Turn Zero-Yield Savings Into Active Performance Through DCY USD Yield

DCY USD Yield is reserved to professional and well-informed investors under Luxembourg law. The recommended investment amount is 1,000,000 EUR per investor; lower amounts, starting from 100,000 EUR (or the equivalent in USD, CHF, BTC, ETH or USDC), are accepted in accordance with applicable regulations, with adjusted terms.

DCY USD Yield is a fund of funds focused on generating a stable, conservative yield in USD, rather than speculating on the direction of crypto prices.

The fund allocates capital to a selection of specialised USD yield managers and platforms, after a deep operational and risk due diligence by DCY. The underlying strategies are mainly market-neutral or low-directional, such as:

• Funding rate and basis trading (futures term structure arbitrage)
• Delta-neutral options strategies
• Collateralised lending and repo on stablecoins and BTC
• Conservative liquidity provision and other cash-&-carry strategies

The objective is to compound USD over the long term, with a strong focus on risk management, diversification of counterparties, and institutional-grade infrastructure (custody, administration, audit), rather than on short-term performance "bets".

DCY USD Yield is set up in Luxembourg as a Special Limited Partnership (Société en Commandite Spéciale – SCSp) qualifying as an Alternative Investment Fund (AIF) under the Luxembourg AIFM Law of 12 July 2013 (AIFMD framework).

• The fund is managed by a Luxembourg General Partner (GP) which is registered with the CSSF (Luxembourg regulator).
• DCY acts as portfolio manager / investment advisor under delegation, selecting and monitoring the underlying USD yield strategies.
• The fund is a professional / well-informed investor vehicle, not a UCITS retail fund.
• An independent fund administrator, custodian and bank are appointed; all fees and expenses are reflected in the fund's NAV.

In short : you invest into a Luxembourg SCSp AIF, whose sole focus is to build and manage a diversified portfolio of USD yield strategies on your behalf.

Yes – DCY USD Yield applies a pure performance-fee model, complemented by a limited early exit fee.

1. Performance fees (fund level)

• There is no fixed management fee on the NAV.
• The fund charges performance fees only, ranging from 30% down to 20% of net new profits, depending on the amount of assets invested (AUM per investor / share class).
• Performance fees are calculated with a strict High-Water Mark (HWM). Fees are only charged on profits above the previous peak NAV. Any past losses must be fully recovered before a new performance fee can be taken.
• Performance fees are crystallised at the end of each quarter, based on the official quarterly NAV.

This structure strongly aligns our interests with those of investors: if the fund does not generate net new profits above the HWM, no performance fee is charged.

2. Early exit fee (first year only)

• If an investor redeems within the first 12 months following their initial subscription, an exit fee of 1% is charged on the redeemed amount.
• This fee is designed to discourage very short-term flows and to protect existing investors by maintaining a more stable capital base, which is important for allocating efficiently across USD yield strategies.
• After the first year, no exit fee applies to redemptions (subject to the usual fund terms).

3. Underlying managers' and platforms' fees

Since DCY USD Yield is a fund of funds / multi-platform allocator, the underlying managers and platforms may charge their own management, performance, trading or platform fees. These costs are already embedded in the net returns of the strategies and therefore reflected in the fund's NAV.

4. Operational costs

Standard operational expenses (administrator, custodian/bank, audit, legal, regulatory, etc.) are borne by the fund and accrued in the NAV. All fees and charges are described in detail in the offering memorandum and the LPA; there are no hidden fees.

DCY USD Yield is designed as an open-ended AIF with periodic liquidity.

• Redemptions are typically possible on a monthly basis.
• In normal market conditions, you may request a full or partial redemption at those dates; your position will be redeemed at the applicable NAV.
• In exceptional situations (e.g. severe market stress, suspension at an underlying platform, force majeure), the GP may apply standard gates, redemption limits or temporary suspension, as described in the LPA, to protect the interests of all investors.

The practical redemption calendar, cut-off times and payment delays are all summarised in the subscription documents and the LPA.

DCY USD Yield is domiciled in Luxembourg, one of the leading jurisdictions worldwide for alternative investment funds.

• Legal form: SCSp (Société en Commandite Spéciale)
• Status: Alternative Investment Fund (AIF) under the Luxembourg AIFM Law of 12 July 2013, implementing the EU AIFMD
• Supervisor: the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg
• Governance: managed by a Luxembourg GP / AIFM registered with the CSSF; DCY acts as portfolio manager / investment advisor under delegation.

The fund is intended exclusively for professional and well-informed investors under Luxembourg law and can be marketed within the European Economic Area subject to the applicable AIFMD passport / national private placement regimes.

It is not a retail UCITS fund and not available to US Persons or other restricted categories of investors as defined in the offering documentation.

The investment process is straightforward and fully documented:

1. Initial contact & information
You receive the offering documentation (LPA / limited partnership agreement, PPM/IM, KID where applicable) and a description of the strategy, risks and fees.

2. KYC / AML onboarding
Our compliance team collects and verifies your documents (ID, proof of address, source of funds, corporate docs if applicable). Once validation is complete, we confirm that you are eligible to invest as a professional or well-informed investor.

3. Subscription documents
You complete and sign the subscription form and the LPA (usually via electronic signature). This confirms the amount you wish to commit/subscribe.

4. Payment of your subscription

• In fiat (EUR, USD or CHF): by bank transfer to the fund's account held at the appointed bank in Luxembourg.
• In crypto (BTC, ETH or USDC) via the fund's designated custodian wallet.

The exact bank and/or wallet details are provided in the subscription documents.