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, ONCE DEPLOYED, 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 is a deliberately small opening of the register: 3 USDG per NET, day-one NAV (backing per token) of ~2.41 USDG, and a 1 USDG-per-NET floor enforced on-chain at all times.
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:
| Fund term | Mechanism term |
|---|---|
| NAV (net asset value) | Backing per token |
| Buyback Program | Inverse bonds |
| Founding Shareholders | Genesis bonders |
| Shareholder Dividend Program | Staking (rebases) |
| Primary Offerings | Bond sales |
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 Phase 2 RWA acquisition mandate.
- 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.
- Founding Shareholder Guide — a step-by-step walkthrough of subscribing, vesting, claiming, and enrolling in the dividend program.
Standing disclosures
- 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.
- RWA mandate, not RWA holdings. The fund intends to diversify into on-chain real-world assets via a Phase 2 module that will be disclosed before it is deployed. The launch contracts cannot touch RWAs, the fund currently holds no RWA positions, and no page of this document will claim otherwise until the position exists on-chain.
- Numbers are generated, not typed. Holdings, NAV, and index figures in the shareholder terminal come from on-chain reads. Figures in this document marked preliminary (†) are pre-deployment constants that may be tuned once, before launch, and never again.