Broad RWA 8
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.
Eight RWA-narrative tokens diversified across asset categories. ONDO for treasuries, SKY for stablecoin-RWA backing, CFG for credit, POLYX for security tokens, XLM for payments rails, HBAR for enterprise infrastructure, PAXG for gold and SYRUP for tokenized credit. The closest the catalogue comes to a balanced RWA allocation.
- RWA 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.
8 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 | 23% | ||
| 02SKY | 18% | ||
| 03CFG | 14% | ||
| 04SYRUP | 12% | ||
| 05PAXG | 11% | ||
| 06POLYX | 11% | ||
| 07HBAR | 7% | ||
| 08XLM | 4% | ||
| 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.
- ONDO23%Yield
Ondo Finance is the largest tokenized treasury issuer 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 - SKY18%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 - CFG14%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 - SYRUP12%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- PAXG11%Hedge
PAX Gold is the largest tokenized physical gold asset on-chain. The cleanest macro-hedge expression in an on-chain portfolio.
Performs in flight-to-quality, stagflation, and dollar-weakness regimes. Underperforms in pro-risk crypto cycles.
custody concentration
Show the remaining 3 holdings
- POLYX11%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 - HBAR7%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 - XLM4%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
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. ORWA8 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 | +18.3% | Not graded | · |
| 1 year | +18.3% | Not graded | · |
| 6 months | +18.3% | Not graded | · |
| 3 months | +18.3% | Not graded | · |
| 1 month | +16.7% | 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 23%. 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, 23.0% of the basket | −11.5%Mechanical |
| The three largest holdings fall 30%ONDO, SKY, CFG · 55.0% of the basket together | −16.5%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 9 days to recover | −14.3%Recorded |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.64 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
ORWA8 is under methodology review, so it carries no buy action today. The weights and the cadence are still being settled, and publishing an order panel over rules that are about to change would be the wrong kind of confidence. Everything above stays on the page while the work runs: the composition, the measured record and the risk flags all move with the research.