DNH20
Rebalance lab
The printed DNH20 level is the locked 20’s combined market cap. An investable product has to trade names that enter and leave. Frequency is that trading calendar.
Cost is charged on one-way turnover. 20 bps is a mid CEX taker fee plus a little slippage on the tail.
Live DNH20: 10-minute prices on a locked 20; membership at 00:00 UTC. In at rank ≤ 18 and ≥ 115% of the rank-20 cutoff; out at rank ≥ 23 or ≤ 85%; ranks 19–22 hold unless hygiene fails. 85 / 115 is that rule on this panel — the twelve-month sim is unchanged.
Net NAV
Start 1,000
| Lab | Net NAV | Cost drag | Turnover / yr | Adds | TE vs daily | Max DD |
|---|---|---|---|---|---|---|
| DailyLive rule | 781.82 | 0.07% | 32.46% | 130 | 0.00% | 42.65% |
| Weekly | 781.08 | 0.02% | 10.92% | 41 | 0.21% | 42.77% |
| Monthly | 785.87 | 0.01% | 4.10% | 15 | 0.27% | 42.39% |
| Quarterly | 786.41 | 0.01% | 2.25% | 7 | 0.35% | 42.40% |
Takeaway
Cap-weight is self-rebalancing. Daily reconstituted 130 names; that was only 32% of the book — the cutoff is small next to BTC.
Monthly did the same job with 15 adds and 4% turnover. Net NAV versus daily: +4.0 points after 20 bps.
Largest resets
Daily- 28 Jul 2026In
ADAWETH · Out SUI
XLM0.48% - 16 May 2026In SUIWETH · Out CCXLM0.45%
- 10 May 2026In WETH
UNI · Out ADACC0.45% - 14 May 2026In CCSUI · Out ADAWETH0.44%
- 05 Dec 2025In WBTWEETH · Out GRAMXLM0.44%
- 09 Jul 2026In CRO · Out SUI0.32%
Model book
Simulation. No execution. No custody.Implied trades for a cap-weight replica of the live DNH20 members. Simulation. No execution. No custody.
IN / OUT
No prior book — first snapshot. Trades = 0 except a full start allocation.
| # | Asset | Side | Old w | New w | Δ w | Trade $ | Book $ |
|---|---|---|---|---|---|---|---|
| 1 |  BTC | — | 69.31% | 69.31% | 0.00% | — | $6,931.11 |
| 2 |  ETH | — | 13.21% | 13.21% | 0.00% | — | $1,320.85 |
| 3 |  BNB | — | 4.30% | 4.30% | 0.00% | — | $430.20 |
| 4 |  XRP | — | 3.83% | 3.83% | 0.00% | — | $383.09 |
| 5 |  SOL | — | 2.67% | 2.67% | 0.00% | — | $266.92 |
| 6 |  TRX | — | 1.39% | 1.39% | 0.00% | — | $138.56 |
| 7 |  ZEC | — | 0.85% | 0.85% | 0.00% | — | $85.46 |
| 8 |  HYPE | — | 0.84% | 0.84% | 0.00% | — | $83.76 |
| 9 |  DOGE | — | 0.67% | 0.67% | 0.00% | — | $66.76 |
| 10 |  XMR | — | 0.44% | 0.44% | 0.00% | — | $43.72 |
| 11 |  LINK | — | 0.43% | 0.43% | 0.00% | — | $43.26 |
| 12 |  WBT | — | 0.38% | 0.38% | 0.00% | — | $37.54 |
| 13 |  ADA | — | 0.37% | 0.37% | 0.00% | — | $36.78 |
| 14 |  XLM | — | 0.29% | 0.29% | 0.00% | — | $28.64 |
| 15 |  BCH | — | 0.22% | 0.22% | 0.00% | — | $22.37 |
| 16 |  UNI | — | 0.19% | 0.19% | 0.00% | — | $19.20 |
| 17 |  LTC | — | 0.18% | 0.18% | 0.00% | — | $17.84 |
| 18 |  HBAR | — | 0.15% | 0.15% | 0.00% | — | $15.36 |
| 19 |  AVAX | — | 0.14% | 0.14% | 0.00% | — | $14.37 |
| 20 |  SUI | — | 0.14% | 0.14% | 0.00% | — | $14.18 |
| Buy $0 · Sell $0 | Two-way $0 | ||||||
At $10,000 and 20 bps, no prior book — first snapshot. Trades = 0 except a full start allocation. Cost ≈ $0.
w_new = MC/ΣMC · trade = (w_new − w_old)×NAV · two-way = ½ Σ|trade| · cost = two-way × bps/10,000
Twelve-month simulated market-cap panel, 36 names, calibrated to today’s universe. Shared factor, extra noise at the cutoff, a handful of climbers and faders. A laboratory — not a backtest of live prints.