IX ASIA INDEXES
Providing Real-time Digital Asset and Innovative Indexes
IX Asia Indexes, provides real-time digital asset indexes built upon robust infrastructure which are
disseminated 24×7 globally. Since the launch of the first crypto benchmark index (“IXCI”) in Hong Kongin December 2018, the ixCrypto Index Series has since expanded into 28 indexes, including single
cryptocurrency, spot price, portfolio, and industry-focused indexes.

(852) 3595 3638
www.ix-index.com© IX ASIA INDEXES 2024

enquiry@ix-index.com

IX Asia Indexes

About Us
IX Asia Indexes is the award-winning index arm of IX
ixCrypto Index
Capital International Limited, providing real-time
digital asset and innovative indexes, disseminated
24×7 globally and built on robust infrastructure. As a
key participant of Cyberport Hong Kong, andsupporter of the University of Hong Kong (“HKU”)
Internship and Career mentorship program, IX CapitalInternational launched the first Hong Kong
cryptocurrency index - ixCrypto Index together withits mentees from HKU in 2018 with growing
subscription. The ixCrypto index series has expanded
into 28 indexes with 3 benchmark indexes, 6 portfolio index , 2 Digital Asset Industry Series and 17 spot
price (fixing) indexes over the years.
To ensure the professionality and impartiality of the index methodologies and operations, IX CapitalInternational has established its index advisory committee in July 2020 with representation fromdifferent industries, including fund management, exchanges, brokerage, financial blockchain experts,
crypto service providers, etc. The committee will meet quarterly a year to discuss matters relating to
the IX Asia Indexes, including to review and to comment the data sources, methodologies, andoperations of IX Asia Indexes, to provide guidance to the future development of new IX Asia Indexes
and to handle other issues and decisions on an as-needed basis.

Benckmarking

TradableFixingIXCI constituents consistently coverIndexes are disseminated at every

Every constituent price of ixCrypto

over 80% of market cap and trading

5 seconds interval and available onindexes is calculated from averagevolume to provide each popularworld major information vendor

of 10 selected exchanges, withcryptos a fair market price.

platforms and banks.

exchanges review quarterly.

Our Story and Missions
Back in 2017 and 2018, the cryptocurrency market suffered a huge fluctuation. During 2017, the market
was quite bullish: the Bitcoin price surged to $20,000, then it suddenly plunged to about $6000 in
January 2018. Huge losses were caused by this, which made our founder, Irene Wong, start thinking
about the solution to properly build the market, providing a suitable regulatory environment to the crypto
and digital assets.
The ultimate solution was to build an ecosystem for the whole digital asset area, focusing on an index of
the crypto market first. This index is able to diversify the risk of price changes in single coins, protecting
the investors from huge and unpredictable losses. Over the years, we have followed this trend by trying
to bring more transparency to the market, and by learning the evolution of the blockchain and digitalassets. Our commitment is to ensure that the digital assets markets function in an open and orderly
manner in the same way as the traditional capital markets, enabling all participants to price and transfer
risks across all traded asset classes.

2

Timeline of IXCIOur History
December 2018
Launch of ixCrypto Index (IXCI)May 2020

The First Hong Kong Crypto Index

Launch of 1-hour interval of IXCIJuly 2020
Establishment of the IX Asia Index Advisory Committee

November 2020
Dissemination of index via NASDAQ
Dissemination of IXCI upgraded to 15-second intervals

March 2021
Dissemination of index via Google, Yahoo Finance, Bloomberg and Reuters
Launch of ixBitcoin Index (IXBI) and ixEthereum Index (IXEI)October 2021
Launch of API enabling real-time index subscription

March 2022
Launch of 11 ixCrypto Spot Price Indexes
Establishment of the IX Asia Tokenization Advisory Committee

April 2022
Dissemination of IXCI upgraded to 5-second intervals

May 2022
Complete Statement of Compliance with IOSCO Principles

June 2022
Dissemination of all IX Crypto Indexes to 24×7 availability

August 2022
Launch of ixCrypto Portfolio Index series (6 indexes)

September 2022
Launch of IX Digital Asset Industry Classification System (“DAICS®”)

March 2023
Launch of ixCrypto Infrastructure Index (IXFI)April 2023
Launch of ixCrypto Stable Coin Index (IXSCI)May 2023
Obtained Type 4 (advising on securities) license from SFC

December 2023
Passed ISO27001 audit

3

Our Indexes
ixCrypto Benchmark Indexes
Index Name

Code

Launch Date

Index Description

ixCrypto Index

IXCI

12 Dec 2018

Free-float adjusted market cap weighted index aiming
to gauge performance of world crypto market

ixBitcoin Index

IXBI

12 Apr 2021

Single constituent index aiming to track performanceof Bitcoin for benchmark purposesixEthereum Index

IXEI

12 Apr 2021

Single constituent index aiming to track performanceof Ethereum for benchmark purposesixCrypto Stablecoin Index

IXSCI

3 Mar 2023

Composed of stablecoins excluded in IXCI and fallunder the definition of DAICS

ixCrypto Portfolio Index
The indexes below are constructed with the constituents selected within IXCIIndex Name

