Fixed Term vs Perpetual
In RAMM, there are two types of instruments. For both these types a manager would purchase longZCB if he believes the underlying instrument would be profitable, but each has its own mechanism for realizing profit&loss.
Fixed-term & yield instruments are assets that have a set maturity and a predetermined rate for the capital it uses. An example would be a fixed-term loan. If a borrower requests 100k USD with 10% interest and agrees to pay it back in a year, the predetermined yield from lending out 100k is 10k.
Perpetual instruments are assets that do not have a set maturity, and where the yield/returns can accrue in a perpetual fashion. An example would be supply positions to pool-to-peer lending pools with an ERC4626 standard, or asset portfolio constructions.
More details on how the payouts for longZCB would differ are discussed here
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