Mugetsu

Any fund over $100 million has to report what it holds, and it gets 45 days after the quarter closes before a single line of that goes public. If 45 days isn't enough, it can ask to keep a position out of the filing entirely. Up to a year. The grounds are that showing it early would let competitors read a strategy that's still being built. That's not a loophole anyone found. It's in the legislative history. "Generally it is in the public interest to grant confidential treatment to an ongoing investment strategy of an investment manager" is how the committee put it in 1975, and the regulator grants those requests over exactly this, copycat trading and front running. So the grown ups settled this a long time ago. Report late, and report the parts you're finished with. Now open your address on this chain. Every add, every trim, every tokenized stock you touch, published the second it fills and attached to you forever. No 45 days. No filing. No confidential treatment. Just you, live, to the people on the other side of your trade. Cowl hands it back. Your positions sit in the shielded pool behind a ZK proof, you trade from inside it, and when someone with a real right to ask comes knocking you pass a view key and show them exactly what they're entitled to see. $COWL