# ETH+ DeFi Yield, \*CLOSED\*

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**This existing ETH+ vault will transition to an UPGRADED**[ **ETH+ Alpha** ](https://docs.bracket.fi/product/bracket-platform/strategy-vaults/breth) **vault on August 20th + up to 48hrs for last NAV update**. **Users of the existing vault have until August 11th to submit a withdrawal request**. **The vault will no longer take deposits after the 11th.**  If no submission is made, funds will **automatically** transition to the upgraded [ETH+ Alpha vault](https://docs.bracket.fi/product/bracket-platform/strategy-vaults/breth), which is denominated in wETH. If you transition, you receive shares at parity with prior investment in ETH+. This move is to improve potential returns for users. \
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\&#xNAN;*Users can ALSO wait to withdraw after the transition, receiving equivalent amount of **wETH instead of brtkETH when claimable.** BrktETH will continue functioning normally as an aggregate token for LST rewards but NO LONGER serve as the denominated asset of the new ETH+ strategy.* <br>

👉 ETH+ DeFi Yield vault will no longer accept deposits on Aug 11th

👉 Withdraws before Aug 11th: you’ll get back your brktETH > LSTs\
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👉 Final withdrawals will be processed on the last NAV lock, August 18th + 48hrs. The vault page will remain up so that any withdraw claims can be made after closure.&#x20;

👉 If you remain in the vault through the last NAV lock: you’ll be transtioned to [ETH+ Alpha](https://docs.bracket.fi/product/bracket-platform/strategy-vaults/breth) - if you'd like, you can submit a withdrawal from the upgraded vault after it starts, >August 21st 2pm EDT.&#x20;
{% endhint %}

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Bracket is pleased to present the first actively managed vault on the platform, the DeFi Yield ETH+ 10% Target rate vault\*\
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**Administrator:**\
[Boreal](https://boreal.xyz/)\
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**Target yield:** 10%\*\
\&#xNAN;*\*Target rate net of fees.* \
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**Liquidity:** Weekly\
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**About the Strategy:**\
The strategy deploys to vetted DeFi protocols seeking risk-adjusted ETH-denominated yields. Its objective is to generate market-neutral returns in DeFi by capitalizing on yield opportunities while managing risk and limiting exposure to market volatility.

The administrator employs investment strategies adapted from traditional finance, such as liquidity provision, futures basis, yield arbitrage, and tactical leverage, to build robust systems designed to generate desirable risk-adjusted returns.

The approach focuses on leading Layer-1 and Layer-2 blockchains and protocols and relies on extensive risk management expertise developed over multiple market cycles, ensuring strong performance and security.

<table><thead><tr><th>Vault Token Symbol (a-token)</th><th data-hidden></th></tr></thead><tbody><tr><td>BBOR1</td><td></td></tr></tbody></table>

<table><thead><tr><th>Deposit assets supported</th><th data-hidden></th></tr></thead><tbody><tr><td>brktETH</td><td></td></tr></tbody></table>

**Fees:**

| Fee type    | Fee  | Notes                                                           |
| ----------- | ---- | --------------------------------------------------------------- |
| Performance | 30%  | Must exceed water mark for positive return                      |
| TVL         | 1.5% | Bracket platform flat fee (1.0%) + Boreal management fee (0.5%) |

**Source of yield:**

* **Liquidity provisioning**\
  Identify the highest risk-adjusted yield opportunities by providing liquidity to leading decentralized exchanges and protocols
* **Futures basis**\
  Decentralized perps offer a basis premium to CeFi futures, while providing the opportunity to earn additional yield vs holding the spot
* **Yield arbitrage**\
  Risk infrastructure that maximizes capital efficiency safely via inexpensive tactical leverage against yield-bearing collateral
* **Special situations**\
  Actively seeks out opportunities to earn competitive yield while betting against assets with flawed fundamentals (eg, stablecoin depeg)

**Enforced Capabilities:**\
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**Policy Managed Wallet Address:** \
**0xD40a658E89170B3FD28009aE55c4D98fe2ad6fb0**\
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Funds movement is limited by the Bracket Protector for MPC wallets, the Policy Managed Wallet, with Bracket Platform serving as a policy administrator. Neither Bracket nor the fund manager/advisor can unilaterally withdraw funds out of this wallet. Funds are non-custodial and limited to the following protocols, assets, and bridges:\
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**Chains:**\
Ethereum, Base, Arbitrum, Avalanche, Polygon, Optimism, Sonic\
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**Decentralized Exchanges (DEXs)**

The strategy leverages top DEXs to enable efficient asset swapping, liquidity provision, and yield opportunities:

