The fund, which has assets under management of $40 million, saw year-to-date returns through the end of August rise 183% (net of fees) vs. bitcoin’s raw gain of 62%. The trailing 12-month returns of the fund through Aug. 31 jumped 537% (net of fees) vs. bitcoin’s 313% rise, according to a source with direct knowledge. The Digital Assets Fund uses a derivatives overlay to hedge net long BTC and ETH delta exposure, according to an investor deck.