After-Hours Mag 7
Calibrated launch value from the rulebook. This basket carries no order panel today.
Why this basket exists
What the construction is trying to capture, who it is built for, and how it is meant to be sized inside a wider allocation.
The seven mega-cap technology leaders rebalanced daily on the after-hours print. After-hours liquidity captures earnings reactions, guidance updates and macro headlines that hit between 16:00 and 09:30 ET, the window where most single-name catalysts actually print. The 20% cap keeps NVIDIA from dominating after consecutive earnings beats. For allocators running tokenized equity exposure who want intraday-style responsiveness without leaving the basket wrapper.
- Equities family · Moderate risk tier
- Rule-based, divisor-method NAV
No committee note is published for this basket yet. The text above is its catalogue description; the framing beside it is derived from the mandate and the risk tier.
7 holdings, drawn to scale
Each tile's area is its weight in the basket, so the picture and the table below it are the same data read two ways.
| Holding | Share | Weight | |
|---|---|---|---|
| 01NVDAon | 20% | ||
| 02AAPLon | 17% | ||
| 03MSFTon | 15% | ||
| 04AMZNon | 13% | ||
| 05GOOGLon | 13% | ||
| 06METAon | 12% | ||
| 07TSLAon | 10% | ||
| Total | 100% |
Why each name earned its seat
Research notes per constituent: the case for the asset, the regime that suits it, and the risk the seat carries.
- NVDAon20%Core anchor
NVIDIA is the single largest contributor to risk-adjusted returns in the equity universe over the 2-year backtest window. Designs the GPUs that train every frontier model.
Performs in AI-capex-up regimes. Sensitive to hyperscaler demand-softening signals and to China-export-control news.
valuation extensionChina export-control exposure - AAPLon17%Core anchor
Apple is the largest consumer-electronics franchise and the most cash-generative public company.
Defensive within tech. Outperforms in quality-rotation regimes. Lags when AI-narrative beta drives the tape and Apple's AI positioning is questioned.
regulatory pressure on App Store - MSFTon15%Core anchor
Microsoft is the dominant enterprise-software franchise and the largest beneficiary of the AI-software margin pool through Azure and the OpenAI partnership.
Performs in enterprise-AI narrative phases. Defensive in flight-to-quality regimes. Sensitive to cloud-margin compression news.
AI-capex margin compression - AMZNon13%Core anchor
Amazon is the dominant e-commerce and cloud-infrastructure franchise. AWS is the largest cloud operator by revenue.
Performs in consumer-resilience and cloud-up regimes. Sensitive to AWS deceleration and to retail-margin pressure.
margin sensitivity - GOOGLon13%Core anchor
Alphabet is the dominant search and digital-ads franchise and the second-largest cloud operator. Inclusion balances the Mag 7 sleeve against Microsoft-OpenAI dominance narratives.
Performs when AI-search-disruption narratives soften. Underperforms during periods of intense search-monetization scrutiny.
AI-search disruptionantitrust overhang
Show the remaining 2 holdings
- METAon12%Growth
Meta operates the largest social-media franchise (Facebook, Instagram, WhatsApp) and the most aggressive AI-infrastructure buildout among the Mag 7.
Performs in AI-driven advertising-revenue cycles. Sensitive to capex-overhang concerns and Reality Labs disclosures.
Reality Labs cash burnad-cycle exposure - TSLAon10%Growth
Tesla is the largest pure-play electric-vehicle and energy-storage franchise. The Mag 7 holdout trading on auto-margin, FSD adoption, and Optimus optionality.
Highest beta in the Mag 7. Performs in FSD or Optimus narrative phases. Underperforms when auto-margin pressure dominates the news.
EV-cycle exposureFSD-execution risk
What the numbers say
Simulated on historical constituent prices. A Sharpe is only published once the measured window clears 90 days, and drawdowns keep their sign.
Every figure above is simulated on historical constituent prices for a basket that has not traded. It describes how the rules would have behaved, not how they will behave. OAH7 is part of a public preview.
Max expected loss over the horizon · 95% confidence · historical distribution. There is a 5% chance the actual loss is larger.
| Window | Return | Sharpe | vs BTC |
|---|---|---|---|
| Full window | +282.2% | 1.25 | +0.90 |
| 1 year | +42.6% | 2.67 | +3.50 |
| 6 months | +8.2% | 1.07 | +1.75 |
| 3 months | +12.5% | Not graded | · |
Returns are simulated over each window. A Sharpe is published only once that window clears 90 days, so the shorter rows read Not graded and carry no comparison with bitcoin. Short windows flatter and punish at random; read the full window first and treat the rest as texture.
What could go wrong
Priced off this basket's own weights rather than off a generic disclaimer, so every figure below can be checked against the table above.
Drawdowns of 30 to 50% are within historical range during cycle bottoms, tracking the broader crypto market. Family-standard caps and rebalancing rules apply.
- Short price historyHigh
NVDAon, AAPLon, MSFTon and 4 more have under a year of usable history. Backtest metrics carry wider error bars.
- Routing dependenceMedium
Routes through Dinari (stocks) and Backed Finance (ETFs). Settles on the EVM rail. KYC at the OLTA layer, not available in the US today.
| Scenario | Loss on net asset value |
|---|---|
| NVDAon loses half its valueLargest holding, 20.0% of the basket | −10.0%Mechanical |
| The three largest holdings fall 30%NVDAon, AAPLon, MSFTon · 52.0% of the basket together | −15.6%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 404 days to recover | −47.6%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −12.7%Measured |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.35 correlation to bitcoin over its window, which is loose enough that the holdings can move apart. Even so, a shock rarely lands on one name alone. Read the figures as a floor on the damage, never a ceiling.
The research behind the construction
Tokenized equity execution is not open yet
Single stocks route through Dinari and ETF coverage through Backed Finance, settling on the EVM rail once identity checks clear. The execution surface for this family arrives with the next release. Composition, weights and the measured record above are current.