Code

Launch Date

Index Description

ixCrypto 5 EW Index

IXEW5

5 Aug 2022

ixCypto 5 SR Index

IXSR5

5 Aug 2022

ixCrypto 10 EW Index

IXEW105 Aug 2022

The six portfolio indexes utilize market capitalization asa methodology for constituent selection, ensuring
comprehensive coverage of the cryptocurrency market
and tracking the prices of top cryptocurrencies on anhourly basis. The inclusion of an equal weight (EW)
method reduces concentration risk by limiting exposure
to large-cap cryptocurrencies, while the square root
(SR) method provides an alternative approach tomarket-cap based index calculations, increasing
exposure to small-cap cryptocurrencies

ixCrypto 10 SR Index

IXSR105 Aug 2022

ixCrypto Altcoin 10 EW Index

IXAEW105 Aug 2022

ixCrypto Altcoin 10 SR Index

IXASR105 Aug 2022

Each of these indexes are free-floated adjusted
indexes, seeking to track the performance of a subset
of cryptocurrencies. The ixCrypto Portfolio Index series
seeks to track the performance of the top 5 or 10
cryptocurrencies by using market capitalization(ixCrypto Altcoin series excludes Bitcoin)ixCrypto Industry Indexes
The indexes below are constructed accordingly to industry classification of DAICS

Index Name

Code

Launch Date

Index Description

ixCrypto Infrastructure Index

IXFI

28 Mar 2023

Free-float adjusted market capitalization weighted
index seeking to track the performance of the top
infrastructure industry cryptocurrencies. IXFI fall under
the definition of DAICS

ixCrypto Spot Price Indexes
In this series, we offer spot prices that directly reflect the prices of individual cryptocurrencies for mark to market purpose. There
are over 300 exchanges in the world carrying real time crypto prices, IXCI ensures fairness by providing each spot price index with
5 -second- interval prices from an average of 10 exchanges. New spot price indexes are added when it consistently listed on the
top rankings by market capitalisation and trading volume. Indexes included in this series are as follows:ixBitcoin SP Index

ixBinance Coin SP Index

ixBitcoin Cash SP Index

ixShiba Inu SP Index

ixEthereum SP Index

ixDogecoin SP Index

ixLitecoin SP Index

ixTron SP Index

ixCardano SP Index

ixSolana SP Index

ixAvalanche SP Index

ixUSD Coin SP Index

ixRipple SP Index

ixPolkadot SP Index

ixPolygon SP Index

ixTether SP Index

ixChainlink SP Index

4Significance of Indexes
The Importance of Crypto Indexes
Crypto indexes play a pivotal role in the investing community and the global landscape, offering several
key benefits:•Comprehensive Market Performance Tracking: Crypto indexes provide a standardized benchmark
for monitoring the overall performance of the cryptocurrency market or specific segments within it.
This enables investors to assess market trends, identify investment opportunities, and makeinformed decisions.

•

Risk Management and Diversification: By using crypto indexes as a basis for portfolio construction,
investors can achieve risk diversification. Indexes represent a range of cryptocurrencies, helping to
reduce the impact of individual asset volatility and manage risks associated with specific digitalcurrencies.

•

Market Transparency and Credibility: Crypto indexes foster market transparency by establishingindustry standards, methodologies, and reporting frameworks. This enhances trust and facilitates
the development of regulated investment products. Reliable and transparent index data provides
investors with valuable insights into market trends, valuations, and historical performance.

•

Accessibility and Inclusivity: Crypto indexes pave the way for passive investment products, suchas exchange-traded funds (ETFs) and index funds. These products allow a wider range of investors
to gain exposure to the cryptocurrency market without the need for direct ownership or active asset
management.

In summary, crypto indexes serve as essential tools for investors, offering comprehensive market
performance tracking, risk management, market transparency, and accessibility. They contribute to thematuration and mainstream adoption of cryptocurrencies as a legitimate asset class within the global
investment landscape.

Key Roles of our Benchmark Indexes
The ixCrypto Index serves as a benchmark for the cryptocurrency industry, capturing more than 80% of
the total market capitalization and including highly liquid coins. It provides investors with a general
guideline for the key cryptocurrencies that drive most of the volatility and price movement in the market.
For more detailed information, please refer to our dedicated pages on the ixCrypto Index.
Our other indexes within the benchmark series, namely the ixBitcoin Index and ixEthereum Index, offer
a comparison of individual crypto performances relative to the overall market. By utilizing the same basedate as the ixCrypto Index, these indexes allow for a straightforward evaluation of how individual
cryptocurrencies perform in relation to the broader market. As of late December 2023, the ixCrypto
Index ranges between 7,000 and 8,000, indicating the overall market performance. Meanwhile, theixBitcoin Index ranges between 9,000 and 11,000, and the ixEthereum Index ranges between 17,000 and
20,000. Based on these levels, it can be observed that holding Ethereum would have resulted in better
performance compared to holding the entire market or Bitcoin alone, as it demonstrates higher index
levels.

