Institutional RWA Rails 6
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.
Six protocols connecting institutional capital to tokenized assets. ONDO and SKY anchor; POLYX, XLM, CFG and HBAR cover compliance, payments and enterprise settlement. The 'institutional plumbing' thesis: own the rails, not the underlying assets.
- RWA family · Moderate 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.
6 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 | |
|---|---|---|---|
| 01ONDO | 26% | ||
| 02SKY | 22% | ||
| 03POLYX | 17% | ||
| 04XLM | 16% | ||
| 05CFG | 13% | ||
| 06HBAR | 6% | ||
| 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.
- ONDO26%Yield
Ondo Finance is among the largest tokenized treasury issuers and a category-defining brand in the RWA stack.
Performs in RWA-narrative phases and high-rate regimes. Underperforms in pure-crypto altcoin cycles and if rate cuts compress treasury yields.
regulatory uncertaintyrate-cycle sensitivity - SKY22%Yield
Sky (formerly MakerDAO) operates the USDS and DAI stablecoin franchises and routes meaningful collateral into RWA strategies.
Performs in RWA-narrative and high-rate regimes when RWA collateral earns wide spreads. Sensitive to DAI peg incidents and stablecoin regulation.
stablecoin regulationpeg event risk - POLYX17%Infrastructure
Polymesh is the regulated security-token L1 with identity, accreditation, and transfer restrictions native to the protocol.
Performs in regulated-issuance phases. Sensitive to regulatory clarity around security tokens.
thin liquidityregulation dependence - XLM16%Infrastructure
Stellar is the longest-running tokenized-payments network and the rails for the Franklin Templeton on-chain money-market fund.
Performs in payments and tokenized-treasury narrative phases. Underperforms in DeFi or smart-contract-led cycles.
narrow product surface - CFG13%Yield
Centrifuge tokenizes private credit and trade finance on-chain. The cleanest pure-play on tokenized credit at scale.
Performs in credit-spread-widening regimes. Underperforms when capital prefers larger-cap RWA exposure.
lower liquiditycredit-default exposure - HBAR6%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
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. OIR6 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 | +0.7% | 0.03 | −0.45 |
| 1 year | +0.7% | 0.03 | −0.45 |
| 6 months | +0.7% | 0.03 | −0.45 |
| 3 months | −15.5% | −1.08 | −2.17 |
| 1 month | +2.3% | 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.
- Top-name weightLow
ONDO is the largest position at 26%. Capped by methodology but still drives index direction.
- Short price historyMedium
ONDO, SKY have under a year of usable history. Backtest metrics carry wider error bars.
- 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 |
|---|---|
| ONDO loses half its valueLargest holding, 26.0% of the basket | −13.0%Mechanical |
| The three largest holdings fall 30%ONDO, SKY, POLYX · 65.0% of the basket together | −19.5%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 99 days to recover | −33.7%Recorded |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.65 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
This strategy has been shelved
Mandate overlaps OTT4 on tokenized treasury rails and OTR6 on broader RWA infrastructure. Holding all three forces the allocator to choose between methodology-consistent baskets that move together. We close OIR6 and route institutional-rail exposure through OTT4, which is more concentrated on the actual treasury thesis.
Retired 2026-05-24