AI & Automation Index (XTAI)
The platform layer of the AI economy: compute, cloud and the software monetising it.
Index thesis
Why this theme
The index holds the mega-cap compute, cloud and software franchises that own the models, the distribution and the cash flows of the AI cycle — NVIDIA and the hyperscalers at the core, monetisation plays (semis, enterprise software, robotics via Tesla) as satellites. It is the anchor allocation of the series: the deepest token liquidity, the broadest coverage across issuers (Kraken xStocks and Ondo), and the theme with the most persistent investor demand.
Thesis risk: multiple compression if AI capex disappoints; concentration in a handful of mega-caps, managed via the 15% single-name cap.
Backtest
Simulated index performance
Month-end levels of the target basket, rebased to 100. Simulated, not live performance.
Simulated basket level (base 100)
507.07
+402.0% · 28/02/2021 — 31/08/2026
Simulated month-end backtest of the target basket, rebased to 100 at the history start date. Hypothetical, gross of fees, and supplied by the index committee for illustration only. It is not live index performance and not an indication of future results.
Composition
Target composition
Sort by any column. Filter by tier or by availability. Compositions are indicative until confirmed.
| Tokenised availability | |||||
|---|---|---|---|---|---|
| NVDA | NVIDIA | 15.0% | +19.8% | Core | Verified — approved issuer |
| MSFT | Microsoft | 13.0% | +2.6% | Core | Verified — approved issuer |
| GOOGL | Alphabet | 12.0% | +7.6% | Core | Verified — approved issuer |
| META | Meta Platforms | 10.0% | -10.8% | Core | Verified — approved issuer |
| AMZN | Amazon | 10.0% | +9.7% | Core | Verified — approved issuer |
| TSLA | Tesla | 4.0% | -21.4% | Satellite | Verified — approved issuer |
| ADBE | Adobe | 4.0% | -20.6% | Satellite | Verified — approved issuer |
| CRM | Salesforce | 4.0% | -2.9% | Satellite | Verified — approved issuer |
| ARM | Arm Holdings | 4.0% | +111.9% | Satellite | Verified — approved issuer |
| MU | Micron | 4.0% | +226.9% | Satellite | Verified — approved issuer |
| TSM | Taiwan Semiconductor | 4.0% | +39.4% | Satellite | Verified — approved issuer |
| PLTR | Palantir | 4.0% | -6.3% | Satellite | Verified — approved issuer |
| ORCL | Oracle | 4.0% | -25.4% | Satellite | Verified — approved issuer |
| AMD | AMD | 4.0% | +112.3% | Satellite | Verified — approved issuer |
| AVGO | Broadcom | 4.0% | +5.4% | Satellite | Verified — approved issuer |
| 15 lines shown | 100.0% | ||||
Weights are indicative launch targets. Every line is an identified ticker, verified as available in tokenised form from an approved issuer.
Weighting
Weighting methodology
The index uses the 5/25 framework: five core holdings make up 60% of the index and are capped at 15% each, while the satellite sleeve holds the remainder. Weight rebalancing is triggered quarterly if a core asset drifts by 5% in absolute terms or a satellite asset drifts by 25% in relative terms. For XTAI: semi-annual reconstitution (Jun/Dec), quarterly band check, core band 5% absolute and satellite band 25% relative, with band-edge resets. NVDA sits at the 15% cap and the sleeve is fully allocated, so no cash buffer is currently held.
Download the full methodology (PDF)
The full build and rebalancing document for AI & Automation Index (XTAI).