Digital Finance & Crypto Index (XTDF)
The migration of money, markets and treasuries onchain, owned through its listed winners: exchanges and brokers, the stablecoin standard-bearer, corporate bitcoin treasuries and the payment networks scaling stablecoin rails.
Index thesis
Why this theme
The index owns the listed winners of the onchain migration of money: exchanges and brokers (Coinbase, Robinhood), the stablecoin standard-bearer (Circle), corporate bitcoin treasuries (Strategy), payment networks scaling stablecoin rails (Visa, Mastercard, PayPal, Block), fintech distribution (SoFi, Shopify, American Express, Schwab) and digital-asset infrastructure (Galaxy, MARA, IREN). It is the native theme for the token investor base — the companies monetising the very rails these indices settle on — with satellites deliberately cut toward pure-plays for thematic purity.
Thesis risk: the reflexive sleeve (MSTR, miners, exchanges) is highly correlated to the bitcoin price and can fall far harder than the payments core. A hard 15% cap on reflexive treasury names is checked monthly.
Backtest
Simulated index performance
Month-end levels of the target basket, rebased to 100. Simulated, not live performance.
Simulated basket level (base 100)
177.82
+77.8% · 30/04/2021 — 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 | ||||
|---|---|---|---|---|
| COIN | Coinbase | 15.0% | Core | Verified — approved issuer |
| HOOD | Robinhood | 13.0% | Core | Verified — approved issuer |
| MSTR | Strategy (MicroStrategy) | 12.0% | Core | Verified — approved issuer |
| V | Visa | 10.0% | Core | Verified — approved issuer |
| CRCL | Circle | 10.0% | Core | Verified — approved issuer |
| SCHW | Charles Schwab | 4.0% | Satellite | Verified — approved issuer |
| AXP | American Express | 4.0% | Satellite | Verified — approved issuer |
| IREN | IREN | 4.0% | Satellite | Verified — approved issuer |
| MARA | MARA Holdings | 4.0% | Satellite | Verified — approved issuer |
| GLXY | Galaxy Digital | 4.0% | Satellite | Verified — approved issuer |
| SHOP | Shopify | 4.0% | Satellite | Verified — approved issuer |
| SOFI | SoFi Technologies | 4.0% | Satellite | Verified — approved issuer |
| XYZ | Block | 4.0% | Satellite | Verified — approved issuer |
| PYPL | PayPal | 4.0% | Satellite | Verified — approved issuer |
| MA | Mastercard | 4.0% | 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 XTDF: quarterly reconstitution with fast-entry for newly tokenised listings, monthly band check, core band 5% absolute and satellite band 35% relative, plus a hard 15% cap on reflexive treasury names. Fifteen constituents; the index is fully invested with no cash buffer.
Download the full methodology (PDF)
The full build and rebalancing document for Digital Finance & Crypto Index (XTDF).