From a card to a position.
Five steps take an authenticated card from the open market into a portfolio, and turn that portfolio into something you can hold as a single line. None of it is built yet. All of it is written down.
Why cards
The market already does the hard part.
Ownership, not merchandise
A graded card is not a souvenir. It is a serialised object with a certified condition, a known population and a public record of what people paid for it.
A market that leaves a trail
Auction results and marketplace sales are published. That is rare in collectibles, and it is the condition an index depends on: you cannot weight what you cannot price.
Condition is the asset
Two copies of the same card, one grade apart, are different assets at different prices. Grading turns a subjective object into something a rule can be written about.
The process
Select, acquire, vault, own, trade.
- 01
Select
Assets are screened against documented eligibility criteria before anything is considered for a portfolio.
- Market depth
- Historical significance
- Grading quality
- Transaction frequency
- Collector demand
- Pricing reliability
- 02
Acquire
Approved assets would be acquired by the relevant investment vehicle pursuant to its offering documents and acquisition policies.
- Committee approval
- Documented acquisition policy
- Related-party controls
- Recorded cost basis
- 03
Vault
Physical assets are intended to be authenticated, documented, insured and stored with third-party custody providers.
- Third-party custody
- Authentication on intake
- Insurance coverage
- Periodic verification
- 04
Own
Investors would purchase securities representing interests in the relevant investment vehicle, subject to qualification and offering documentation.
- Securities, not cards
- Transfer-agent records
- Offering-document terms
- Ongoing disclosure
- 05
Trade
Secondary transactions are intended to occur through appropriate regulated broker-dealer or alternative trading system infrastructure, where available.
- Regulated intermediaries
- Foil does not operate an exchange
- Availability not guaranteed
- Liquidity not guaranteed
Each step describes an intended process. No assets have been acquired, no custody or broker-dealer relationship has been engaged, and no offering has been qualified.
Valuation
Priced every day. Which is not the same as sellable every day.
A daily figure tells you what a portfolio is estimated to be worth. It does not tell you that anyone will buy it from you this afternoon. Three separate numbers, kept separate on purpose.
The method behind those numbers is published in full, with its equations, its code and the thresholds it must clear: the Foil Card Model.
Indicative NAV
An estimated value of the underlying portfolio, intended to be published daily from observable asset data and a documented methodology.
An estimate. Not a price at which anyone is obliged to transact.
Market price
The price at which investors would actually transact through available regulated secondary-market infrastructure, where and when such infrastructure exists.
May differ from NAV, and may be unavailable entirely.
Liquidation value
An estimate of proceeds under a more accelerated asset-sale scenario, which typically realises less than an unhurried sale process.
A stress estimate, not a floor or a guarantee.
One share, three numbers
- Indicative NAV
- $10.42
- Market price
- $10.31
- Liquidation estimate
- $9.88
- Market vs NAV
- -1.1%
Illustrative data. Figures shown are hypothetical, generated for demonstration, and do not represent any actual portfolio, holding, valuation or performance.
What goes into the estimate
- Verified sales
- Confirmed transactions for the same asset or a close analogue.
- Comparable assets
- Sales of assets matched on subject, issue, grade and population.
- Time decay
- Older observations are weighted down as they age.
- Market depth
- How many independent venues and participants are transacting.
- Population
- Certified population counts at and around the relevant grade.
- Grade
- Condition sensitivity, which can be severe at the top of the scale.
- Liquidity adjustment
- A discount reflecting how readily an asset could be sold.
- Confidence score
- How much evidence stands behind the estimate itself.
How much to trust it
Not every estimate deserves equal weight. Assets with frequent verified transactions can support higher pricing confidence than extremely rare assets with few comparable sales.
- High
- Frequent verified sales across multiple independent venues.
- Medium
- Periodic sales, or comparables that require more adjustment.
- Low
- Sparse or dated evidence. Estimates carry wide uncertainty.
What you hold
You own the security. Someone else holds the card.
Five layers, each intended to be a separate thing with its own paperwork. The distance between the top and the bottom is the whole point of the structure.
- 01
Investor
Holds a security, not a card. Never takes physical possession of an underlying asset.
- 02
Foil index security
An interest in a specific investment vehicle, issued under applicable offering documents.
- 03
Investment vehicle
A separate entity with its own assets, liabilities, governance, ledger and financial statements.
- 04
Portfolio of authenticated assets
The physical collectibles held by that vehicle, documented at acquisition.
- 05
Professional custody
Third-party storage, insurance and verification. Held apart from the operating company.
None of this is open yet. The list is.
Statements describing Foil's intended structure, products and timelines are forward looking and remain subject to change, to applicable securities laws, and to the determinations of qualified counsel and regulated partners. This is not an offer to sell or a solicitation to buy any security.