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Yuma Asset Management reported a record $34.4 million in assets under management across three funds and a separately managed account, or SMA, during the closing week of September. The DCG company also said its funds held 2.0% of Bittensor's total subnet market capitalization at month-end.
The September update puts a number on Yuma's fund exposure to Bittensor's subnet-token market, beyond the network's base asset, TAO. Its products offer investors a choice between broad subnet exposure, a concentrated large-cap strategy, and a portfolio combining TAO with subnet assets.
Three Approaches to Bittensor Exposure
Yuma Asset Management's fund lineup separates broad market coverage from more concentrated allocations.
The Subnet Composite Fund provides market-cap-weighted exposure across subnets, compounds token rewards, and rebalances monthly. Market-cap weighting gives larger subnet assets a greater share of the portfolio rather than allocating the same amount to each token. Monthly rebalancing adjusts those portfolio weights on a recurring schedule.
The Large Cap Fund narrows the portfolio to the largest subnets; it is a a concentrated, high-conviction allocation, weighted toward subnet leaders with stronger liquidity. The Total Market Fund instead includes both TAO and subnets, providing exposure to Bittensor's base asset alongside its application-level token markets.
Yuma uses the S&P 500, the "Mag 7," and a "60/40" portfolio as analogies for the three approaches. Those comparisons describe portfolio construction, not equivalent risk or returns;
The published fund terms list a $50,000 minimum investment per fund, subscriptions offered daily in TAO or USD, and a one-year lockup. The funds are open-ended, with a 3.0% annualized management fee calculated daily and paid monthly, and no performance fee. Daily subscription availability therefore does not mean investors can withdraw on the same schedule.
A Benchmark Separate From Fund Returns
Yuma also publishes the Yuma Composite Index, or YCX, a market-cap-weighted benchmark for the price performance of the full Bittensor subnet universe. It uses the same weightings referenced for the Subnet Composite Fund, giving readers a way to follow aggregate subnet prices rather than a single token.
The index began at 1,000 on Sept. 4, 2025. Yuma's dashboard showed a value of 954.41 as of Oct. 13, 2026, down 4.56% from inception, with a displayed period high of 1,158.42 and low of 916.74.
YCX is not directly investable, and its price-performance series does not represent a fund's return. Fund fees, portfolio implementation, and the Composite Fund's compounding token rewards are distinct from the benchmark's stated purpose of tracking prices.
Yuma's disclosures identify substantial risks in subnet investing, including volatility, liquidity constraints, technological failures, and potential loss of principal. The record AUM gives a snapshot of the manager's scale, while its three fund strategies and public index provide separate routes for allocating to and measuring the subnet market.
