OFFERING MEMORANDUM
a segregated portfolio of Opacity Funds SPC, an exempted segregated portfolio company incorporated with limited liability in the Cayman Islands
THE SHARES ARE OFFERED ONLY OUTSIDE THE UNITED STATES TO PERSONS WHO ARE NOT U.S. PERSONS IN RELIANCE ON REGULATION S. THE SHARES ARE NOT A STABLECOIN, ARE NOT A BANK DEPOSIT, AND ARE NOT INSURED BY THE FDIC, SIPC, OR ANY GOVERNMENT AGENCY. THE FUND SEEKS TO MAINTAIN A STABLE NET ASSET VALUE OF US $1.00 PER SHARE. THE NET ASSET VALUE IS MAINTAINED, NOT GUARANTEED.
The Fund invests in short-dated U.S. Treasury obligations and reverse repurchase agreements collateralised by U.S. Treasuries. Shares are issued, redeemed, and transferred in tokenized form; the on-chain record maintained by the Fund's registrar and transfer agent is reconciled continuously with the register of members.
Subscriptions and redemptions settle at net asset value, calculated each business day by the Fund's administrator. Redemption proceeds are paid in the currency and to the wallet of record. All transfers settle only between wallets holding a valid verification credential.
Risk factors, fees, conflicts of interest, and the Fund's constitutional documents are described in the sections that follow. Prospective investors should read this memorandum in full and obtain independent tax, legal, and financial advice before subscribing.
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