OLTA Hedera Enterprise 4
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.
An index basket of four assets · not a single-token listing. Concentrated exposure to Hedera's enterprise network: HBAR capped at 75% (a spot HBAR ETF has traded on Nasdaq since October 2025) with the network's DeFi rails SAUCE and PACK, both flagged for thin liquidity, and a 10% USDC reserve. Deliberately not a diversified ecosystem index · the tradeable native set beyond HBAR is small, and Hedera's institutional RWA activity is permissioned rather than retail-priced. Under study while the tradeable set deepens.
- Hedera family · Growth 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.
4 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 | |
|---|---|---|---|
| 01HBAR | 75% | ||
| 02SAUCE | 10% | ||
| 03USDC | 10% | ||
| 04PACK | 5% | ||
| 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.
- HBAR75%Infrastructure
Hedera is the enterprise-grade DLT used by Google, IBM, Boeing, and the Big Four for tokenization and accounting pilots.
Performs in enterprise-adoption and tokenization-narrative phases. Lower correlation to crypto retail beta because the holder base skews institutional.
governance-model novelty - SAUCE10%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- USDC10%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- PACK5%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. OHED4 is part of a public preview.
| Window | Return | Sharpe | vs BTC |
|---|---|---|---|
| Full window | +70.6% | 0.41 | −0.02 |
| 1 year | −61.5% | −1.28 | −0.48 |
| 6 months | −17.3% | −0.97 | −2.43 |
| 3 months | −15.7% | −1.50 | −2.60 |
| 1 month | +13.1% | 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.
Higher beta than the broad market. Drawdowns of 40 to 60% during risk-off regimes are within historical range. Size accordingly.
- Single-name concentrationHigh
HBAR carries 75% of the basket. A drawdown in this single name materially moves NAV.
- Elevated volatilityMedium
Backtest annualised vol 87%. See the backtest panel above for the full risk numbers.
- Deep historical drawdownHigh
Max drawdown reached −89% 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 |
|---|---|
| HBAR loses half its valueLargest holding, 75.0% of the basket | −37.5%Mechanical |
| The three largest holdings fall 30%HBAR, SAUCE, USDC · 95.0% of the basket together | −28.5%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 472 days to recover | −88.7%Recorded |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.55 correlation to bitcoin over its window: the holdings often move together, though less tightly than a broad crypto basket. Read the figures as a floor on the damage, never a ceiling.
The research behind the construction
Worth a second look later
OHED4 is under methodology review, so it carries no buy action today. The weights and the cadence are still being settled, and an order panel over rules that are about to move would put a commitment on the page the research has not earned. Everything above stays visible and updates with the study, so you can follow the work as it lands.