Point Me To First Class · Monday, July 27, 2026
James Berry elaborated on Symphony's 5% APY, explaining that it's generated through a diversified portfolio including Treasury bills, private credit markets, and over-collateralized lending markets. Customer assets are held through broker-dealer custody relationships with Alpaca, which are covered by SPIC insurance, offering a different protection model than FDIC insurance.
“So, once a deposit arrives into your Symphony account, it immediately starts earning. We allocate it to our strategies and funds across the diversified portfolio between the Treasury bills, private credit markets through our partner Fund Sponsoro, which is a global company managing over $6 billion in assets into diversified portfolios over thousands of positions, and then the over-collateralized lending markets...”
“We're not a bank. So customer assets are held through more broker dealer custody infrastructure. And that's covered through S P I C insurance. So that distinction matters and I want the customers to clearly understand that.”
“So, yes, to answer your question, the risks are that you're not getting FDIC coverage, but we do have other mechanisms to protect your funds.”