, audited protocols with meaningful production history and operating scale. Morpho markets are the clearest example. Comparable venues can qualify only if they meet the same standard for smart contract quality, governance quality, oracle design, 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 should be tagged by current liquidity state. Maintain a meaningful instant redemption buffer and keep weighted average withdrawal latency short under normal conditions. If conditions deteriorate, cut tactical and PT first. Restore liquidity before reaching for yield. This policy does not promise instant redemption in all market states. It states the liquidity profile the mandate is built to support, the stressed conditions that can delay exits, and the actions the curator is authorized to take when prompt withdrawals come under pressure.

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Portfolio Limits

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

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Operating Rules

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

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Allowed actions

Within this policy, the curator 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

The curator may not:

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

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Reward treatment

Displayed yield and underwritten yield are not the same. Flagship 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

Morpho rewards may be counted at par when liquidity, execution path, and realization history support that treatment. Otherwise, they should be haircut like other rewards based on realizable liquidity and execution certainty. In practice, that usually means a 20% to 80% haircut, and in many cases the correct value is zero. Rewards count only if they can be harvested, monetized, and defended as real return. Reward realization may include swapping through approved routing venues as part of ordinary portfolio operations.

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Operating controls

Curators should continuously monitor:

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

At any point, the curator should be able to explain:

• how a position exits
• what the likely frictions are
• what has to go right for current yield to be realized
• what smart contract, oracle, or governance 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 mandate 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, this flagship mandate excludes:

• cross-chain allocation inside a flagship mandate
• any anchor designation beyond Aave and Morpho curators Gauntlet, Steakhouse, and Karpatkey
• 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