5

IXCI Overview

ixCrypto Index (IXCI)
ixCrypto Index ("IXCI") is the first Hong Kong launched benchmark indicative crypto index which aims toreflect the performance of the cryptocurrency market. It is denominated in USD with a base value of1000 and a base date on 3 December 2018. IXCI is designed to be simple to understand while providing
a good representation of the crypto market. It aims to cover the top 80% of the cumulative free-floating
market capitalization in the crypto universe; The acceptable rank of volume under the Volume Buffer Rulevaries in accordance to the number of existing constituents, which is at least 2.5 times the number ofexisting constituents, rounded up in increment of 25. In March 2021, IX Capital International launched theixBitcoin Index ("IXBI") and ixEthereum Index ("IXEI"), making IXCI a complete index series.
IXCI is reviewed on a quarterly basis, and the methodology for review is summarized below:

Performance of IXCI Since Inception
7
5

8
11

4

2
1

1
3
5
7
9

6
3

10

12

9

SEC pushed back the decision of Bitwise Bitcoin

2

ETF to at least Q2 in 2019
The well-anticipated Bitcoin halving event took

4

place in May of 2020
Bitcoin reaches all-time high of over $63k, with6

anticipation of Coinbase IPO
US Bitcoin ETF launched, accompanied by

8

Taproot upgrade (first in 4 years)
FTX collapses and declares bankruptcy due to10

leverage and solvency concerns

Q3 2019 witnessed the largest reduction in total
cryptocurrency scams in 2 years
Increased adoption and interest in crypto as
Covid-19 pandemic causes job losses
Chinese crackdown on crypto and Tesla’s crypto
payment reversal caused crash
UST loses its $1 peg, and the Terra Lunaecosystem ceases operations
The collapse of Silicon Valley Bank represents
the largest bank failure since the financial crisisof 2008.

11

Optimism grows for SEC approval of Bitcoin

12

ETFs

6

Court Upholds Ripple's Partial Victory OverSEC

IXCI Methodology

IXCI Methodology
To upkeep the standards of the ixCrypto Index Series, quarterly index reviews are conducted to evaluate
and update the constituents within the ixCrypto Index Series, along with the data sources where
cryptocurrency prices are taken from. The quarterly index reviews are standardized according to the
IXCI Methodology, where definitions of cryptocurrencies, criteria for constituents, and special rules areincluded.

Constituents Eligibility
Universe
1.1. A cryptocurrency is included in the universe if it fulfils both the following eligibility criteria.
(a) The cryptocurrency must fit the definition of a cryptocurrency [ A Cryptocurrency is a digital asset
designed to work as a medium of exchange that uses cryptography to secure its transactions, to control
the creation of additional units, and to verify the transfer of assets. ]; and(b) The cryptocurrency must be traded publicly, and have active tradable markets listed on at least two
Exchanges for the entire period since the previous index review.
Eligible Cryptocurrencies
1.2. A cryptocurrency is eligible for constituent selection if it meets the market capitalization ranking andthe liquidity screening selection as follows:

Market Capitalization Ranking
1.3. The cryptocurrency should be among the top n% free float adjusted market capitalization (“adjustedMC”) where n represents the total percentage after including the last eligible cryptocurrency and such
percentage is targeted to achieve 80%.

Liquidity screening
1.4. The cryptocurrency should rank within an acceptable range in accordance with the Volume Buffer
Rule in terms of 90-day average trading volume. The acceptable range under the Volume Buffer Rulevaries in accordance to the number of existing constituents, which is at least 2.5 times the number ofexisting constituents, rounded up in increment of 25.
1.5. If the cryptocurrency in top N in terms of adjusted MC cannot meet the liquidity requirement, it will
be kicked off and replaced by the next one or more eligible cryptocurrencies until the total coverage
exceed 80%.

Principles of Final Selection
1.6. Cryptocurrencies meeting all of the above eligibility requirements will be considered for inclusion in
the IXCI.

7

IXCI Methodology
1.7. The final selection will be decided by IX Asia Indexes after the above criteria have been taken into
consideration.
Number of Constituents
1.8. The number of constituents is a variable. It is subject to change after quarterly review when the above
conditions are met.
Conflict of Interest Rule (Effective Oct 2nd, 2020)
1.9. To keep the index neutral and fair, the constituents of the ixCrypto Index will exclude the coins
managed/ operated by any organizations that would have conflict of interest with ixCrypto Index, its index
Administrator, IX Asia Indexes and its related organizations.

Index Review and Constituent Changes
Regular Quarterly Review
2.1. IX Asia Indexes undertakes regular quarterly reviews of IXCI constituents with data cut-off dates thelast day of March, June, September and December each year. The review day will be every weekday ofMarch, June, September, and December each year in HKT.
2.2. A quarterly review is normally completed within three weeks after the end of each calendar quarter.
2.3. In each review, there may or may not be constituent additions or deletions. Eligible candidates will beselected as constituents of the ixCrypto according to rules below.
Buffer rule2.4. In order to avoid frequent change of constituents, a 5% buffer zone is set for market capitalization. Itmeans that, in term of adjusted MC, only when the sum of constituents’ weights is below 75%, it needreconstitution.
2.5. Combining the buffer rule and liquidity requirement together, when the coverage falls below 75% or
any existing constituent’s 90-day average trading volume drop below the acceptable range specified in
1.4, a reconstitution will be conducted to select the new constituents according to principles stated in
3.2-3.8.
Step Capping rule (effective 15th January 2021)
2.6. In extreme scenarios, Step Capping Rule is applied, changing from the current 40% capping rule on
single constituents to a step cap of 40%/30%/20%. Before the change was made, single constituents could
represent at most 40% weight in the index. After the change, only the largest weight constituent weighted
by market capitalization can represent 40% of the index weight and the second largest constituent can
only represent 30% and the remaining constituents with 20% maximum weight.

8

IXCI Methodology
2.7. The Step Capping Rule will be triggered only when the following two conditions occur simultaneously:(a) the market cap gap between the largest constituent and the second largest constituent is too big withthe ratio between the two falls below 30%;(b) the initial weight of the remaining constituents other than the top two is too small and falls below 9%of the total market cap.
Announcement and Effective Date
2.8. Announcement dates of constituent changes will be the second Friday after the cut-off dates ofMarch, June, September and December.
2.9. Effective dates of constituent changes will be the third Friday after the cut-off dates of March, June,
September and December.
2.10. If the first Friday after the cut-off date is a Hong Kong public holiday, the announcement day andeffective day will be postponed for one week, i.e. announcement day on the third Friday and effective dayon the fourth Friday.
Fast entry rule2.11. At any time, a new crypto will be added if it meets below requirements for 5 consecutive days:(a) Daily trading volume ranks top 2.
(b) Market capitalization is more than 30% weighting of the total market capitalization.
(c) The fast entry addition will normally be implemented after the close of the 10th trading day.
Constituents Enhancement Rule (effective 6th January 2020)
2.12. The enhancement rule is exercised if there are more than one constituent which fail to meet themarket capitalization ranking and liquidity screening, then at least two constituents will be removed andreplaced by new constituents according to principles stated in 3.2 - 3.8.

9

Index Performance
Constituents’ Weights of Popular World Crypto Indexes
Crypto

IXCI

HKVAC

Bitcoin40.00%

15.00%

Ethereum33.60%

Tether USDT

Binance
CoinMarketCap
Index Series

Bitwise10 Crypto
Index Fund

CCI30

CRIX

10.00%

24.16%

65.95%

66.40%

66.71%

15.00%

10.00%

13.98%

21.06%

21.90%

30.86%-

15.00%

-

-

-

-

-

BNB

-

9.55%

10.00%

5.23%

2.72%

-

-

Solana

5.33%

2.34%

10.00%

4.46%

1.98%

3.60%

-

XRP

4.10%

7.87%

10.00%

5.09%

2.56%

2.70%

-

USDC

-

7.47%

10.00%----

Cardano

2.60%

2.52%

-

3.24%

1.14%

1.70%

-

Avalanche

1.76%

0.94%

10.00%

2.49%

-

1.10%

-

Dogecoin

1.57%

2.52%

-

3.06%

1.02%

-

-

Polkadot

1.29%

1.46%

10.00%

2.37%

-

0.90%

0.35%

TRON

1.14%

2.22%

10.00%

2.69%

-

-

-

Polygon

1.11%

1.41%

-

2.37%

0.58%

0.80%

Chainlink

1.05%

1.24%

10.00%

2.52%

0.67%

0.70%

0.57%

Toncoin

-

2.17%

-

2.55%

-

-

-

Shiba Inu

0.75%

1.26%

-

1.97%

-

-

-

Internet
Computer

-

-

-

1.27%

-

-

-

Litecoin

0.66%

1.39%

-

2.02%

-

0.40%

0.74%

Dai

-

1.56%

-

-

-

-

-

Bitcoin Cash

0.65%

1.31%

-

1.85%

-

-

-

Uniswap

0.54%

0.72%

-

1.66%

-

-

0.26%

Cosmos

0.50%

0.75%

-

1.66%

-

-

Stellar

0.46%

0.91%

-

1.62%

-

-

*As of 31th December 2023

10

NCI

0.34%

Index Performance
Performance of IXCI vs Large Coins
Return*Toncoin was listed on 29/8/2021, and Avalanche was listed on 4/9/2021

Risks(SD)11

Index Performance
Performance of IXCI comparing with other Asia indexes(31/12/2022-31/12/2023)

120
100
80
60
40
20
0
-20

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2023

ixCrypto Index

Hang Seng Index

S&P 500 Index

Nikkei 225 Index

Korea Stock Exchange KOSPI Index

NSE Nifty 50 Index--

Historical Constituents’ Rankings Change in Portfolio Indexes

12Publication Summary​Index Review Results
As defined in the methodology of index review andconstruction, the 4th Quarter Index Review Results can befound on the following pages.

Our every 5 second Bitcoin prices (and all other

With every index review, IX Asia Indexes publishes press
releases in English and Chinese, along with relevant

constituent and index prices) are coming from10 exchanges’ averages. The 10 exchanges arereviewed quarterly with index review.

factsheets for all indexes that have underwent a constituent
change or weighting update.

The 2023Q4 Index Review Results are included in the following sections, where the index review
announcement publications are namely:

Press Release

Factsheet

19th Jan, 2024

2023 Q4 ixCrypto Index Factsheet

19th Jan, 2024

2023 Q4 ixBitcoin Index Factsheet

19th Jan, 2024

2023 Q4 ixEthereum Index Factsheet

19th Jan, 2024

2023 Q3 ixCrypto Portfolio Indexes Factsheet

More details about these publications can be found on our website ix-index.com, or alternatively thefactsheets are included in the following pages.

13

IXCI Factsheet

ixCrypto Index

December 2023

ixCrypto Index (“IXCI”) is a free-float adjusted market capitalization weighted index aiming to gauge theperformance of the world crypto market.

Performance (03/12/2018 - 31/12/2023)

Features:•

Reflect the performance
cryptocurrency market

of

the

•

The
selected
constituentsaretargeted to achieve top 80% of the
cumulative full market capitalization
coverage in the universe as well as
within top rankings of the past 90 days
volume traded•

The constituent selected is required tobe listed in at least 2 exchanges.

•

40% cap with fast entry rule

No. ofConstituents

Variable/25 currently

Data has been rebased at 1,000. All information for the index prior to its launch date isback-tested, backtested performance reflects hypothetical historical performance.
As of 31/12/2023, the free float adjusted market capitalization coverage is 80.65%
while the 90-day-average volume coverage is 72.37%.

