Index Strategies

Index Strategies are thematic baskets of tokenized equities bundled into a single ERC-20 token. Each one tracks a specific investment theme (semiconductors, quantum computing, AI cloud infrastructure, peptide therapeutics), holding a curated set of real-world stocks in one position, with weighting and rebalancing handled automatically onchain.

Toros offers its index strategies as Stacks. Each Stack (for example, The Semiconductor Stack) is a single index covering one theme, giving proportional exposure to every constituent through a single trade.

Index Strategies are deployed on Ethereum.

How They Work

Each Stack holds a basket of Ondo Global Markets tokenized equities: tokenized versions of real listed stocks, not synthetic perpetual positions.

• Construction: A small, deliberately concentrated set of constituents is selected to express a specific theme.

• Weighting: Either conviction-tiered (weighted by the strength of each constituent's position in the theme, not market cap) or equal-weight, depending on the Stack.

• Rebalancing: The basket is rebalanced toward its target weights whenever any constituent drifts more than 5% from its target.

• Reconstitution: Constituents are reviewed annually for eligibility. New names can be added as they list on Ondo Global Markets, and removed on delisting, acquisition, or loss of thematic fit.

• Settlement: Withdrawals settle onchain in the basket's reference stablecoin.

Because Index Strategies hold tokenized equities, they track real-world market hours. Trading can pause outside regular and overnight market sessions, unlike Toros crypto products which trade 24/7.

Available Stacks

Ticker	Stack	Theme	Constituents	Weighting	Network
CHIP	The Semiconductor Stack	Leading-edge AI silicon	6	Conviction-tiered	Ethereum
NEO	The Neocloud Stack	AI compute capacity	6	Conviction-tiered	Ethereum
QNTM	The Quantum Stack	Quantum computing pure-plays	4	Equal-weight	Ethereum
PEPT	The Peptide Stack	Peptide therapeutics	5	Conviction-tiered	Ethereum

The Semiconductor Stack (CHIP)

Concentrated exposure to the chokepoint companies that make leading-edge AI compute possible: GPU anchors, foundries, EUV lithography, networking, and memory.

Thesis: AI compute demand will keep growing for years, and the companies that supply the leading-edge silicon, along with the tools, memory, and networking that scale it, should capture most of the value.

Constituent	Company	Role	Target Weight
NVDA	NVIDIA	AI GPU anchor, CUDA software moat	20%
TSM	Taiwan Semiconductor	Leading-edge foundry	20%
ASML	ASML	Sole supplier of EUV lithography	17%
AVGO	Broadcom	Custom AI silicon and networking	15%
AMD	AMD	Hedge against NVIDIA monopoly pricing	15%
MU	Micron	HBM memory, the scaling bottleneck	13%

Trade CHIP on Toros

The Neocloud Stack (NEO)

Exposure to the companies capturing the gap between AI compute demand and what hyperscalers can physically build, across the cloud layer, the infrastructure layer, and the hybrid bridge between them.

Thesis: AI compute demand is outrunning what hyperscalers can physically build. The companies that own contracted power, operate AI-specialized data centers, and rent GPUs at scale capture the gap between demand and installed capacity.

Constituent	Company	Role	Target Weight
NBIS	Nebius	Vertically integrated AI cloud	25%
CRWV	CoreWeave	Pure neocloud operator	23%
APLD	Applied Digital	Purpose-built AI data center landlord	20%
IREN	IREN	Hybrid: power, campus, and GPU cloud	12%
WULF	TeraWulf	Contracted HPC landlord	10%
CIFR	Cipher Mining	Contracted HPC with direct AWS lease	10%

Trade NEO on Toros

The Quantum Stack (QNTM)

One position per quantum computing architecture: trapped-ion, superconducting, annealing, and photonic. Equal-weighted as a deliberate refusal to predict which architecture wins.

Thesis: Quantum computing is expected to commercialize over the next five to ten years, but the winning hardware architecture is unknowable today. Equal-weighting one pure-play per architecture aims to capture the category winner without predicting which approach scales first.

Constituent	Company	Architecture	Target Weight
IONQ	IonQ	Trapped-ion	25%
RGTI	Rigetti Computing	Superconducting	25%
QBTS	D-Wave Quantum	Annealing	25%
QUBT	Quantum Computing Inc.	Photonic	25%

Trade QNTM on Toros

The Peptide Stack (PEPT)

Exposure to the GLP-1 megatrend and the broader peptide therapeutics theme, spanning franchise leaders, innovation, manufacturing, and potential regulatory beneficiaries.

Thesis: Peptide therapeutics is in its most active period of innovation in a generation, led by the GLP-1 obesity megatrend. The basket deliberately spreads exposure across drug makers, distribution, and manufacturing rather than concentrating in a single GLP-1 leader.

Constituent	Company	Role	Target Weight
LLY	Eli Lilly	GLP-1 franchise leader, broadest pipeline	36%
HIMS	Hims & Hers	Compounding-pathway beneficiary	33%
MRK	Merck	First-in-class oral peptide PCSK9 inhibitor	16%
NVO	Novo Nordisk	GLP-1 anchor with amycretin pipeline	8%
AMGN	Amgen	MariTide obesity and cardiovascular pipeline	7%

Trade PEPT on Toros

Fees & Access

All Stacks share the same fees and access terms. A lock period applies after deposit before tokens can be sold.

Fee / Term	Value
Entry fee	0.05%
Performance fee	5%
Lock time	24 hours

Key Considerations

• Concentrated, not diversified: Each Stack holds a small number of constituents chosen to express a specific theme. This concentrates both upside and risk: a single constituent can have outsized impact on the token's value.

• Tokenized equity wrapper risk: Constituents are tokenized equities that provide economic exposure to the underlying stock rather than direct share ownership. They carry smart-contract, custodian, and regulatory risk on top of the underlying stock's own risk.

• Market hours: Because Index Strategies track real equities, trading can pause outside regular and overnight market sessions. They do not trade 24/7 like crypto products.

• Thematic exposure: Each Stack is designed to express a directional view on a theme and carries its own theme-specific risks; see the strategy and risk detail on each vault page on the Toros app.

• Eligibility and regional access: Because these strategies hold Ondo Global Markets assets, they are subject to eligibility and regional access rules and are not available in all jurisdictions.