$USH vs. ETFs
How is $USH different from an ETF?
Investing in $USH instead of a traditional real estate ETF offers several advantages, particularly for investors who want higher returns, better liquidity, tax efficiency, and on-chain accessibility.
Why Invest in $USH Instead of a Real Estate ETF?
Returns
Targeting ~13% annual appreciation from HEIs, a historically high-performing real estate asset class.
Typically 5-8% annual returns, tied to REITs or real estate stocks.
Asset Backing
Fully backed by HEIs — secured contracts on U.S. residential properties.
Backed by publicly traded REITs or real estate stocks, which are influenced by broader stock market fluctuations.
Secondary Trading
Tradable 24/7 on DeFi platforms like Uniswap, Curve, and Aave. No intermediaries.
Limited to stock market hours (9:30 AM – 4 PM ET) and requires brokerage accounts.
Transaction Costs
Lower on-chain fees, with direct blockchain-based trading.
Brokerage fees, spreads, and management expenses apply.
Tax Efficiency
No U.S. tax reporting for non-U.S. investors. No dividend taxes since returns accrue via price appreciation.
Dividends are taxable as ordinary income. Investors may have U.S. tax obligations depending on residency.
Decentralization & Custody
Self-custody: No intermediaries, no banks. Funds are fully under investor control.
Centralized custody by brokers. Subject to third-party risks.
Composability (DeFi Usage)
Can be staked, lent, or borrowed on DeFi platforms to generate additional yield.
No additional yield-generating options beyond ETF appreciation.
Access to Private Market Returns
HEIs have historically been available only to institutional investors—$USH democratizes access.
Public REITs have lower yield and higher volatility than private real estate investments.
Volatility
Lower correlation to stock markets and traditional financial instruments.
Higher correlation to the stock market, making ETFs more volatile in downturns.
Transparency
Fully on-chain, daily NAV updates. Investors can track HEI portfolio growth directly.
Quarterly or annual reporting. Investors must trust fund managers.
What are the main benefits of $USH?
$USH offers seven key benefits:
~13% annual returns
Institutional-grade exposure to U.S. residential housing with improved liquidity and efficiency
Access to off-market discounts of approximately 50% to fair-market home values
Global accessibility; investments are possible in under 30 seconds
A tax-efficient structure designed for perpetual tax deferral
DeFi composability allowing tokens to be used across protocols for additional yield,
Real-time transparency with all assets recorded onchain.
How liquid is $USH?
$USH offers significantly enhanced liquidity compared to traditional real estate investments. While traditional real estate can take months to sell and private equity real estate funds typically have multi-year lock-up periods, $USH's tokenized structure enables trading similar to other digital assets, providing liquidity previously unavailable in real estate investments.
Is $USH just the first product from Manifest?
Yes, $USH is our first product, focused on U.S. residential real estate. We plan to launch additional financial instruments in the future, expanding the ability for global investors to access and leverage other U.S. private credit and equity assets through our protocol.
How do $USH holders influence the protocol?
$USH holders can vote on whether to redeem all their tokens for the value of the collateral real estate. $USH holders, through this limited right, control the value of their investment because they are able to determine when they will collectively receive the value of the backing assets.
Last updated