Closed-end private collectible fund

Own the icons.
Not the guesswork.

Icon Index Fund I is a single Delaware vehicle that acquires and holds authenticated, investment-grade sports cards. One portfolio, one set of books, professional custody, and asset-level reporting — offered only to verified accredited investors.

View Fund I → Investor Eligibility
Accredited investors only. This website is informational and does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offering would be made solely through definitive offering documents to purchasers whose accredited status has been verified.

One fund.
One portfolio.

Investors do not buy individual cards. They subscribe for interests in a single fund entity that owns the portfolio outright, with proceeds distributed pro rata.

Fund I · Multi-Sport · Delaware LLC ● CONTEMPLATED — FUND I
Icon Index
Fund I
An actively sourced, closed-end portfolio of authenticated high-value collectible cards — vintage baseball, modern grails, basketball, football and rare autographed issues — acquired opportunistically under a defined mandate, held, and sold into favorable auction and private-sale windows.
$5,000,000TARGET RAISE
$50,000MINIMUM SUBSCRIPTION
≤ 100BENEFICIAL OWNERS *
3–5 YearsCONTEMPLATED FUND LIFE
Rule 506(c)OFFERING EXEMPTION
Section 3(c)(1)INVESTMENT COMPANY EXCLUSION
Vintage baseball Modern grails Basketball Football Rare autographs Low-population graded
Conceptual demonstration · not currently offered
* Section 3(c)(1) of the Investment Company Act generally excludes a fund whose outstanding securities are beneficially owned by not more than 100 persons and that is not making and does not propose to make a public offering, subject to the statute's counting rules and conditions. Target raise, minimum subscription and fund life shown above are illustrative planning figures, not offering terms. Final structure is subject to review by qualified securities counsel and to definitive documents.

The pipeline.

After Fund I establishes the operating model, the intent is to launch player-specific vehicles so investors can choose a thesis rather than a basket. None of the following is offered, formed, or available today.

PLANNED · NOT OFFERED
Ohtani
Index Fund
A concentrated mandate around scarce authenticated Shohei Ohtani rookies, parallels, autographs and significant graded issues.
PLANNED · NOT OFFERED
Jordan
Index Fund
A player-specific mandate around significant Michael Jordan cards — vintage rookies, rare inserts, autographs and premium graded examples.
PLANNED · NOT OFFERED
Brady
Index Fund
A focused mandate for important Tom Brady rookie, autograph, parallel and low-population graded cards under a defined acquisition policy.
PLANNED · NOT OFFERED
Vintage
Icons Fund
A vintage mandate built on historically significant cards from foundational athletes, diversified across eras, sports and scarcity profiles.
Pipeline vehicles are illustrative concepts only. Separate funds would each require their own entity, books, bank account, ownership ledger, portfolio and offering, and would need to reflect genuinely distinct investment opportunities — SEC staff has in some circumstances integrated nominally separate vehicles for purposes of the 3(c)(1) beneficial-owner analysis. Athlete names are used descriptively to identify contemplated collectible strategies; no endorsement, sponsorship or affiliation is implied.

The fund owns
the cards.

No per-card entities. No series LLCs. No fractional security issued against each asset. One vehicle acquires and holds title to the whole portfolio.

FUND ARCHITECTURE

One manager.
One vehicle.
One ledger.

The manager handles sourcing, diligence, custody coordination, reporting and disposition strategy. The fund holds the assets. Investors hold ordinary LLC interests and receive a single annual tax package — not a separate cap table, ledger and NAV calculation for every card in the portfolio.

Manager LLCSourcing · diligence · administration oversight
↓ manages
Icon Index Fund I, LLCDelaware · 3(c)(1) · 506(c) · single ownership ledger
↓ acquires and holds title
VintageMantle · Aaron · Ruth
ModernOhtani · Jordan · Brady
AutographsLow-pop graded
↓
Institutional vault + insuranceThird-party custody · valuations · statements · pro rata distributions

How an investor
would subscribe.

