What Makes Baillie Gifford's Enhanced Yield Fund Fully Native?
Baillie Gifford’s Enhanced Yield Fund is issued on-chain with the blockchain as register of record, on Solana and Ethereum with BNY providing custody and wallet infrastructure, and a $100 minimum for eligible professional investors.
TL;DR — Key Takeaways
- ✓Structure: The fund is issued on-chain, with the blockchain as register of record, according to the launch post.
- ✓Chains: Solana and Ethereum, with BNY providing custody and wallet infrastructure.
- ✓Access: Eligible professional investors in the UK, Switzerland and the Cayman Islands; $100 minimum; daily dealing.
- ✓Caveat: The launch date and the Fund's claim to be first are from the manager's post and trade summaries, not an independent check.
A Fund Issued On-Chain, Not a Token Placed on Top
Baillie Gifford’s Enhanced Yield Fund is described in its launch post, dated 28 June 2026, as the first publicly available, fully native UK-regulated tokenised bond fund. The distinction the manager draws is structural: the fund itself is issued on-chain, rather than a token representing units held elsewhere.
The fund is issued onchain, with the blockchain serving as the register of record.
— Baillie Gifford launch post, as quoted in the CFA UK discussion summary
That makes the register question central. For how a blockchain record maps to a legal register, see our RWA tokenization guide.
Who Holds What: Custody, Depositary and Chains
The fund runs on Solana and Ethereum. BNY provides custody and wallet infrastructure. NatWest Trustee and Depositary Services is the fund’s depositary, which is the regulated role that oversees the fund’s assets on behalf of investors.
Two parties therefore carry different duties. The depositary keeps the fund within its rules, while BNY holds the assets and the wallet keys that move units. The sources do not say whether the on-chain register is maintained by BNY, Baillie Gifford or a third party, so that remains a question to ask the manager.
| Role | Party named |
|---|---|
| Manager | Baillie Gifford |
| Depositary | NatWest Trustee and Depositary Services |
| Custody and wallet | BNY |
| Chains | Solana and Ethereum |
Access: Professional Investors, $100 Minimum, Daily Dealing
Eligible professional investors in the UK, Switzerland and the Cayman Islands can invest. The minimum is $100. Subscriptions can be funded with USDC, issued by Circle, or with fiat currency. The fund is dealt daily.
A $100 minimum and daily dealing make the fund reachable for a wider range of professional accounts than a traditional institutional share class. Stablecoin funding adds a second cash rail, which an investor must understand before subscribing.
The eligibility rules, not the blockchain, decide who can buy. A fund described as native to a chain is still restricted by the same investor categories as the fund it sits in.
What the First Claim Does and Does Not Prove
The launch post calls the fund the first publicly available, fully native UK-regulated tokenised bond fund. That is the manager’s characterisation. We did not independently verify that no other UK fund claims the same status, so readers should treat the word “first” as a claim.
The more useful test is operational: whether the on-chain register is the legal record, how transfers are processed, and who can redeem. Those answers determine whether the structure changes investor rights or mainly changes the record-keeping.
What to Ask Before Subscribing
Before subscribing, an investor should ask which entity maintains the on-chain register, how a transfer or redemption works if a chain has an outage, and what the fund documents say about the USDC subscription route versus fiat.
For another UK route into tokenised funds and the regulatory scope around it, see the FCA’s fund tokenisation work and the digital securities sandbox.
Frequently Asked Questions
What is the Baillie Gifford Enhanced Yield Fund?
It is a UK-regulated bond fund that Baillie Gifford describes as issued on-chain, with the blockchain serving as the register of record. The launch post is dated 28 June 2026.
What does fully native mean here?
According to the launch post as summarised by industry press, the fund is not a token placed on top of an existing fund. The fund itself is issued on-chain, and investors hold it directly.
Who can invest and how much is the minimum?
Eligible professional investors in the UK, Switzerland and the Cayman Islands can invest, with a $100 minimum. Subscriptions can be funded with USDC or fiat, and the fund is dealt daily.
Which chains and providers are involved?
The fund runs on Solana and Ethereum. BNY provides custody and wallet infrastructure, and NatWest Trustee and Depositary Services acts as depositary.