Part of the Ethereum (ETH) blockchain, SYMM is an ERC20-compliant smart contract. The fund pays monthly dividends in ETH. A single share in the investment fund represents one SYMM token. The investment fund trades and invests in ICOs for cryptocurrencies including Bitcoin, Ethereum, Ripple, Dash and Litecoin. Shareholders will have the ability to trade their tokens with peers based on market rates. This will allow shareholders to cash-out as the fund value increases over time, in conjunction with receiving a monthly ETH dividend. To ensure the whole fund isn’t exposed at any time, SYMM will always hold a percentage of funds in a prudent reserve. When not in a trade, SYMM’s funds will be kept in fiat currencies (USD/EUR) so that the funds are not exposed to the volatility of blockchain assets. Keeping the fund’s exposure to blockchain assets to a minimum reduces the impact that large fluctuations in the value of cryptocurrencies may have on SYMM’s capital value. To monitor the current reserves of the fund and the fund’s value, a self-certification system is included so shareholders can monitor their investment at any time. The fund’s self-certification will occur daily while monthly external audits will be conducted by the Big Four accounting firms.
When SYMM makes a monthly profit, dividends will be paid to shareholders in ETH via a smart contract on the 3rd day of the month. Dividends will be immediately available to SYMM investors when the payment is sent to the dividend contract. Investors can then withdraw funds at a time of their choosing. Profits are determined by subtracting the amount the fund was worth at the end of the previous month from what the fund is worth at the start of the current month, less management fees if applicable. No management fees will be charged when there is no profit. Management fees are (i) 7.5% of profit for Class A and Class B shares bought during the first round of ICO, and (ii) 7.5% of profit for Class A shares and 15% of profit for Class B shares bought during the second round of ICO. Management fees will not commence until the 10% of operating costs subtracted from the ICO is repaid to investors.
Symmetry Fund (SYMM) ICO
An unlimited amount of SYMM tokens will be released in the SYMM Initial Coin Offering (ICO). The ICO will be open for a period of 121 days at the exchange rate of 0.1 ETH per SYMM. One SYMM token will represent a single share in the fund. From the ICO, most of the funds raised will be used for trading purposes. A small percentage of funds raised (up to 10%) will be held by the fund for prudent reserves and administration. Holding back these funds forms part of SYMM’s risk mitigation measures.
An unlimited number of SYMM tokens will be available for purchase at a rate of 0.1 ETH per SYMM during the ICO. By sending Ethereum to the ICO smart contract address, investors will be able to purchase SYMM tokens. After sending the ETH to the address, the investor’s account will be credited with the corresponding amount of SYMM shares. There is no limit on the amount of times investors can purchase SYMM tokens throughout the ICO.
There will be at least two rounds of the ICO: