FIX6900 Solana Memecoin Equal Weight Index

The universe is CoinGecko's "Solana Meme Coins" category ranked by market capitalisation, up to 150 candidates. Wrapped, bridged, staked and stable assets are excluded by tag and by symbol pattern.

A coin is eligible at the snapshot only if all of the following hold. Mint and freeze authority are revoked and there is no transfer tax. It is at least 14 days old. Fully diluted value is at least $2M. Trading volume is at least $250K over 24 hours and $100K a day over seven days. A sale of $10,000 moves the price by no more than 2.0%.

Eligible coins are ranked by market capitalisation and the top 0 form the index. To limit turnover a buffer applies. A current constituent keeps its seat while it ranks 50 or better. A coin that is not a constituent must rank inside the top 0 to be added.

The index is equally weighted. Each constituent has a target weight of 1 / N, so with N constituents each coin targets 100.00% at the full 0 slots. Target weights are stored per asset in the fund account. Auctions enforce them.

Every 7 days the vault is brought back to target weights. Between schedules a drift check runs and an auction opens when a coin drifts more than 1.25% in absolute weight from target. Rebalancing uses permissionless Dutch auctions: the price of the coin being sold decays linearly from a premium to a discount over 150 slots and anyone may fill. No price oracle is used. No single auction sells more than 5% of a coin's daily volume.

Constituent changes take effect on day 1 of each month at 00:00 UTC. Proposed changes are announced 48 hours ahead on this page. A removed coin is flagged on-chain, its target weight goes to zero and its vault is sold down through auctions.

Level_t = Σ(p_i,t × q_i,t) / Divisor_t
Divisor_0 = Σ(p_i,0 × q_i,0) / 1000
NAV/unit = Σ(p_i × q_i) / index supply

The index starts at 1000.00. On every rebalance fill the divisor is adjusted so the level is continuous across the trade: a rebalance never causes a jump. Quantities exclude pending deposits and reserved redemptions, so creations and redemptions never dilute holders.

Additions and removals are proposed by the rules and approved by the index committee, monthly. Parameter changes are announced here with at least 48 hours of notice. The methodology is versioned and material changes increment the version.