Launch Date

12 December 2018

Index Performance

Base Date

3 December 2018

Base Value

1,000

Currency

US Dollar

Dissemination(HKT)

Every 5s for 24×7

Vendor Codes

Nasdaq “IXCI”

8,767.69

Websiteix-index.com

E-mailenquiry@ix-index.com

LinkedInIX Asia Indexes

55.11%

40.84%

119.49%120.01%

5,403.72

8,767.69

3,661.67

Index Statistics (3-Month)

Bloomberg “IXCI”
Reuters “.IXCI”

16.29%

5652.39

9,065.39

Index Volatility
Annualized Risk*

Index

1 Month

3 Months

6 Months

1 Year

3 Year

1.93%

15.52%

25.58%

41.69%

127.18%Disclaimer:
All information contained herein is provided for reference only. IX Capital International Limited (“IX Capital International”) ensures theaccuracy and reliability of the above information to the best of its endeavors. However, IX Capital International makes no warranty or
representation as to the accuracy, completeness, or reliability of any of the information contained herein and accepts no liability(whether in tort or contract or otherwise) whatsoever to any person for any damage or loss of any nature arising from or as a resultof reliance on any of the contents of this document, or any errors or omissions in its contents and such contents may change fromtime to time without notice.
©2023 IX Capital International Limited, All Rights Reserved.

https://ix-index.com/

14

IXCI Factsheet
Constituents of IXCI (As of 31/12/2023)©2023 IX Capital International Limited, All Rights Reserved.

https://ix-index.com/

15

IXCI Factsheet
Top 30 Cumulative Volume% (As of 31/12/2023)*All coins including BNB, excluding stablecoins©2023 IX Capital International Limited, All Rights Reserved.

https://ix-index.com/

16

IXBI Factsheet

ixBitcoin Index

December 2023

ixBitcoin Index (“IXBI”) is a single constituent index aiming to track the performance of Bitcoin forbenchmark purpose. “IXBI” uses the same base date (3 December 2018) and base index level of 1000 as
ixCrypto Index, and together with the ixEthereum Index (“IXEI”), it provides easy comparison of the threeindexes.

Performance (03/12/2018 - 31/12/2023)

Features:•

A single constituent index•

Track the performance of Bitcoin•

Same base day and base level as
ixCrypto Index•

For benchmark purpose•

Provides easy comparison of threeindexes: IXCI, IXBI and IXEI•

Data from multiple top exchanges

Launch Date

12 April 2021

Base Date

3 December 2018

Base Value

1,000

Currency

US Dollar

Dissemination(HKT)

Every 5s for 24×7

Vendor Codes

Nasdaq “IXBI”

Data has been rebased at 1,000. All information for the index prior to its launch date isback-tested, back-tested performance reflects hypothetical historical performance

Index Performance
Index
Level

IXBI

10,198.30

Reuters “.IXBI1”

IXBI

E-mailenquiry@ix-index.com
IX Asia Indexes

1 Month

3 Months

6 Months

1 Year

YTD

11.50%

56.98%

38.70%

154.42%

155.39%Index Statistics (3-Month)
Index

ix-index.com%Change

Index

Bloomberg “IXCBI”

WebsiteLinkedIn

ixCrypto Bitcoin Index

Index Level
Prev. Close

High

Low

Close

Range

6,496.69

10,673.11

6,459.61

10,198.30

4,213.50

Index Volatility
Standard Deviation

Index
IXBI

1 Month

3 Months

6 Months

1 Year

3 Year

0.61%

20.39%

28.78%

45.77%

129.98%Disclaimer:
All information contained herein is provided for reference only. IX Capital International Limited (“IX Capital International”) ensures theaccuracy and reliability of the above information to the best of its endeavors. However, IX Capital International makes no warranty or
representation as to the accuracy, completeness, or reliability of any of the information contained herein and accepts no liability(whether in tort or contract or otherwise) whatsoever to any person for any damage or loss of any nature arising from or as a resultof reliance on any of the contents of this document, or any errors or omissions in its contents and such contents may change fromtime to time without notice.
©2023 IX Capital International Limited, All Rights Reserved.

https://ix-index.com/

17

IXEI FactsheetixEthereum Index

December 2023

ixEthereum Index (“IXEI”) is a single constituent index aiming to track the performance of Ethereum forbenchmark purpose. “IXEI” uses the same base day (3 December 2018) and base index level of 1000 as
ixCrypto Index, and together with ixBitcoin Index (“IXBI”), it provides easy comparison of the three indexes.

Performance (03/12/2018 - 31/12/2023)

Features:•

A single constituent index•

Track the performance of Ethereum•

Same base day and base level as
ixCrypto Index•

For benchmark purpose•

Provides easy comparison of threeindexes: IXCI, IXBI and IXEI•

Data from multiple top exchanges

ixCrypto Ethereum Index

Launch Date

12 April 2021

Base Date

3 December 2018

Base Value

1,000

Currency

US Dollar

Index

Index
Level

Dissemination

Every 5s for 24×7

IXEI

19,697.15

Vendor Codes

Nasdaq “IXEI”
Bloomberg “IXCEI”
Reuters “.IXEI1”

Websiteix-index.com

E-mailenquiry@ix-index.com

LinkedInIX Asia Indexes

Data has been rebased at 1,000. All information for the index prior to its launch date isback-tested, back-tested performance reflects hypothetical historical performance.

