Space & Defense Tech Index (XTSD)

Defense budgets across NATO, the Pacific and the Gulf are in a structural upcycle, while launch costs collapse and orbital infrastructure becomes an investable asset class. The index pairs cash-generative primes (RTX, Lockheed, Boeing, General Dynamics, Northrop, Huntington Ingalls, Honeywell) with new-space optionality (Rocket Lab, AST SpaceMobile, Planet, Intuitive Machines, Archer, Ondas) — and, uniquely, SpaceX at 15% through its tokenised primary-market exposure. That single constituent is the index's structural edge.

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 XTSD: semi-annual reconstitution, quarterly band check, core band 5% absolute and satellite band 30% relative. SPCX is excluded from band triggers — its 15% resets only on a new published mark or at reconstitution, and drift meanwhile is absorbed pro-rata by the other thirteen constituents. Fourteen constituents; the index is fully invested with no cash buffer.