Real Yield 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.
Income-oriented across asset classes. ONDO holds tokenized US treasuries, SKY backs USDS partially with treasuries, gold provides the inflation hedge, Eli Lilly anchors the defensive equity leg, SPY for breadth. Currently in Watchlist because the ONDO and SKY constituents have less than a year of usable history (344-day backtest only), which leaves the metrics inconclusive. Promotion to Live pending another two quarters of data, expected H2 2026.
- Diversified 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 | |
|---|---|---|---|
| 01GLDon | 25% | ||
| 02ONDO | 22% | ||
| 03SPYon | 20% | ||
| 04SKY | 18% | ||
| 05LLYon | 15% | ||
| 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.
- GLDon25%Hedge
SPDR Gold Shares is the largest gold ETF and the cleanest tokenized expression of an institutional gold position.
Performs in flight-to-quality, inflation-up, and dollar-weakness or central-bank-buying cycles.
correlation dilution if duration sells off - ONDO22%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 - SPYon20%Core anchor
SPDR S&P 500 ETF Trust is the largest US equity ETF and the canonical broad-market index.
Performs in broad-equity-up regimes. Sensitive to sector concentration in Mag 7 names that drives a non-trivial share of the index.
Mag 7 concentration - 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 - LLYon15%Hedge
Eli Lilly is the GLP-1 obesity-drug leader and the single most valuable pharma franchise by market cap.
Performs in defensive rotation and obesity-narrative cycles. Lower correlation to tech and crypto beta.
GLP-1 competitive pressure
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. ORWY5 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 | +2.8% | 0.11 | +0.98 |
| 1 year | +2.8% | 0.11 | +0.98 |
| 6 months | +14.2% | 1.16 | −0.37 |
| 3 months | +3.8% | 0.63 | −0.56 |
| 1 month | +6.3% | 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 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
GLDon is the largest position at 25%. Capped by methodology but still drives index direction.
- Short price historyHigh
ONDO, SKY, GLDon and 2 more 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.
- Pre-live statusLow
Watchlist index. NAV is computed but the basket isn't yet open for live allocation.
| Scenario | Loss on net asset value |
|---|---|
| GLDon loses half its valueLargest holding, 25.0% of the basket | −12.5%Mechanical |
| The three largest holdings fall 30%GLDon, ONDO, SPYon · 67.0% of the basket together | −20.1%Mechanical |
| The deepest simulated fall repeatsDeepest peak to trough in the measured window | −17.0%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −9.6%Measured |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.68 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
ORWY5 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.