Private index and copy-trading vaults

What this enables

• →A private crypto ETF - the basket without the holdings sheet. Index Coop and Nested (30,000 portfolios created) publish exactly what each product holds, because on transparent chains they have no choice. Here composition stays confidential in the Enclave while NAV and historical performance stay verifiable via STARK proof. Depositors buy proven exposure to a strategy; they don't get a public shopping list of what to replicate.
• →Copy-trading that doesn't leak the trades being copied. The value of a top trader's book collapses the instant it's public - everyone piles into the same entries and the edge is gone. A copy vault mirrors the leader's spot allocation into depositor capital through Private Sub-Accounts, so followers get the exposure while the composition and rebalances stay confidential to non-followers. The strategy is a product, not a broadcast.
• →Verifiable performance without a public portfolio. The historical record is the thing that sells an index or a trader, and it's provable here without revealing the current book. NAV, historical performance, and drawdown are exposed as verifiable metrics; the live composition is encrypted. Depositors trust the track record cryptographically, not the manager.
• →Thematic baskets that don't move the market against themselves. A public "AI tokens" or "Solana DeFi" index telegraphs every rebalance - front-runners trade ahead of the additions and deletions. Confidential composition and execution mean the basket rebalances without signalling its own flow, so the index captures its target rather than paying for its own transparency.
• →Chain-abstracted spot exposure from one deposit. The basket can hold assets across chains while the depositor deposits once. Composition spans venues and networks via Chain Abstraction; the depositor sees a single NAV curve, not a multi-chain reconciliation problem.

What you build

A Vault helper contract for spot portfolios that mints depositor shares against pooled STRK20 capital and marks them to a NAV proven by STARK proof rather than a published holdings list. The Enclave holds index composition, weightings, and rebalance logic confidential; for copy-trading vaults it mirrors a leader's spot allocation into follower capital without exposing the underlying trades to non-followers. Execution routes through Private Sub-Accounts across chains via Chain Abstraction, so rebalances and additions don't telegraph flow. NAV, historical performance, and risk metrics are exposed as verifiable public numbers, while per-asset composition is disclosed only through Viewing Keys to a depositor, auditor, or compliance process - the ETF's transparency-to-authorities model without the transparency-to-front-runners cost.

Why this isn't Enzyme

Enzyme has executed $7B+ in transaction volume and is the reference implementation for onchain asset management - but every vault's holdings and every trade are public by construction. That transparency is exactly what makes an Enzyme strategy copyable and front-runnable the moment it works. Here composition and execution stay confidential while NAV and performance remain provable, so a manager can run a real strategy without handing it to the mempool. Same managed-vault model; the portfolio is no longer a public dataset.

Why this isn't Index Coop

Index Coop builds tokenized index products with fully published methodologies and holdings - which is fine for a passive, well-known basket but fatal for any index with actual alpha, since the composition is the entire IP and it's given away. This vault keeps composition and rebalance logic encrypted in the Enclave while still proving NAV and historical performance. It lets an index be both verifiable and proprietary - a combination transparent chains can't offer.

Why this isn't Nested

Nested lets anyone create and share spot portfolios (30,000 created), and sharing is the point - the portfolio is public and meant to be copied openly. That works for social discovery but destroys any edge and telegraphs every rebalance to front-runners. Here the composition stays confidential and copy-trading mirrors exposure into follower capital without publishing the trades, while performance stays verifiable. Nested makes portfolios public; this makes proven portfolios private.