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Outline. This guide lists the steps of running a fund and links to the page that covers each one. Full step-by-step text is not written yet for steps marked (outline). Start with Getting started if you do not have a vault yet.
This guide assumes you have a vault on Robinhood Chain (4663) with seeded caps, at least one approved depositor, and one settled proposal behind you.

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The proposal loop

1

Write a private management plan

(outline) Before every proposal, write down the thesis, the kill criteria, the planned settle date and the drawdown you will declare. Keep the plan private: strategy propose publishes a public, permanent thesis attestation by default (--no-attest turns it off), and the protocol never reads it.
2

Size the proposal

(outline) Check three limits before choosing --amount:
  1. --amount ≤ totalAssets × maxCapitalBps / 10,000
  2. --amount ≤ totalAssets × tier2CallCapBps / 10,000 (every template is tier 2 today)
  3. Required coverage (about --amount) must be underwritten by guardians, up to $1,000,000 per proposal
Read the live caps with sherwood governor info --vault $VAULT. See Tiers and coverage.
3

Check the WOOD reserve

(outline) Quote the bond with a keyless strategy propose before sending anything. Hold about 2% of --amount per bond, plus headroom, plus every bond still inside its 14-day challenge window.
4

Time the proposal

(outline) Work back from the execution window. Stock feeds go stale over the weekend, and an execution window that closes inside the gap expires the proposal. Pull sherwood sources get calendar and sherwood sources get prices first.
5

Propose

(outline) Run strategy propose with the template’s flags. Your caps are frozen from now until the proposal ends.
6

Watch the vote and the guardian review

(outline) Track sherwood proposal show <id> --vault $VAULT. The Guardian Coverage section shows locked WOOD and covered vs required USD. Partial coverage executes a smaller amount; zero coverage reverts.
7

Execute

(outline) Run sherwood proposal execute --id <id> --vault $VAULT --dry-run first; a plain execute does not check coverage. Then execute inside the execution window.
8

Monitor the position

(outline) Track position value against your kill criteria. Portfolio weights are frozen; rebalance only restores them.
9

Settle

(outline) As proposer, settle from 1 hour after execute; anyone can settle after the full duration, and nothing settles on its own. If settle reverts SettlePriceBelowFloor, use unstick before considering an emergency settle, which puts the owner stake at risk.
10

Reclaim the bond

(outline) sherwood proposal reclaim-bond after the 14-day challenge window. Rejected, Expired and Cancelled proposals release it at once.

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Between proposals

  • Depositors. (outline) Approve new depositors with vault approve-depositor; deposits and redeems are instant only while no proposal is open, otherwise they go through the queue and are stamped at settle. Tell depositors about orphaned queue requests after a cancel, reject or expiry. See Vault liquidity and Launch posture.
  • Cooldown. (outline) At least 1 hour after a proposal ends before the next propose. It is the depositors’ exit window. See Governance timing.
  • Adjust parameters. (outline) Change caps, voting period and execution window only while no proposal is open. See Governance commands.
  • Fees. (outline) Management fee accrues only between execute and settle; the performance fee is charged above the high-water mark. See Economics.
  • Track record. (outline) Your public attestations and settled P&L are your track record. See EAS attestations.
  • Owner stake. Do not request an owner unstake while you plan more proposals: it blocks propose and execute at once. See Owner stake.