%Change
1 Month

3 Months

6 Months

1 Year

YTD

12.84%

37.55%

23.91%

91.30%

91.91%

Index Statistics (3-Month)
Index Level

Index
IXEI

Prev. Close

High

Low

Close

Range

14,320.30

20,412.17

13,234.26

19,697.15

7,177.92

Index Volatility
Standard Deviation

Index

IXEI

1 Month

3 Months

6 Months

1 Year

3 Year

0.21%

12.50%

20.38%

34.45%

156.67%

Disclaimer:
All information contained herein is provided for reference only. IX Capital International Limited (“IX Capital International”) ensures theaccuracy and reliability of the above information to the best of its endeavors. However, IX Capital International makes no warranty or
representation as to the accuracy, completeness, or reliability of any of the information contained herein and accepts no liability(whether in tort or contract or otherwise) whatsoever to any person for any damage or loss of any nature arising from or as a resultof reliance on any of the contents of this document, or any errors or omissions in its contents and such contents may change fromtime to time without notice.
©2023 IX Capital International Limited, All Rights Reserved.

https://ix-index.com/

18

IXBI & IXEI Factsheet

ixCrypto Index Series Statistics Comparison (03/12/2018 - 31/12/2023)
Index Level
Index

PerformanceStandard Deviation

High

Low

1 Year (%)

2 Years (%)

Since
Inception(%)

1 Year

2 Years

Since
Inception

IXCI

17,646

745

80

-20

1017

55

94

166

IXBI

16,321

655

116

2

1133

51

88

155

IXEI

41,345

733

72

-20

2477

60

106

190

Index Dissemination
Real time indexes are disseminated every 5-second interval for 24×7.
Real time indexes include ixCrypto Index (“IXCI”), ixBitcoin Index (“IXBI”), ixEthereum Index (“IXEI”) as well as the 11 newly launched
IX Crypto Spot Price Index Series.
For IXCI, IXBI and IXEI, the indexes are also available through Nasdaq Global Index Data Service (GIDS) with the tickers “IXCI”, “IXBI”
and “IXEI”, with dissemination interval kept at 15-second unchanged.
Licensing from IX Capital International Limited (“Company”) is required for the creation of products whose performance is linked to aparticular index in the portfolio of IX Asia Indexes or for the dissemination of IX Asia Indexes. If you are interested in licensing,obtaining product specification and/or sample data files, please contact us at licensing@ix-index.com. For dissemination of our index
as vendors, please contact licensing@ix-index.com
IX Asia Indexes offers API access for investors, researchers, or others interested in high-quality crypto index data. We provide API
token authentication for API access. For more details, please contact enquiry@ix-index.com©2023 IX Capital International Limited, All Rights Reserved.

https://ix-index.com/

19

ixCrypto Portfolio Factsheet
ixCrypto Portfolio Indexes

2023 Q4

ixCrypto Portfolio Indexes consist of ixCrypto Altcoin 10 SR Index (“IXASR10”), ixCrypto Altcoin EW Index(“IXAEW10”),ixCrypto 10 SR Index (“IXSR10”), ixCrypto 10 EW Index (“IXEW10”), ixCrypto 5 SR Index(“IXSR5”), and ixCrypto 5 EW Index (“IXEW5”). Each of these indexes are free-floated adjusted indexes,
seeking to track the performance of a subset of cryptocurrencies. The ixCrypto Altcoin series seeks totrack the performance of the top 10 cryptocurrencies (excluding Bitcoin) by using market capitalization.
Whereas the ixCrypto 5/10 series seeks to track the performance of the top 5/10 cryptocurrencies byusing market capitalization.

Features:•

Top coins by market capitalization in theworld excluding stablecoins•

Top coins by market capitalization within
the ixCrypto Index•

Equal weighting method (IXAEW10, IXEW10,IXEW5) and square root weighting method(IXASR10, IXSR10, IXSR5) prevents the
distribution of the index to be heavyweight
towards a single cryptocurrency•

Constituents selected are required to belisted in at least 2 exchanges

Launch Date

5 August 2022

Base Date

20 July 2022

Base Value

1,000

5

5

10

10

10

10

Currency

USD

1,751.24

1,201.92

1,751.24

1,215.62

1,437.48

1,146.02

Dissemination

Hourly, 24×7

32.50%

6.63%

32.50%

8.90%

31.89%

10.21%

Website92.11%

22.73%

92.11%

27.51%

87.26%

27.23%

ix-index.com

110.05%17.45%

110.05%21.96%

80.46%

23.96%

E-mailenquiry@ix-index.com

171.89%46.67%

171.89%48.08%

123.16%41.07%

LinkedInIX Asia Indexes

171.43%46.98%

171.43%48.20%

122.64%41.11%

Index Performance

The six portfolio indexes utilize market capitalization as a methodology for constituent selection, ensuring
comprehensive coverage of the cryptocurrency market and tracking the prices of top cryptocurrencies onan hourly basis. The inclusion of an equal weight (EW) method reduces concentration risk by limiting
exposure to large-cap cryptocurrencies, while the square root (SR) method provides an alternative
approach to market-cap based index calculations, increasing exposure to small-cap cryptocurrencies.

