From Surface Funds
Harvest income now.
Stay invested for later.
Designed to pursue meaningful current income while staying invested to participate in appreciation over time.
Current income
Harvest portfolio income you can use today.
Appreciation participation
Maintain exposure to the underlying investment so you can continue participating in its appreciation over time.
The philosophy
The goal is simple: generate useful income today, without losing sight of total return.
Start with an exposure worth holding for the long run — not a basket built only to chase a headline yield.
Use an options overlay to turn some of the market's day-to-day movement into current cash flow.
Design the income around continued participation in the underlying's future value — not the largest possible check today.
Total return
Income is only part of the return.
A distribution rate tells you how much cash a fund pays. It doesn't tell you the whole story. We care about what comes in along the way, and what's still working for you after that.
Our north star: total returnWhy the name
Now & Later is our shorthand for designing around both — income today, without giving up on where the investment could be years from now.
How it works
Products aren't finalized. This is the shape of how a Now & Later fund is built — specifics arrive with each individual fund at launch.
What the fund actually owns, and why that exposure was chosen.
How the overlay is designed to generate income while aiming to preserve upside participation.
How option premium can contribute to distributions — and why distribution levels can vary.
Fund-specific tax treatment of income, detailed at launch. Varies by product and investor.
What an investor gives up, and is exposed to, in exchange for the income. Detailed fund by fund.
Staying the course
Markets test conviction. Income you can see and use today may make it easier to stay invested through the parts of a cycle that test everyone's patience.
This is a behavioral idea, not a guarantee. Markets can still decline, and no income stream offsets that on its own.
Built by
Now & Later is from Surface — built around a simple idea: income now, and staying invested for later.
Exposures worth owning. Outcomes worth pursuing. Explained like a human would.
Now & Later funds are currently in development. Join the list for product launches and updates.
No spam. Just an occasional note when there's something real to share.