We consider this LRTs historical tracking error to be healthy. The market price has consistently remained within 0.5% of NAV over the last 90 days

Using the slippage curve below and this LRT’s average daily volume, we consider the liquidity depth to be low risk. A trade matching ADV or 5% of the market cap after a 30% reduction is liquidity does not cause price impact greater than 5%, but larger trade sizes with larger liquidity reductions can. We estimate price impact by multiplying slippage by 2.5 and reduce by a factor of 6 if withdrawals are enabled.

We consider the LRT to have no whale concentration. The 3 largest whales hold a total of less than 3% of the LRT’s total supply. We increase the threshold by a factor of 6 if withdrawals are enabled.