Disclaimer:
All information contained herein is provided for reference only. IX Capital International Limited (“IX Capital International”) ensures theaccuracy and reliability of the above information to the best of its endeavors. However, IX Capital International makes no warranty or
representation as to the accuracy, completeness, or reliability of any of the information contained herein and accepts no liability(whether in tort or contract or otherwise) whatsoever to any person for any damage or loss of any nature arising from or as a resultof reliance on any of the contents of this document, or any errors or omissions in its contents and such contents may change fromtime to time without notice.
©2023 IX Capital International Limited, All Rights Reserved.

https://ix-index.com/

20

ixCrypto Portfolio Factsheet
Index Statistics (3-months)

911.60979.31911.60953.32767.64900.75

1,865.12

1,224.81

1,865.12

1,236.87

1,524.76

1,164.14

873.62960.32873.62935.07730.74874.24

1,751.24

1,201.92

1,751.24

1,215.62

1,437.48

1,146.02

991.49264.48991.49301.80794.01289.90

4.23%

0.50%

8.17%

1.24%

7.36%

1.36%

18.23%

7.38%

25.10%

8.36%

25.45%

8.85%

38.49%

12.23%

49.31%

14.49%

44.63%

17.20%

50.54%

19.48%

67.93%

22.08%

64.09%

24.40%

Index Volatility** Volatility is defined as standard deviation based on monthly index level.

Constituents

46.08%

36.49%

26.62%

21.08%

31.16%

9.30%

7.37%

10.89%

Solana10.60%

8.40%

12.41%

Cardano

7.40%

5.86%

8.66%

Dogecoin

4.55%

6.73%

TRON

3.89%

5.74%

Avalanche

4.82%

7.12%

Chainlink

3.73%

5.52%

Polygon

3.83%

5.67%
6.10%

Polkadot

Disclaimer:
All information contained herein is provided for reference only. IX Capital International Limited (“IX Capital International”) ensures theaccuracy and reliability of the above information to the best of its endeavors. However, IX Capital International makes no warranty or
representation as to the accuracy, completeness, or reliability of any of the information contained herein and accepts no liability(whether in tort or contract or otherwise) whatsoever to any person for any damage or loss of any nature arising from or as a resultof reliance on any of the contents of this document, or any errors or omissions in its contents and such contents may change fromtime to time without notice.
©2023 IX Capital International Limited, All Rights Reserved.

https://ix-index.com/

21

DAICS®
IX Digital Asset Industry Classification System (“DAICS®”)
The IX Digital Asset Industry Classification System (DAICS®) has been launched to provide a transparent
and standardized classification scheme for digital assets. DAICS® serves as a tool for asset allocation,
portfolio analysis, and product development in the digital assets market. It complements IX CapitalInternational's development of competitive digital asset indexes and products based on a robust global
standard.
DAICS® covers cryptocurrencies and asset-backed tokens (ABT) and undergoes semi-annual reviews inJune and December. For both cryptocurrencies and asset-backed tokens, it employs a three-tier systemthat categorizes them into different industries.
Initially, DAICS® includes the top 50 cryptocurrencies based on market
capitalization, which already represent over 80% of the market share in terms ofsize and volume. The classification work for asset-backed tokens will be addedin the next stage, once a sufficient number of popular tokens are available in themarket. The current ABT classifications are designed to cater to foreseeableindustry demand. As the market matures and more cryptocurrencies with strong
use cases emerge, the Classification System may expand to encompass
additional cryptocurrencies, ABTs, industries, sectors, and subsectors.

View Digital Asset
Industry Definition

Cryptocurrencies(01)Infrastructure (120)
Payment (110)Application Development Protocol andSmart Contract (12010)

Transaction & Payments (11010)

Interoperability (12020)

Exchange Tokens (13010)
Lending & Borrowing (13020)

Scaling & Sharding (12030)

Stablecoin (11020)

Staking (13030)

Supporting System (12040)

Media & Entertainment (150)

Tech & Data (140)

Social Media (15010)

Storage & Sharing (14010)

Streaming (15020)

Data Management (14020)

Digital Assest

Financial Services (130)

Gaming (15030)

Artificial Intelligence (14030)

Metaverse (15040)

Asset Backed Tokens (“ABT”) (02)Culture (205)Art (20510)
Sports (20520)
Festive Collectibles (20530)
Design IPs (20540)
Drama and Play IPs (20550)

Entertainment (255)
Movies (25510)
Songs (25520)
Concerts (25530)
Gaming (25540)
All Other Entertainment (25550)

Real Estate (215)Commercial Property (21510)
Residential Property (21520)
Governmental Property (21530)
Residential and Commercial Land (21540)

Financial (235)
Tokenized Securities (23510)
Tokenized Debts (23520)
Tokenized REITs (23530)

Natural Resources (265)
Precious Metals (26510)
Agricultural (26520)
Energy (26530)
Metals (26540)

The Green Economy Section is further explained on the page on the right.

22

Green Economy (275)17 UN SGDs

DAICS®

Classification of Cryptocurrencies with DAICS®
Ethereum (ETH)
Is ETH a cryptocurrency or an asset backed token?
•

Cryptocurrency (01)Is ETH a payment, infrastructure, financial service, tech & data, or media &entertainment token?
•

ETH

ADA

SOL

ETC

FTM

TRX

HBAR

ICP

EOS

AVAX

NEAR

APT

BIT

LINK

ALGO

Infrastructure (0120)
Definition: Bedrock blockchain that facilitates the operation of otherdecentralized applications.

