# Etesia Research > Etesia Research is a systematic asset management firm running institutional quantitative strategies onchain. The flagship product is Etesia Multistrat, a trend-following CTA traded on crypto perpetuals and tokenized real-world assets, wrapped in a non-custodial Lagoon ERC-7540 vault on HyperEVM and executed on Hyperliquid. Deposit USDC, receive etesiaUSDC shares, keep custody in your own wallet. The strategy went live on 27 May 2026; performance before that date is simulated. Etesia is not a yield product and not an index. It is a directional, systematic program that can be long or short, targets a level of volatility rather than a rate, and is intended as a diversifier next to a crypto book. It can lose money, and it has extended losing periods by construction. ## Getting Started - [Introduction](https://docs.etesiar.com/): what the firm does and where to start. - [Our Thesis](https://docs.etesiar.com/thesis): why a systematic CTA rather than an index or a yield vault, why trends persist, and why the vaults are onchain. ## For Capital Allocators - [Etesia Multistrat](https://docs.etesiar.com/multistrat): the flagship vault. Signal construction, portfolio construction by equal risk contribution, volatility targeting, the ten-sector universe, published performance with windows, risk factors. Vault 0xe6b30da13c2c97aacd8ba3df4e97977725847fca on HyperEVM chain 999. - [Risk Overview](https://docs.etesiar.com/risk): the five risk categories, what the controls do, and what they cannot do. - [Market & Strategy Risk](https://docs.etesiar.com/risk-market): the choppy-market failure mode, drawdown, model risk, and what would make the thesis wrong. - [Venue, Counterparty & Curator Risk](https://docs.etesiar.com/risk-venue): exchange failure, liquidation, liquidity, redemption delay, oracle and operational risk. - [Other Deployments](https://docs.etesiar.com/other-deployments): the Hyperliquid native vault, whose terms are set by the venue rather than by the Multistrat schedule. ## Etesia Strategy Vaults - [How They Work](https://docs.etesiar.com/how-they-work): the asynchronous ERC-7540 flow (request, settle, claim), why settlement is not instant, the 5 minute curator cycle, and what happens if the backend is offline. - [Vault Protections](https://docs.etesiar.com/vault-protections): separated valuation and settlement permissions, NAV sanity guards, allowlists, execution bounds, the stale-signal rule, fee-change delay, emergency procedures, monitoring. - [Security](https://docs.etesiar.com/security): audits, custody per deployment, the scoped Zodiac role and its bitmask conditions, and how to verify the configuration onchain. ## Separately Managed Accounts - [Separately Managed Accounts](https://docs.etesiar.com/sma): why a permissionless vault is usually the wrong vehicle for a foundation or treasury, what an SMA negotiates (universe, volatility target, leverage, fees, reporting, custody route), what Etesia can and cannot produce for a due diligence process, and the questions to ask. Contact contact@etesiar.com. ## For Distribution Partners - [Distributors](https://docs.etesiar.com/distributors): what a listing must carry across to users. - [API & SDK](https://docs.etesiar.com/api-sdk): the ERC-7540 call surface, integration gotchas, and where to get the ABI. Etesia publishes no API, SDK, subgraph or price feed. ## Additional Info - [Fees + Redemption Period](https://docs.etesiar.com/fees): 1.00% management, 20% performance above high-water mark, no deposit or withdrawal fee, 7 day redemption cooldown, 24 hour fee-change cooldown. - [APY and APR Calculations](https://docs.etesiar.com/apy): why Etesia publishes no APY and what to compute instead. - [Contract Addresses](https://docs.etesiar.com/addresses): the deployed addresses, with the commands to verify them. - [Glossary](https://docs.etesiar.com/glossary): strategy, vault and infrastructure terms as this documentation uses them. - [FAQ](https://docs.etesiar.com/faq): deposits, fees, lock-up, custody, audits, and how to start. ## Concepts we define - **Systematic CTA**: a manager running trend-following across futures markets on a mechanical, price-derived signal, with no discretionary override. - **Trend following**: long what is rising, short what is falling. Payoff is many small losses funded by a few large gains. - **Equal risk contribution**: portfolio weights chosen so every asset contributes the same share of total variance, rather than weighting by market capitalisation. - **Volatility targeting**: scaling positions so realised portfolio volatility stays near a fixed level across market regimes. - **ERC-7540**: an asynchronous extension of ERC-4626. You request, the vault settles at a NAV computed for that moment, then you claim. Necessary when a vault's value cannot be read in one call. - **Settlement**: the moment a vault fixes a share price and mints or burns shares. Etesia settles when a deposit or redemption is pending, otherwise once per UTC day. - **Curator**: on this site, Etesia's own settlement role, not a third-party risk manager selecting markets. - **Valuation manager**: the key permitted to propose a NAV and nothing else. Proposing and applying are separate permissions. ## Optional - [Risk Warnings and Disclaimers](https://docs.etesiar.com/disclaimers): the risk statement to read before depositing. - [Regional Availability](https://docs.etesiar.com/regional-availability): entity, regulatory status and sanctions screening. - [Full documentation as one file](https://docs.etesiar.com/llms-full.txt): every page concatenated in sidebar order. - [Etesia main site](https://www.etesiar.com) and [blog](https://www.etesiar.com/blog). - [App](https://app.etesiar.com) for live figures and deposits.