* Uniswap v3: Versatile DEX with concentrated liquidity
* 1inch: Aggregates rates across DEXs for optimal pricing
* Curve & Convex: Specialized in stablecoin trading with efficient liquidity
* Balancer: Provides flexible liquidity pools
* Aerodrome: Enhances liquidity and trading capabilities
* Pendle: Tokenizes and enables trading of future yield
* Umami: Focuses on providing sustainable and real yield strategies for DeFi users
* Yieldnest: Enables cross-platform yield optimization by aggregating liquidity opportunities
* Spectr&#x61;**:** Integrates AI-powered optimization for liquidity provision and trading efficiency

**Lending and Borrowing Protocols**

The strategy optimizes capital efficiency by employing robust lending and borrowing protocols:

* AAVE & Compound: Trustless lending and borrowing platforms
* Morpho Blue: Enhances peer-to-peer lending efficiency
* Dolomite: Combines lending with margin trading
* Frax Lend: Focused on stablecoin lending
* Moonwell: Decentralized lending and borrowing protocol native to the Base network, optimized for security and scalability
* Silo Financ&#x65;**:** A decentralized lending protocol that creates isolated lending markets to minimize risk between assets
* Euler: A non-custodial DeFi lending protocol that enables permissionless borrowing and lending with innovative risk management

**Leverage and Advanced Lending**

The strategy incorporates advanced tools for leveraging positions and unique borrowing solutions:

* Gearbox: Offers composable leverage solutions
* Contango: Enables fixed-income and forward trading strategies
* Beets (Beethoven X): A decentralized investment and trading platform built on Balancer, offering customizable liquidity pools and yield opportunities

**Cross-Chain Bridges**

The strategy integrates various cross-chain bridges:

* Stargate, Optimism Bridge, Base Bridge, Avalanche Core Bridge: Secure and efficient cross-chain solutions
* Debridge & Across: Fast bridges for low-latency transfers
* CCTP: Circle-powered stablecoin transfers
* Superbridge & Arbitrum Bridge: Flexible bridging options

**Supported Assets**

The strategy supports a wide range of assets for liquidity, stability, and innovation:

* LSTs (Liquid Staking Tokens): stETH, wstETH, rETH, weETH, sfrxETH, cbETH, WBETH, METH, pufETH, liquidberaETH, ynETHx, stS, scETH, scUSD
* Ethereum-Based Tokens: ETH, wETH.
* Stablecoins: USDC, DAI, USDT, FRAXBP, TUSD, GUSD, LUSD, PYUSD, sDAI, USDS, USDe, USD0, crvUSD, USDR.&#x20;
* Other Lending/borrow assets: mwETH, GMWETH, Pendle PT
* Other Native Tokens: OS, S
* Other Wrapped Assets: wBTC: A wrapped version of Bitcoin for DeFi use cases on Ethereum, wOS, wS

**Blockchain Networks**

The strategy ensures interoperability by utilizing multiple blockchain networks:\
Ethereum, Polygon, Arbitrum, Optimism, Base, Avalanche, Sonic

**Enforced Deposit and Withdrawal Policies:**\
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\&#xNAN;***Note that withdrawals AND deposits are locked during the NAV update period, 7pm EST Monday - 7pm EST Wednesday, weekly.***&#x20;

<table><thead><tr><th>Action Type</th><th width="353">Cutoff</th></tr></thead><tbody><tr><td>Deposit Request</td><td>By 7pm EST Monday (00:00 UTC Tuesday)</td></tr><tr><td>Deposit Processed</td><td>By 7pm EST Monday (00:00 UTC Tuesday) </td></tr><tr><td>Withdrawal Request</td><td>By 7pm EST Monday (00:00 UTC Tuesday)</td></tr><tr><td>Withdrawal Processed</td><td>1 week + approx 48hrs to finalize NAV after cutoff for the week, 00:00 UTC Tuesday. (8pm EST Monday) </td></tr></tbody></table>

**Initial Calendar Example**

| Action type                | Date/Cutoff                                                                         | Notes                                                                                       |
| -------------------------- | ----------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- |
| Initial Deposit Request    | Opens Tuesday Jan 28th, 9am EST                                                     | Begins accepting deposits                                                                   |
| Deposit Processed          | Monday Feb 3rd, 7pm EST (00:00 UTC Tuesday)                                         | Cutoff by which time you need to deposit                                                    |
| First Withdrawal Request   | Monday Feb 10th, 7pm EST (00:00 UTC Tuesday)                                        | Cutoff to request withdrawal                                                                |
| First Withdrawal Processed | Monday Feb 17th, 7pm EST (00:00 UTC Tuesday) + approximately 48 hours to strike NAV | When withdrawals will be processed and claimable. You'll have to manually claim on platform |

***Disclaimer**: Dates listed above may be subject to change with or without notice. Supported assets, wallets, and/or protocols may be updated in line with* [changing-a-vaults-investment-policy](https://docs.bracket.fi/product/bracket-platform/changing-a-vaults-investment-policy "mention") *rules. \*Target rate for the vault is illustrative and the reported rate will depend on actual performance. Eligible users only, please see* [*Terms and Conditions*](https://www.bracket.fi/terms-of-service) *for more information.*&#x20;