DELTA

Coming soon.

Delta is Theo's flagship delta-neutral strategy. The DELTA token represents a proportional share of the strategy's NAV, deriving returns from both delta-neutral strategies (such as funding rate arbitrage) and tokenized U.S. Treasuries.

The strategy is market-neutral by design, meaning it seeks consistent returns irrespective of market fluctuations. As the strategy generates returns, DELTA's redemption value increases, without holders needing to manage any of the underlying strategies themselves.

Strategy Composition

Delta comprises two indexes, the ratio of which is determined discretionarily depending on market conditions. They are:

• thBILL — Tokenized Treasury Yield

• Carry Yield — Delta-Neutral Funding Capture

Pricing

DELTA is non-rebasing. This means that as the strategy's NAV grows, the redemption rate (price) of DELTA increases while users' balances stay constant.

At any time, the redemption rate of DELTA can be calculated as the strategy's NAV divided by the supply of the token.