NetNet Capital Management

Prospectus for the NetNet Reserve Fund ($NET)

Robinhood Chain (chain id 4663) · An Arbitrum Orbit L2 · Established 2026

THIS DOCUMENT IS STYLED AS A PROSPECTUS AS A MATTER OF HOUSE TASTE. IT IS NOT A PROSPECTUS, NOT AN OFFER OF SECURITIES, AND NOT INVESTMENT ADVICE. IT IS, HOWEVER, ACCURATE: EVERY NUMBER IN THIS DOCUMENT IS SOURCED FROM THE PROTOCOL SPECIFICATIONS AND FROM ON-CHAIN STATE. WHERE THE TWO EVER DISAGREE, THE CHAIN IS RIGHT AND WE OWE YOU A CORRECTION.

NetNet Capital Management issues NET, a reserve-backed token in the architectural lineage of OlympusDAO v1, rebuilt in modern Solidity and operated — this is the part we are proudest of — without a policy committee. Emissions, buybacks, premium sales, bond pricing, and the fee schedule are formulas in immutable code; every operational entrypoint is permissionless. The fund's discretion at runtime is zero; this document exists so that yours doesn't have to be.

The offering, briefly

The founding shareholder subscription was a deliberately small opening of the register: 3 USDG per NET against a day-one NAV (backing per token) of ~2.41 USDG, with a 1 USDG-per-NET floor enforced on-chain at all times. The offering sold out and closed in July 2026. NAV has compounded since; the current figure is read on-chain and shown in the shareholder terminal.

Complete terms live on exactly one page — the Founding Offering. Neither the fund's landing site nor any other material prints offering numbers; if it isn't on that page, it isn't a term.

Glossary of fund terms

This prospectus uses fund language throughout. The mapping to protocol mechanism terms is fixed and exhaustive:

Contents

• The Fund (Mechanism) — the emissions formula, the dividend schedule and price→APY table, bond pricing, and the fail-closed price oracle.
• Founding Offering — complete terms of the founding shareholder subscription, and the exact day-one arithmetic, premium included.
• Trading Fee Schedule — the 5% trading fee, where it applies, and its 30-day decay from 4%/1% to a pure 5% treasury fee.
• Treasury & NAV — reserve policy, Morpho yield deployment, the Buyback Program (inverse bonds) and premium sales, and the RWA acquisition mandate.
• Real World Bonds (Equity Desk) — discounted NET subscriptions whose capital purchases tokenized equities through Rialto, held in the disclosed RWA Sleeve.
• Managed Futures Desk (Test Program) — the perpetual futures test program, margined in a valueless faucet token. Not a production venue.
• Lombard Credit Facility (Loopback) — credit against wsNET collateral in an immutable Morpho market.
• Prize Draw Program (WinNET) — pooled staking whose dividend accrual is allocated nightly by public-beacon random selection.
• Corporate Ladder Program (CLIMB, INC.) — the corporate video game whose every purchase is a real escrowed position. 18+.
• Randomized-Payout Pack Desk (Superstore) — boxed software with randomized NET payouts, and its plain-English store policy. 18+.
• Tokenized-Equity Coinflip Desk (COINflip) — a fair coin flip staked, potted, and paid in tokenized Coinbase stock, served from the arcade at play.netnet.capital. 18+.
• Reverse-Plinko RWA Desk (SPACEX INVADERS) — a reverse-Plinko cabinet whose ball lands on a printed multiplier ladder, staked and paid in tokenized SpaceX stock. The board carries a disclosed house edge. 18+.
• Management Compensation — pTEAM options and the decaying fee share, fully disclosed. There is nothing else.
• Risk Factors — in the grand tradition, all-caps where it counts, and specific where it matters. Start with the one about pool depth.
• Official Channels — the complete list of the fund's domains, accounts, and contract addresses. If it is not on that page, it is not ours.
• Founding Shareholder Guide — the record of the founding subscription process, kept for founding shareholders, with the claiming and staking steps that remain live.

Standing disclosures

1. No governance, no operators. There are no owner functions on the emissions path, no parameter-change path short of redeployment, and no allowlisted keeper anywhere — every operational entrypoint is permissionless, with preconditions enforced on-chain. The one permissioned surface (the trading-fee pair mapping) is add-only: no removal functions exist in code. This is a feature with consequences; they are catalogued in Risk Factors.
2. RWA holdings exist, held outside backing. The fund holds tokenized equity positions in the NetNet RWA Sleeve, acquired through the Real World Bonds desk, live since 24 July 2026. This document promised it would not claim an RWA position until one existed on-chain; the position exists on-chain. Sleeve assets are never counted in RFV or in NAV — the Treasury's reserve portfolio remains USDG and protocol-owned liquidity only.
3. Numbers are generated, not typed. Holdings, NAV, and index figures in the shareholder terminal come from on-chain reads. All protocol constants in this document are the deployed, immutable values.