> For the complete documentation index, see [llms.txt](https://docs.sivax.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.sivax.io/products/fund-product.md).

# Fund Product

SIVAX’s core product is a fund-type structured income product that remains active over time. Once a user enters, their capital becomes part of a continuously managed strategy allocating across structured opportunities with ongoing reallocation and risk management. The product operates as a persistent experience while the user remains in the strategy.

The SIVAX Fund Product provides structured income exposure through an always-on portfolio. The strategy manages the selection of underlying structures, evaluating opportunities, allocating capital, and adjusting exposures to maintain yield aligned with market conditions. Users enter once and follow the portfolio as the strategy operates.

### How the Strategy Works

The product seeks yield through a combination of structured derivatives and income-oriented allocation strategies.

* FCN-style structures as a core source of income
* Covered call strategies to generate option premium
* Bond-like allocations for reserve or idle capital

The strategy adjusts how capital is positioned as market conditions evolve. Volatility, liquidity, option premium, and market direction influence how allocation shifts across FCN structures, covered calls, reserve capital, and hedging activity.

Risk management is integrated into the product. The strategy uses the following to manage exposure:

* Delta hedging
* Rebalancing
* Dynamic hedge adjustments

{% hint style="warning" %}
Risk management does not eliminate losses, but keeps exposure under control and supports portfolio stability.
{% endhint %}

### Product Experience

Traditional structured products require repeated selection, fixed maturities, and manual re-entry, creating friction for most users. SIVAX integrates these capabilities into a continuously managed product where the strategy handles sourcing, deployment, and adjustment.

> *Users stay in the product while the strategy manages everything underneath.*

The experience remains simple:

1. Connect a wallet
2. Enter the product
3. Follow portfolio status
4. Exit under applicable conditions

Strategy construction, allocation logic, hedging decisions, and product rotation remain inside the product.

### Fund vs Custom Structures

The fund product is the default experience, providing managed access to structured income without building individual positions. Custom structures may be supported for users who require:

* Specific payoff design
* Tenor control
* Protection levels

The fund focuses on managed participation, while custom structures enable direct product construction.

### Product Overview

A credible XRPFi layer requires a product users can stay in, like the SIVAX Fund Product.

By combining structured product capabilities, ongoing portfolio management, adaptive allocation, and risk control within a single product, SIVAX delivers a more durable, understandable, and usable income layer than both centralized earn products and one-off on-chain structures.


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