Rule 506(c) permits general solicitation, but every purchaser must be accredited and the issuer must take reasonable steps to verify it. Verification comes before documents, and documents come before capital.

STEP 01

Account + KYC

Identity verification and AML screening before any offering materials are released.

STEP 02

Accreditation

Third-party verification of accredited investor status — the reasonable-steps requirement under 506(c).

STEP 03

Documents

Review of the private placement memorandum, operating agreement and risk factors.

STEP 04

Subscribe

E-signed subscription agreement, wire or ACH to the fund account, units issued on the ledger.

01 / DIRECT OWNERSHIP

Fund-owned assets

The vehicle purchases and owns the portfolio rather than issuing a separate fractional security for every card.

02 / PROFESSIONAL CONTROL

Verified custody

Authentication, grading, title records, insurance and controlled vaulting support the physical integrity of the portfolio.

03 / TRANSPARENCY

Asset-level reporting

Portfolio composition, acquisition basis, valuation history and supporting records in one investor dashboard.

Conventional
economics.

Nothing exotic. A management fee on committed capital and a performance allocation above a defined hurdle — the arrangement private funds have used for decades.

ILLUSTRATIVE MANAGER ECONOMICS

Aligned on the exit.

Management fee1–2% annually
Performance allocation20% above hurdle
Acquisition / sourcing feeTo be determined by counsel
Disposition feeTo be determined by counsel
DistributionsPro rata on realization
Illustrative only. Fee structure, conflicts, disclosure obligations, adviser status and fiduciary duties must be designed with fund counsel before any capital is accepted.
SERVICE MODEL

Outsourced by design.

Fund entityDelaware LLC
Investor documentsSecurities counsel
Accreditation checksThird-party verifier
Subscriptions · NAV · K-1sFund administrator / CPA
AuthenticationPSA · BGS · SGC
Custody + insuranceProfessional vault
Card selectionManager

The number most
collectible funds bury.

Cards pay no income, and the round trip through an auction house is expensive. Here is what has to happen before an investor is made whole — stated up front rather than discovered at exit.

ILLUSTRATIVE · $5,000,000 COMMITTED · 4-YEAR HOLD

Where the dollar goes.

Committed capital$5,000,000
Organizational and offering costs− $75,000
Management fee reserve · 2% × 4 years− $400,000
Operating reserve · admin, audit, tax, insurance, vaulting− $300,000
Available for acquisitions$4,225,000
Buyer's premium at acquisition · 20%− $704,167
Card value acquired, at hammer$3,520,833
Roughly 70 cents of every committed dollar converts into card value at hammer. The other 30 cents is the cost of standing the fund up, running it for four years, and buying at auction.
BREAK-EVEN · BEFORE ANY PERFORMANCE ALLOCATION
+49.5%
Gross appreciation the portfolio must achieve over the hold — assuming a 5% seller's commission at disposition — simply to return the original $5,000,000 to investors.
Annualized over four years≈ 10.6% per year
At 0% seller's commission+42.0% · ≈ 9.2% / yr
At 10% seller's commission+57.8% · ≈ 12.1% / yr
Performance allocationOnly above this line
01 / CONCENTRATION

Fewer, larger lots

At $300–500K a lot, a consignor has real leverage to negotiate seller's commission toward zero. At $100K it has none. The mandate favours ten to fifteen significant cards over forty merely good ones.

02 / SOURCING

Buy off-market

Private treaty and direct-from-collector acquisitions avoid the buyer's premium entirely. Sourcing advantage shows up in the entry price before it ever shows up in card selection.

03 / DURATION

Friction is paid once

The premium is a one-time cost. A three-to-five year hold amortises it across the whole period; a two-year flip does not. The fund is built to hold, and priced accordingly.

