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In practice

Leaving

Hand the shares back, take your slice out. It happens in one go, and there is no queue, no notice and no approval.

Exits are never pausable. No manager, guardian or contract state can delay or block a withdrawal.

Part or all: you choose how many shares to hand back. What comes out is your share of every coin the fund holds at that moment, less the fee if you chose, on When you pay, to pay it at the end.

  1. Hand back shares

    Any number, any time. Nothing has to be approved, nobody has to be asked, and nothing can pause it.

  2. Every coin comes out in proportion

    Your share of each coin the fund holds at that moment. The waiting half of the fee, if you chose it, comes off each coin first.

  3. Set aside if it will not move

    If a coin cannot be handed over on the day, your share of it is kept for you as a claim. It does not expire, and it never holds up the rest.

  4. Cannot be reached: you choose

    If a coin cannot be read at all, the exit stops and tells you which. Wait, or exit without it and give up your share of that coin.

One holder’s shares on the left and, on the right, the three things that can happen to any one coin on the way out: handed over, set aside as a claim, or unreachable, where the exit stops and the holder chooses to wait or to exit without that coinThree ways a coin can come outYour shareshanded backHanded overYour share of the coin, to your walletSet asideIt would not move today: kept for you as a claimIt does not expireCannot be reachedThe exit stops and tells you which coinWaitnothing changesExit without itthat share stays in the fundOne holder’s shares on the left and, on the right, the three things that can happen to any one coin on the way out: handed over, set aside as a claim, or unreachable, where the exit stops and the holder chooses to wait or to exit without that coinThree ways a coin can come outYour shareshanded backHanded overYour share of the coin, to your walletSet asideIt would not move today: kept for you as a claimIt does not expireCannot be reachedThe exit stops and tells you which coinWaitnothing changesExit without itthat share stays in the fund
Every coin in the basket comes out one of three ways. Handed over; or set aside for you as a claim if it would not move on the day; or, if it cannot be read at all, the exit stops and you choose: wait, or exit without that coin and give up your share of it.

If one coin in the basket cannot be handed over on the day, it becomes a claim you collect afterwards. It is set aside for you, nobody else can be paid out of it, it does not expire, and it never blocks the rest of the exit.

If a coin cannot be read at all, that is different and it is worse. There is no figure for it, so nothing can be set aside. Your exit stops and tells you which coin, and you choose: wait until it can be read, or exit without it. Exiting without it gives up your share of that coin, which stays in the fund for whoever remains, while the rest of your exit goes through as normal. We will not invent a number to pay you with, and this is where that costs you rather than us.

We cannot reach that coin right now. Wait, or exit without it. Nothing happens until you choose.