The fund uses Ethereum as its legal register of record, with native onchain issuance making the token itself the fund interest backed by short-duration government and corporate bonds.
Baillie Gifford has launched the Enhanced Yield Fund, BAGEY, on Ethereum. The blockchain serves as the fund’s legal register of record, and the structure uses native onchain issuance, meaning the token itself represents the fund interest rather than a separate digital wrapper. The fund is backed by short-duration government and corporate bonds, underscoring how tokenized fund structures can place traditional fixed-income exposure directly on blockchain rails.