Given treasury strategies holding the same underlying asset are direct substitutes for each other, if they all trade at a material premium to nav a prisoner's dilemma forms. If they work together (illegal?) to not crash the market with a ton of ATMs, then they can slowly grow nav per share (1,1) If one starts to aggressively dump on market, and this leads to compression of nav across the substitutes, the substitutes lose vs. the one who sells aggressively (2,-2) If everyone sells aggressively simultaneously then the nav premium across the complex collapses rapidly (-1,-1)