Mandate without Managers: Automated Market Makers as Verifiable Portfolio Products
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摘要
Automated market makers (AMMs) can be viewed as verifiable portfolio devices that enforce a target-weight mandate via the G3M invariant. The paper introduces a multi-asset fee structure that yields a band-rebalancing no-arbitrage region, enabling mandatemg compliance to be verified from observable pool holdings. Empirically, G3M portfolios are compared against VBIAX, EQL, and EDOW, showing dominance in certain fee ranges on both annualized returns and tracking error. The findings suggest AMMs can operate as verifiable portfolio infrastructure beyond traditional liquidity provision [page::2][page::4][page::9].
