Methodology
How a basket becomes a token.
Universe
| Eligible | Tokenized equities (xStocks, Backpack Securities, PreStocks), tokenized gold and ETFs, Solana-native tokens where a basket needs them. |
| Variant | tokens.xyz primary variant: redeemable first, then liquidity, then execution quality. Live on-chain market required. |
| Excluded | Ondo Global Markets and tokenized treasuries (not routable on Jupiter). Assets under advisory, trimmed at the next rebalance. |
Weighting
Fixed in pools.json, shown on each factsheet. Caps stop one name becoming the basket; floors stop dust.
| Method | Target weight | Source |
|---|---|---|
| equal | 1 / n, capped | none |
| capWeighted | ∝ public market cap, capped and floored | tokens.xyz canonical market |
| liquidityWeighted | ∝ √(on-chain liquidity), capped and floored | tokens.xyz primary variant market |
| prediction_odds | ∝ Polymarket outcome probability, floored and capped | Polymarket Gamma API |
| fixed_with_fed_regime | hand-set hard-asset book, gold sleeve ± by next-FOMC odds | Polymarket |
| trumptrack_mentions | equities ∝ 7-day presidential mentions (+1), floored/capped inside the sleeve; crypto sleeve fixed | trumptrack.app/trending |
| mnav_premium | w(MSTR) = 0.5 − 0.25 × (mNAV − 1), clamped; the rest in cbBTC | strategy.com holdings, Jupiter prices |
| custom | rule-based, documented per basket | as stated on the factsheet |
Indicative NAV
| Index | Constant mix, rebalanced daily |
| Base | 100 at the start of the 30-day window |
| Prices | Daily closes of the primary variant (tokens.xyz; CoinGecko for Solana natives) |
| Missing history | Holding excluded, weights renormalised; coverage on the factsheet |
| 24h | Weighted average of holdings' 24h change (tokens.xyz, Jupiter fallback) |
| Excludes | Vault fees, rebalance slippage, cash buffer |
Realised NAV is what the vault pays on redemption.
Rebalancing
The keeper trades to target via Jupiter when any holding drifts past driftThresholdBps or the cadence elapses (weekly default). Swaps are capped at maxTradeUsd, sells first, largest deviation first, slippage-limited, every signature logged on the factsheet. The manager key cannot withdraw.
Buying and redeeming
| Jupiter | Swap any token for the basket token. A USDC buffer means redemptions do not force sales. |
| Vault | Deposit USDC for LP at NAV. Redeem at NAV: instant up to the idle buffer, else after the waiting period. |
Fees
Jupiter platform fee on terminal swaps, plus Voltr issuance and redemption fees where set. No management fee unless the factsheet says so.
Changes
Definitions are versioned JSON; each change is a new generatedAt. The keeper trades only to the version shown here.