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Read this before you bid. The risks below apply to every Cargo vault; the examples are from the Genesis Vault (cvCOCOA, West African Grade 1 cocoa). The binding version is the Risk Statement for each vault in the data room, which every investor signs.
NAV follows the reference price of the underlying asset (for cvCOCOA, ICE London Cocoa) and can fall.
The discount you buy at is your cushion. Holders and market makers can hedge on the asset’s reference market. In the Genesis Vault, 10,000 shares move like one 10 t ICE London Cocoa lot.
The reference price can diverge from the hedge market, the reference can fail to publish, and the vault’s realised sale prices can come in below NAV.
Every vault has a differential check with a hedge-market fallback and a pause, an outage fallback, a cost reset when realised sales run below NAV, and a lower-of oracle for lending. Genesis Vault values: $250/t basis move from the 30-day median; outage fallback after two business days with no reference price; cost reset if realised sales average $150/t below NAV over 30 days.
Goods could be missing, short-weight, off-grade or damaged.
Independent collateral manager with sole release authority; independent verification of every lot (Vallis in the Genesis Vault); weekly reports hashed on-chain; suspension and recount above 0.5% discrepancy; all-risks insurance; 10% subordinated first loss.
The originator, buyer, exporter or dealer, or the sponsor could fail.
The Vault SPV owns the goods, not the sponsor; one pledge for all holders; originators warrant weight, grade and title and top up shortfalls; physical delivery above a set size (10 t in the Genesis Vault).
You may not be able to exit when you want, at the price you want.
Redemption at NAV − 0.10% at each batch (in the Genesis Vault, first at Batch 4, paid within 12 days); Liquidity Bridge at NAV − 1.0% up to its capacity; RFQ with panel market makers, with no guarantee of a bid; redemptions may be pro rata if the queue exceeds bridge capacity.
Code can have bugs; keys can be lost; chains can halt.
Independent audit before mainnet (not yet completed); Safe administration with timelock and independent co-signer; pause guardian; non-custodial atomic settlement; paper records as fallback.
Each vault is one asset. The Genesis Vault, the only vault at launch, is one commodity under one collateral manager.
Ring-fenced lots; insurance; later vaults spread exposure across assets, such as coffee and sugar, each only after the eight tests.
Figures in our materials are illustrations, not forecasts, and are never annualised. You can lose some or all of your capital.