If you have any money in bitfunder, you are trusting ukyo. So ukyo.loan should most def be in your bitfunder portfolio. If ukyo doesn't pay out, it means bitfunder is on the way out.
Not quite. Ukyo.loan could default, but the asset list still proves who owns what share of other stocks, even if bitfunder goes down as well (though I doubt either is probable, so I do have btc in ukyo.loan). And as long as bitfunder is running, it's unlike ukyo.loan will default. 0.5-1% of all trades is a huge profit, I think.