Collateralization under stress

Spiko's assessment for RD-F-068 — scored not_applicable on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.

Evidence summary #

Fund holds ~93% US T-bills and ~7% bank deposits (CACEIS/JPMorgan Chase); no collateral/borrow structure. Portfolio is fully backed by sovereign instruments. UCITS rules require full asset coverage. No stress-scenario collateralization ratio applies. Lending-only factor per taxonomy PD-024.

Sources #

Governance
Arbitrum Foundation STEP-2 Application — Spiko USTBL — Portfolio CompositionArbitrum STEP-2 application — portfolio allocation: ~93% US T-Bills, ~7% current account at CACEIS Bank; WAM ~43 daysretrieved 2026-05-16

Methodology #

Determine whether under curator-defined stress scenario (top-3 collateral assets drop 50%), protocol net collateralization falls below 110%.

See the full factor methodology and distribution across all protocols →

rubric_version v1.7.0 protocol spiko factor RD-F-068 score not_applicable collected_at 2026-05-15 22:52:13