The figures above are an illustrative model, not a projection, forecast or guarantee of any result. They assume a 20% buyer's premium, a 2% annual management fee, 1.5% annual fund operating expenses, 1.5% organizational and offering costs and a four-year hold — actual premiums, commissions, expenses, hold periods and negotiated terms vary by lot, venue, counterparty and market conditions, and could be materially worse than shown. Break-even is calculated on hammer value and excludes any performance allocation, which would apply only to gains above the level shown. Nothing here suggests the portfolio will achieve these or any returns; a total loss remains possible.

Every card can
prove its story.

Bitcoin SV is used as a provenance and audit layer. It is not the investment instrument, and the on-chain record is not what investors are buying.

VERIFIABLE PROVENANCE

From acquisition to exit.

Purchase invoiceHashed
Grading certificateHashed
Serial + photographsAnchored
Vault intake receiptAnchored
Insurance proofRecorded
NAV snapshotTimestamped
Sale + distribution recordAt exit
AUDIT LAYER — NOT THE SECURITY

Document fingerprints and asset identifiers are anchored on-chain so the portfolio's history can be independently verified, without placing personal investor data on a public ledger. The ownership record of record remains the fund's books.

fund_id:    ICON-I
asset_id:   ICON-I-0007
grade_proof: VERIFIED
custody:    VAULTED
record_hash: 894e…d19a
chain:      BSV
PHASE 1 — LAUNCH

Provenance only

On-chain anchoring of asset and custody records. Ownership is tracked in the fund's ledger and administrator system.

PHASE 2

Non-transferable certificate

Each investor receives a 1-sat digital certificate representing their position — a receipt, not a tradable instrument.

PHASE 3

On-chain ownership record

Only after counsel, administrator and appropriate securities infrastructure are in place. Not contemplated for v1.

Accredited investors.
Verified, not attested.

Because Fund I contemplates general solicitation under Rule 506(c), self-certification is not sufficient. Status must be verified through reasonable steps before any subscription is accepted.

INDIVIDUAL ELIGIBILITY

Accredited Investor

For an individual, the accredited investor definition generally includes a person with net worth over $1 million excluding the primary residence, or income over $200,000 individually — $300,000 jointly — in each of the two most recent years with a reasonable expectation of the same this year. Additional categories cover certain professional certifications, knowledgeable employees, entities and trusts.

✓
Identity verification and AML screening
✓
Third-party accreditation verification
✓
Offering documents released only after approval
✓
Subscription reviewed and accepted by the manager
LIQUIDITY AND RISK

Illiquid by design.

Interests would be restricted securities. For a non-reporting issuer, Rule 144 generally involves a one-year holding period before that rule becomes available for public resale, and other conditions apply. Fund I is contemplated as a 3–5 year closed-end vehicle — not a position an investor trades in and out of.

▲
No secondary marketplace in v1
▲
No guaranteed return, appreciation or exit
▲
Collectible valuations are subjective and volatile
▲
Total loss of invested capital is possible
Adviser status is a separate question from the fund's own exclusion. Federal law provides an exemption from registration for advisers solely to private funds with less than $150 million in private fund assets under management in the United States, but exempt reporting advisers may still have federal reporting obligations and state-law registration or notice requirements. The manager's federal and state adviser position, along with Blue Sky filings and custody obligations, must be determined by counsel before capital is accepted.
Private investor access

Start with
verification.

Request access to the investor portal. Eligibility is reviewed and verified before any offering materials are made available.

IMPORTANT DISCLOSURE: This website is a conceptual demonstration provided for informational purposes only. It is not an offer to sell, a solicitation of an offer to buy, or a recommendation regarding any security, and no fund described here is currently formed or offered. Any offering would be made only pursuant to definitive private offering documents, to persons whose accredited investor status has been verified, and under exemptions determined by qualified securities counsel. All figures — target raise, minimums, fees, fund life and investor counts — are illustrative planning assumptions, not terms. Private fund interests are speculative, illiquid, and may result in the loss of the entire investment. No return, appreciation, liquidity or exit is guaranteed. Nothing here is legal, tax, accounting or investment advice. Athlete names are used descriptively to identify contemplated collectible investment strategies; no athlete endorsement, sponsorship or affiliation is implied.