Transparency - how do I know you are not running a ponzi scheme?
Peace of mind - how do I know you are not going to accidentally lose the private key and send LP an "sorry we accidentally lost all our coins" letter
Moral Hazard - how do I know you are not going to take irrational risks for the hope of higher return? Afterall, the fund manager share the profit but not the losses
Clear, Explainable source of alpha - "Long and Short Sell" is not a strategy, but a parameter of the fund. How do you explain from first principle that your trading strategy is better than me just buying and holding a basket of stable coins?