$BAGEY is a real step forward. It is an OEIC issued natively onchain, as
@TFGolden puts it: the legal register of ownership.
So what is actually in the fund? Short-duration fixed income, conventional transferable securities, held in traditional custody and settled across legacy infrastructure.
The fund is native. Its contents are not.
That is the next unlock. Bringing the transferable securities onchain as native assets makes the whole stack settle atomically. They can feed into onchain vaults, native funds, collateralised lending, etc