So it begins....smart contracts for conventional financial instruments are here for real.
Link for SEC filing is here:
A few interesting excerpts:
The Fund’s shares can be transferred in peer-to-peer transactions on Algorand, an open, public, distributed ledger that is secured using cryptography (referred to as a “blockchain”). Algorand records transactions between two parties in a verifiable and permanent way, referred to as “immutability.” There are no share certificates, and because the shares can be transferred in peer-to-peer transactions using Algorand’s technology, the shares are characterized herein as “digital securities.”
Potential shareholders must be “whitelisted” by the Transfer Agent prior to purchasing shares, whether directly or in a peer-to-peer transaction. In order to be whitelisted, each potential shareholder must have completed the Fund’s Anti-Money Laundering/Know Your Customer (“AML/KYC”) process including documentation required for a shareholder to establish a Fund account with the Transfer Agent (see “Anti-Money Laundering/Know Your Customer” and “Plan of Distribution – Purchasing Shares”). The Transfer Agent is also responsible for ensuring that each potential transferee has established a Fund account on the books and records of the Fund.
In the future, the Fund shares may trade on a public decentralized or centralized electronic exchange platform that is a national securities exchange or on an alternative trading system (“ATS”) operated by a registered broker-dealer that is subject to Regulation ATS. There is no guarantee that any such systems or platforms will become available.