Research

The Illiquidity Premium: Why Do Non-Listed Assets Offer Higher Target Returns?

Non-listed assets often show higher target returns than comparable public-market products. This article explains the illiquidity premium — the extra return investors demand for locking capital up without a reliable exit — what that premium actually compensates for, why a higher target signals.

2026-07-19 · 11 min read

Research

RWA and Diversification: What Adding Non-Listed Assets Does — and Does Not — Do

Non-listed assets are often pitched as diversification: different return drivers and lower correlation to daily market moves. This article explains what is real in that argument and what is not — why smoother reported prices do not mean lower risk, why illiquidity is a genuine cost.

2026-07-19 · 11 min read

Research

Tokenized Funds vs ETFs: Why a Fund Token Is Not an ETF

Tokenized funds and ETFs can both give exposure to pooled assets, but they are built on different structures. This article compares legal rights, pricing, liquidity, disclosure, and exit mechanics.

2026-07-19 · 7 min read

Platform Guide

KYC, Eligibility, and Suitability: Why RWA Products Ask More From You

RWA products built on non-listed assets usually involve identity verification, eligibility criteria, and suitability checks before you can participate.

2026-07-19 · 7 min read

Research

Currency Risk in Cross-Border RWA: Why the Asset and Account Currency Both Matter

Cross-border RWA products may involve asset, account, subscription, redemption, and distribution currencies. This article explains where FX risk appears and what to check.

2026-07-18 · 7 min read

Research

Capital Calls, Drawdowns, and Fully Funded Products: Why Timing Matters

RWA funding timing can change the user experience. This article compares capital calls, drawdowns, and fully funded products, and explains what to check in documents.

2026-07-18 · 7 min read

Research

Manager Due Diligence for RWA: Mandate, Controls, and Reporting

In many RWA products, the manager matters as much as the asset. This article explains how to review mandate, controls, conflicts, valuation, and reporting.

2026-07-18 · 7 min read

Research

Primary Subscription vs Secondary Transfer: Two Ways RWA Exposure Changes Hands

RWA exposure can enter an account through primary subscription or secondary transfer. The two paths differ in pricing, approvals, documents, settlement, and exit expectations.

2026-07-18 · 7 min read

Research

Open-End vs Closed-End: How Do Redemption Mechanics Shape What You Can Get Back?

Fund-type RWA products return capital in two very different ways: closed-end funds pay out when underlying assets exit, while open-end funds redeem at NAV on a schedule.

2026-07-17 · 13 min read

Research

Mark-to-Market vs Mark-to-Model: Why RWA Valuation Methods Matter

RWA products can use market prices or model-based estimates to report value. This article explains mark-to-market vs mark-to-model valuation and the risks each method creates.

2026-07-17 · 7 min read