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 withdrawal availability for this LRT to be moderate. This LRT currently does not have an instant withdrawal buffer, but the majority the LRT’s withdrawal volume in the past 30 days required less than 7 days to settle. We suggest this LRT improve their withdrawal availability or increase withdrawals buffers.

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.