The Investment Committee team presents its June 2025 newsletter, where we share insights surrounding the Capital Pool and Nexus Mutual’s investments. The goal is to make key data transparent and easily accessible to everyone.
State of the Capital Pool
Monthly Change - ETH value
The Capital Pool decreased by 4.31% in ETH terms this month - from 62.5k to 59.8k ETH. Withdrawals through the RAMM, totaling 3.0k redemptions, remained the primary factor. A slight drop in ETH price generated a positive FX impact from stablecoin holdings, while Cover Fees and Investment holdings also contributed positive value.
The various impacts on the capital pool are summarised in the waterfall chart below.
The cover fee income is net of distribution commissions and excludes covers paid for in NXM. In such a case, the cover fee gets burned and there is no change in the Capital Pool.
Monthly Change in NXM Book Value
The Capital Pool’s ETH/NXM value increased from 0.02402 to 0.02415 - representing a 6.51% annualised rise for the month. This growth came primarily from value added through RAMM, along with cover fee income and investments returns on ETH denominated assets.
The various impacts on the capital pool are summarised in the waterfall chart below.
→ Members can track protocol’s revenue on the Financials Dune Dashboard.
→ Members can track in/outflows on the Ratcheting AMM Dune Dashboard.
→ Members can track the cover income on the Covers Dune Dashboard.
End of Month Pool Split
The split of the Capital Pool at the end of June ‘25 in ETH terms is as follows.
→ Members can find the updated split at any time on the Capital Pool and Ownership Dune Dashboard.
Aave USDC Loan
On June 6th, the Advisory Board repaid 438.2k USDC from the Aave loan, reducing the outstanding debt balance from 2.9m to 2.5m USDC.
stETH and rETH Divestment
At the beginning of June, the Advisory Board executed two sales as per the Divestment Framework:
- On June 3rd, a limit order to swap 2,291 rETH to ETH was filled, resulting in 2,605 ETH
- On June 6th, another limit order to swap 3,924 stETH to ETH also filled successfully
These completed sales increased the total ETH in the Capital Pool to 11.8k ETH.
State of the Investments
In the last month, the Mutual earned 91.8 ETH on its investments, overall, as broken down below.
stETH Monthly Return: 30.723
stETH Monthly APY: 2.633%
rETH Monthly Return: 25.411
rETH Monthly APY: 2.398%
Enzyme Vault Monthly Return: 30.524
Enzyme Vault Monthly APY: 2.553%
Enzyme Vault includes EtherFi and Chorus One/Stakewise V3 investments
aEthWETH Return: 10.092
aEthWETH APY: 1.877%
debtUSDC Return: -4.968
debtUSDC APY: 5.198%
Aave Net Return: 5.124
Aave Net APY: 0.949%
Total ETH Earned: 91.782
Total Monthly APY: 1.814%
Based on average Capital Pool amount over the monthly period
All returns after fees
The active staking investments yielded between 2.4% and 2.6% APY, demonstrating healthy ETH staking returns despite lower rates. The Aave USDC debt position, using ETH as collateral, produced a net APY of 0.9%. Based on the average Capital Pool value during the month, the overall return was 1.8% APY.