Hard Assets & Digital Gold Index (XTHA)
The debasement trade in one ticket: gold and bitcoin as monetary hedges; silver, platinum-group metals, copper and uranium as real-asset kickers.
Index thesis
Why this theme
The debasement trade in one ticket. Persistent fiscal deficits, negative real-rate episodes and reserve diversification support the monetary hedges — gold (35%) and bitcoin (25%) — while silver, platinum-group metals, copper and uranium add the real-asset kickers levered to electrification and supply deficits. All exposure is held through tokenised ETFs (GLD/IAU, IBIT, SLV/SIL, PPLT/PALL, CPER/COPX, URA), governed by a sleeve regime rather than single-name bands. Designed as the portfolio ballast of the series and the natural first allocation for a crypto investor diversifying out of pure crypto without leaving the rails.
Backtest
Simulated index performance
Month-end levels of the target basket, rebased to 100. Simulated, not live performance.
Simulated basket level (base 100)
160.79
+61.6% · 31/01/2021 — 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 | ||||
|---|---|---|---|---|
| IBIT | iShares Bitcoin Trust | 25.0% | Core | Verified — IBITon (Ondo file) |
| GLD | SPDR Gold Shares | 20.0% | Core | Verified — GLDon (Ondo) / GLDx (Kraken) |
| IAU | iShares Gold Trust | 15.0% | Core | Verified — IAUon (Ondo file) |
| SLV | iShares Silver Trust | 12.0% | Core | Verified — SLVon (Ondo file) |
| CPER | United States Copper Index Fund | 6.0% | Satellite | Verified — CPERon (Ondo file) |
| URA | Global X Uranium ETF | 5.0% | Satellite | Verified — URAon (Ondo file) |
| PALL | abrdn Physical Palladium Shares | 5.0% | Satellite | Verified — PALLon / PALLx (Kraken) |
| PPLT | abrdn Physical Platinum Shares | 5.0% | Satellite | Verified — PPLTon / PPLTx (Kraken) |
| COPX | Global X Copper Miners ETF | 4.0% | Satellite | Verified — COPXon (Ondo file) |
| SIL | Global X Silver Miners ETF | 3.0% | Satellite | Verified — SILon (Ondo file) |
| 10 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
ETF-based sleeve index (Annex A): 10 constituents, 5 Core (60%, 15% single-name cap) plus 5 Satellites (40%). Fixed strategic sleeve targets — gold 35% (GLD 20 / IAU 15), bitcoin 25% (IBIT), silver 15% (SLV 12 / SIL 3), platinum-group metals 10% (PPLT 5 / PALL 5), copper 10% (CPER 6 / COPX 4), uranium 5% (URA). No 5/25 rule and no single-name bands: a sleeve trades only outside a 20% relative band (bitcoin trades below 20% or above 30%), within-sleeve split by ETF liquidity, sleeve weights reviewed semi-annually by the Index Committee.
Download the full methodology (PDF)
The full build and rebalancing document for Hard Assets & Digital Gold Index (XTHA).