Maturity Staggering

The operator must stagger position maturities so that no more than one position settles in any 14-day window.

Why Staggering Is Required

If multiple positions settle simultaneously: - A large fraction of aggModeledNAV temporarily becomes idle cash - aggregateGapBps can spike (if pending settlement is priced lower than model) - Redeployment pressure concentrates — the operator must find multiple markets at once - Investors may see an artificial yield dip during the redeployment gap

Staggering distributes these events over time, keeping the vault continuously deployed.

Ideal Pattern (4 Slots, ~60-Day Positions)

Slot 0: entered Day  0,  matures Day  60
Slot 1: entered Day 15,  matures Day  75
Slot 2: entered Day 30,  matures Day  90
Slot 3: entered Day 45,  matures Day 105

Day 60: Slot 0 settles → redeploys (matures ~Day 120)
Day 75: Slot 1 settles → redeploys (matures ~Day 135)
Day 90: Slot 2 settles → redeploys (matures ~Day 150)
...

One slot settles every ~15 days. The vault always has 3–4 active positions.

Stagger Rules

Rule	Requirement
Minimum gap between settlements	14 days
Target gap between settlements	~15 days (for 4 slots, 60-day positions)
Recovery if stagger is lost	Do not fill a vacant slot immediately — enter the next position to restore the ~15-day stagger, even if that means a temporary gap

Recovering a Broken Stagger

If two positions end up with the same maturity (e.g., both at Day 90): 1. Do not rush to fill both slots with 60-day positions entered on the same day 2. Enter the next position in one slot with a maturity that restores the 15-day gap 3. Example: one position at Day 90, next at Day 105

Initial Setup

When launching the vault for the first time, stagger the four initial position entries across ~15-day intervals rather than entering all four simultaneously. The vault starts with fewer active positions but reaches steady-state stagger after ~45 days.