Agentic capital should first be structurally better for investors than a fund (yield, fee share, no carry), then compete on returns

The claim

The Vanguard principle applied to agentic capital is: design the vehicle to be structurally more attractive to investors before competing on investment returns. Structural advantages include yield-bearing treasury (UDSv), fee-sharing economics (60 percent of trading fees to fund), programmatic capital management (Jupiter/Meteora), tradable ownership with seeded liquidity, no management fee or carry, and transparent onchain reporting. Each advantage is composed from existing internet finance primitives rather than requiring proprietary infrastructure. The cumulative effect is a vehicle that outcompetes traditional funds on cost, liquidity, transparency, and base yield simultaneously.