Stock and ETF baskets, one position.
A MUTEX index fund holds a basket of tokenized US stocks and ETFs, and crypto where its rule takes it in, by a written rule. Buy it with USDC, hold it as one line on your account, sell it the same way. Or build your own index and let others buy into it.
What a MUTEX index fund is
A MUTEX index fund is a pool of real tokens held in the fund's own vault on Solana. Its rule says what it holds and how much of each: for example the 20 largest assets by market cap, capped at 10% each, or a hand-picked list at fixed weights. The rule is public on the fund's page.
You hold units of the fund. Each unit is a share of everything in the vault, and its price, the NAV per unit, is set once a day. Units live on your MUTEX account: you buy them from your Funding balance and sell them back to it. There is no token to send and no leg-by-leg trading on your side.
How buying and selling an index fund works
- Deposit USDC. Pick a fund and an amount. The amount plus the network fee leaves your Funding balance and waits for the next window. Until a window takes it, you can cancel.
- The window prices the fund.Once a day the MUTEX index engine values the vault's holdings and pins one NAV per unit. Two price sources must agree, or the window does not price until they do.
- You get units. Every deposit in the window buys units at that same price. Every withdrawal in it burns units at that same price.
- The vault trades the difference. The fund swaps on Jupiter, buying with net new money or selling what withdrawals are owed. Each swap is checked against a reference price before it is signed.
- Withdrawals pay out. You choose how many units to sell. The cash, minus the network fee, lands in your Funding balance when the window settles.
This is forward pricing: nobody, MUTEX included, knows the price of a deposit when it is made. The window currently runs at 14:40 UTC. A fund that holds or may hold tokenized stocks or ETFs waits for the US stock market to be open, because a tokenized share trades on stale prices while the exchange is shut. A crypto-only fund runs every calendar day.
How rebalancing works
Every MUTEX index fund has a rebalance calendar: monthly, quarterly, half-yearly or yearly. On a rebalance day the rule runs again on month-end data, picks the holdings and sets each one back to its target weight. An asset that no longer qualifies leaves the fund at that rebalance.
On every other day a window only trades the net flow: buys when more came in than went out, sells when withdrawals are owed. This keeps a fund from churning on daily price noise. A trade too small to be worth a transaction, under 10 USDC currently, is carried to the next window.
A fund is either fixed, where the rule can never change, or actively managed, where its creator can change the picks. The type is chosen at creation and shown on the fund's page. Every house fund listed today is fixed.
Tokenized stocks, ETFs and crypto
A MUTEX index can mix three kinds of asset in one basket. Only assets MUTEX has approved and can price today can go into a fund, and the vault holds the real token for each one.
US companies as Ondo tokens on Solana. A token tracks a set number of shares, adjusted on splits and other corporate actions.
Exchange-traded funds as Ondo tokens. A rule can include or leave out ETFs, apart from stocks.
Tokens on Solana: SOL, Bitcoin and Ether as Solana tokens, and other large crypto assets.
MUTEX house index funds
The funds MUTEX runs itself. Each currently charges no index fee and rebalances monthly. The app shows each fund's live holdings, price history and backtest.
| Fund | Holds | Rule |
|---|---|---|
| Core 20 | 20 | The 20 largest stocks and crypto assets by market cap, weighted by market cap, capped at 10% each. |
| Leaders | 3 | The three largest stocks by market cap, weighted by market cap, capped at 50% each. |
| Tilt | 3 | The three largest stocks and crypto assets, weighted by market cap with a tilt toward the ones further below their high, capped at 60% each. |
| Focus | 5 | Of the 50 largest stocks and crypto assets, the five with the smallest fall from their high, capped at 20% each. |
| Select | 15 | The 15 stocks and crypto assets with the smallest fall from their high, size-weighted with a drawdown tilt, capped at 15% each. |
| Sectors | 15 | The largest stock or crypto asset in each sector, size-weighted with a drawdown tilt, capped at 10% each. |
| AI Leaders | 20 | Twenty hand-picked AI companies at 5% each: chips, memory, data centers and software. |
Build your own index
- Pick the assets, up to 20, from tokenized stocks, ETFs and crypto, or start from a ready list such as big tech or AI and chips.
- Set the weights: equal, by size (market cap), or your own percent for each. An advanced rule can instead pick from all assets or the largest ones, rank them, spread them across sectors and cap any one asset.
- Choose the calendar and the type:monthly to yearly rebalancing, fixed or actively managed. An active fund's picks can change at most once a day currently.
- Set your index fee, from zero to 2% a year currently. It is fixed for the life of the fund.
- Seed it. The seed is at least 100 USDC currently, and large enough that the smallest weight still clears the minimum trade. The builder shows a backtest before you commit.
When the first window settles, the fund goes on the public list for anyone to buy, and its index fee is paid to you as units. You can stop new money at any time while withdrawals go on, and hide the fund while nobody else holds it. One person can run up to three funds currently. A fund made by a user says so on its page: MUTEX does not pick or review its assets.
Index fund fees
The yearly MUTEX index fund fees are taken one twelfth a month, by minting new units to Mutex and to the fund's creator. They lower the value of each unit slightly and never appear as a charge on your balance. A fund's first month is free.
- Mutex fee · 0.05% a year, currently
- On every fund, to Mutex, for running the windows, the trades and the rebalances.
- Index fee · 0% on house funds
- Set by a fund's creator when the fund is made, at most 2% a year currently, and never changed after.
- Network fee · 1 USDC, currently
- A flat amount on each deposit and each withdrawal, for the blockchain transactions. It is added to a deposit and taken from a withdrawal.
- Minimum deposit · 25 USDC
- A pooled vault pays the same transaction cost for a tiny deposit as for a real one, so there is a floor.
The swaps a fund makes also cost the spread and slippage of the market they trade on, which shows up in the price per unit.
Risks and limits
- A MUTEX index fund goes down when its assets go down. Spreading across assets does not stop a fall.
- You do not know your price when you click. A day's move between your request and the window is yours.
- Tokenized stocks and ETFs only trade while the US market is open, so a fund that holds them can wait days over a weekend or a holiday.
- A fund can be halted if something is wrong with its vault. A halted fund takes no deposits or withdrawals until it is fixed, and your units stay as they are.
- An actively managed fund can change what it holds without notice. A fixed fund cannot.
- Backtests are simulated and survivorship-limited: they leave out assets that no longer exist.
Who MUTEX index funds are for
MUTEX index funds suit someone who wants broad exposure to large US stocks and ETFs, and crypto, without managing a dozen positions and rebalancing by hand, and someone with a thesis who wants to run it as a public fund and earn a fee. They are a long-only holding, not a trading tool: for leverage or short positions see perps and spot, and for automated strategies see bots.