Quantum & Frontier Tech 3
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.
Three pre-revenue science bets that may or may not deliver. D-Wave Quantum sells quantum-annealing hardware to government labs and a few commercial pilots. Oklo is building small modular nuclear reactors aimed at data-center power demand. Ondas Holdings runs defense drone and 5G networking products. None are profitable. All trade as long-dated call options on outcomes that, if they work, are enormous. A curiosity allocation, not a core position.
- Equities family · Aggressive 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.
3 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 | |
|---|---|---|---|
| 01QBTSon | 40% | ||
| 02OKLOon | 35% | ||
| 03ONDSon | 25% | ||
| 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.
- QBTSon40%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- OKLOon35%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- ONDSon25%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
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. OFRONT3 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 | +761.4% | 0.82 | +0.38 |
| 1 year | +141.2% | 1.92 | +2.75 |
| 6 months | −10.0% | −0.27 | +0.41 |
| 3 months | −1.8% | 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.
Highly volatile. Expect 50% or deeper drawdowns. Position size proportional to conviction; this is a tactical sleeve, not a buy-and-hold position.
- Single-name concentrationHigh
QBTSon carries 40% of the basket. A drawdown in this single name materially moves NAV.
- Short price historyHigh
QBTSon, OKLOon, ONDSon 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.
- Deep historical drawdownHigh
Max drawdown reached −78% in the backtest window. Size accordingly.
- Pre-live statusLow
Preview index. NAV is computed but the basket isn't yet open for live allocation.
| Scenario | Loss on net asset value |
|---|---|
| QBTSon loses half its valueLargest holding, 40.0% of the basket | −20.0%Mechanical |
| The three largest holdings fall 30%QBTSon, OKLOon, ONDSon · 100.0% of the basket together | −30.0%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 535 days to recover | −77.9%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −26.3%Measured |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.21 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.