Steady interest rates this month and the Federal Reserve’s commitment to long-term rate increases had a mildly negative impact on the markets. Bitcoin and Ethereum posted slightly negative returns. A tighter monetary policy will likely continue to affect crypto assets negatively in the near future. On the bright side, Visa expanded its stablecoin settlement to Solana, contributing to a positive +2% monthly return, following Shopify’s partnership with Solana Pay for USDC settlements.
Global X’s mid-cap strategy, GXMDC, is ending the month with the highest monthly returns, primarily driven by its significant investment in Ripple (XRP) and Solana (SOL). In contrast, HAAM has seen no returns this month as it currently holds a 100% allocation in US T-bills, maintaining its annual return at 48%. Across various strategies, September returns ranged from -4% to 4%, reflecting a period of low volatility attributed to investor sentiment remaining balanced between caution and optimism.
Here is a short description of each index in the table, with links to the relevant methodology.
- VNMC10: Vinter Top 10 market cap weighted.
- VNEQ10: Vinter Top 10 equal weighted.
- VNEQ5: Vinter Top 5 equal weighted.
- VNMC5: Vinter Top 5 market cap weighted.
- HODLX: Top 10 market cap weighted.
- HODLV: Top 5 equal weighted.
- ALTS: Top 10 excl. the largest two assets, market cap weighted.
- MOON: Top 10 layer 1 assets weighted by Github, Social, and market data.
- BOLD1: Bitcoin and gold, equal risk weighted.
- VDAB10: Top 10 capped market cap weighted.
- VTRXBC: Top 10 smart contract platforms, market cap weighted.
- PANDO6: Top 6 weighted by the square root of market cap.
- DDV30: Top 30 market cap weighted.
- VHASHMOM: Top 12 by market cap weighted by their momentum score times their risk parity score.
- STAKE: Top 10 of the largest staking protocols by current market capitalization including staking rewards.
- BTCC: Bitcoin Covered Call, go long BTC and write an out-of-the-money call option.
- KVQ: Equal-weighted index selecting high-quality assets from an investor perspective among the top 30 by market cap.
- TRXESG: Top 10 ESG-rated assets, current market cap-weighted with a maximum weight of 25%.
- GXMC: Top 2 by 90 days average market capitalization, equally weighted.
- GXLC: Top 5 by 90 days average market capitalization, current market cap-weighted with a maximum weight of 40%.
- GXMDC: Top 10 by 90 days average market capitalization starting from the asset ranked #3, current market cap-weighted with a maximum weight of 40%.
- VCFMOM: Selects assets from the Top 15 by current market capitalization and weighs them according to a combination of their on-chain activity and the price momentum.
- VCFWB3: Selects as many assets driving WEB 3.0 that can be listed, and weighs them by their Asset Score which is a linear combination of market capitalization, momentum, and social media interest.
- VVTOP10: Top 10 by 30-day average market capitalization, current market cap-weighted with a maximum weight of 40%.
- HAAM: Selects Bitcoin and Ether when their combined price momentum is positive otherwise allocates everything to American T-bills via the NEOS Enhanced Income Cash Alternative ETF. When BTC and ETH are selected, their weights are dictated by a combination of their MVRV ratio.
The reference rates (“Ref rate”) are calculated using Vinter’s single-asset reference rate methodology.
