Dividend-like Staking 5
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.
Five proof-of-stake assets where the staking yield is the alpha. ETH and SOL anchor the basket, with ATOM, DOT and BNB covering the second tier. For income-oriented allocators who want crypto exposure with a yield component baked into the position.
- Strategy family · Conservative risk tier
- Rule-based, divisor-method NAV
No committee note is published for this basket yet, so the catalogue description above stands in until one is written.
5 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 | |
|---|---|---|---|
| 01ETH | 28% | ||
| 02SOL | 24% | ||
| 03ATOM | 18% | ||
| 04DOT | 16% | ||
| 05BNB | 14% | ||
| 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.
- ETH28%Core anchor
Ethereum is the only smart-contract platform with the TVL, developer mindshare, and settlement depth to count as core infrastructure.
Outperforms BTC in DeFi cycles and L2 adoption waves. Lags when narratives shift to alt-L1s or when L2 fragmentation eats into mainnet fee capture.
fee-revenue regime risk - SOL24%Growth
Solana is the highest-throughput smart-contract platform in production and the credible challenger to Ethereum at the application layer.
Highest beta of the L1 majors. Outperforms in retail-led risk-on phases. Drawdowns sharper than BTC in flight-to-quality regimes.
historical outagesvalidator concentration - ATOM18%Infrastructure
Cosmos is the original interchain layer and remains the canonical IBC asset. The ecosystem of sovereign chains keeps the hub relevant even as hub-token economics lag.
Outperforms in interchain or modular cycles. Lags when the ICS revenue thesis fails to translate into token accrual, which has been most of 2024 to 2026.
weak token accrual - DOT16%Infrastructure
Polkadot is the parachain coordination layer with one of the longest live interoperability stories in crypto. Its position has eroded against modular alternatives.
Lags in modular-blockchain narratives where Celestia and Cosmos take share. Performs in interoperability-narrative cycles and on JAM milestones.
share loss to modular peers - BNB14%Core anchor
BNB captures the cash flow of the largest centralized crypto exchange. Quarterly burn-and-buy gives it the cleanest token-to-revenue link of any major.
Tracks Binance volume more than crypto beta. Faces regulatory tail risk when Binance is under enforcement scrutiny.
regulatory tail riskexchange concentration
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. ODS5 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 | −32.3% | −0.33 | −0.77 |
| 1 year | −53.3% | −1.08 | −0.28 |
| 6 months | +5.9% | 0.33 | −1.14 |
| 3 months | +3.9% | 0.40 | −0.69 |
| 1 month | +28.5% | 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 are bounded relative to the broader crypto market. Constituent caps and liquidity filters contain concentration risk. Full risk parameters live in the methodology rulebook.
- Top-name weightLow
ETH is the largest position at 28%. Capped by methodology but still drives index direction.
- Deep historical drawdownHigh
Max drawdown reached −84% in the backtest window. Size accordingly.
- Pre-live statusLow
Second Wave index. NAV is computed but the basket isn't yet open for live allocation.
| Scenario | Loss on net asset value |
|---|---|
| ETH loses half its valueLargest holding, 28.0% of the basket | −14.0%Mechanical |
| The three largest holdings fall 30%ETH, SOL, ATOM · 70.0% of the basket together | −21.0%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 415 days to recover | −84.2%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −28.5%Measured |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.78 correlation to bitcoin over its window, so its holdings tend to fall together rather than one at a time. Read the figures as a floor on the damage, never a ceiling.
The research behind the construction
This strategy has been shelved
The staking-yield weighting requires a custodial architecture for delegated proof-of-stake assets that OLTA will not have available before 2027. Without that pipe, ODS5 is a paper construction. We shelf the index rather than ship a basket whose headline yield cannot be claimed on-platform.
Retired 2026-05-24