Is ETH a token for Application Development Protocol and Smart Contract, Interoperability, Scaling & Sharding, Supporting System?
•

Application Development Protocol and Smart Contract (012010)
Definition: Layer-1 blockchain network that facilitates DApp creation and smart contract execution and smart contract

Hence, ETH, along with ADA, SOL, TRX, AVAX, etc., are classified as application development
protocol and smart contract tokens, with a classification ID of 012010

Green Economy Under DAICS®
In line with the global effort to achieve
net-zero emissions and the United
Nations' 17 sustainable development
goals (SDGs) by 2030 and 2050, IX
Asia Indexes anticipates that more
tokenization will align with the SDGs.
The vision is to promote ESG andsustainability beyond environmental
impact,encompassing

growth,goodsustainable

governance,socialimpact, and community engagement.
In line with this, DAICS® introduces a"green" labelling system for cryptocurrencies that prioritize sustainability through energy-efficient
protocols or active efforts to minimize environmental damage.The token

Green coin
G

IMX

ALGO

ETHG

NEARG

ADAG

HBARG

G

The above is an extraction of 2Q 2023 half yearly

name will be denoted by a green “G”. Under the ABT category, a "Green
Economy" asset type is introduced for tokens representing projectsaligned with the United Nations' 17 sustainable development goals. For
more information please refer to our half yearly DAICS®

review.

Additionally, a study is underway to create an index representing the Asia
Pacific Green Economy.

DAICS® Review on selected green coins

19
23

API

API
To enhance the accessibility of our indexes, we have developed an in-house API. This API enables
individuals to easily access the index values for IXCI, IXBI, IXEI, IXSCI, and other indexes in the ixCrypto
Spot Price Index series.
We are pleased to offer free public access to our delayed index APIs. For those seeking real-time index
values, a subscription to our API service is required to obtain an API token. This ensures timely andup-to-date information for users.
A brief overview of our coverage of our API is shown below:

Real-time Indexes

Delayed Indexes•

Available indexes:•

Available indexes:•

Benchmark indexes: IXCI, IXBI, IXEI, IXSCI•Benchmark indexes: IXCI, IXBI, IXEI, IXSCI•Spot Price Indexes: All Spot Prices•

Spot Price Indexes: All Spot Prices•

Industry Indexes: IXFI•Portfolio Indexes: IXEW5, IXSR5, IXEW10, IXSR10,IXAEW10, IXASR10

Additional Information
The weighting of individual constituents within IXCI are also available via our API. This provides investors
with the most up to date information regarding the constituents that make up the benchmark index.

24

API

Documentation for IX Index API
To assist users in using IX Index API, we have created a documentation educating users on accessing ourAPI. The documentation includes the API endpoint, different GET functions, result descriptions, example
curl requests and relevant JSON outputs. Furthermore, the documentation has a dedicated segment onaccessing the API with Python, PHP, and Node JS.

25

Crypto News​

Important Crypto News in 2023 Q4
2/10

UBS Asset Management has initiated a live pilot of a tokenized fund in
Singapore
UBS Asset Management has initiated a live pilot of a tokenized fund in Singapore, as part of
Project Guardian, an industry initiative exploring the tokenization of real-world assets.
Tokenized funds are gaining traction among traditional asset managers.

5/10

The Canadian Securities Administrators (CSA) has provided updated
guidance allowing stablecoins to be traded on crypto asset trading platforms
as long as certain conditions are met
The Canadian Securities Administrators (CSA) has provided updated guidance allowing
stablecoins to be traded on crypto asset trading platforms as long as certain conditions aremet, including maintaining appropriate reserves and disclosing relevant information.

11/10

JPMorgan has launched its Tokenized Collateral Network (TCN), a
blockchain-based tokenization platform
JPMorgan has launched its Tokenized Collateral Network (TCN), a blockchain-based
tokenization platform. BlackRock, an asset management giant, was among the first clients to
use the platform for a collateralized trade with JPMorgan involving digital tokens representing
shares of a money market fund.

29/10

Kasikorn Bank of Thailand has acquired a majority stake in Satang crypto
exchange for $103 million
Kasikorn Bank of Thailand has acquired a majority stake in Satang crypto exchange for $103
million. The acquisition was done through a subsidiary called Unita Capital, and Satang will be
re-branded as Orbix, with additional subsidiaries formed.

26

Crypto News​

Important Crypto News in 2023 Q4
2/11

The app allows retail investors to buy bitcoin and ether using Hong Kong or
US dollars. This comes after the Hong Kong government introduced a newlicensing scheme for cryptocurrency platforms
Hong Kong's HashKey Group has launched the first trading app approved by the Securities
and Futures Commission. The app allows retail investors to buy bitcoin and ether using Hong
Kong or US dollars. This comes after the Hong Kong government introduced a new licensing
scheme for cryptocurrency platforms.

20/11

Cryptocurrency exchange Bullish, led by former NYSE President Tom Farley,
has acquired CoinDesk from Digital Currency Group in an all-cash deal
Cryptocurrency exchange Bullish, led by former NYSE President Tom Farley, has acquired
CoinDesk from Digital Currency Group in an all-cash deal. The financial terms wereundisclosed. The acquisition aims to expand Bullish's presence and leverage CoinDesk's
expertise in the crypto market.

4/12

Julia Leung, the first female CEO of Hong Kong's Securities and Futures
Commission (SFC), has played a significant role in positioning Hong Kong as a
crypto hub
Julia Leung, the first female CEO of Hong Kong's Securities and Futures Commission (SFC),
has played a significant role in positioning Hong Kong as a crypto hub. Under her leadership,
the SFC introduced proposed rules for virtual asset trading platforms, implemented a licensing
regime for virtual asset service providers, and awarded retail trading licenses to several firms.
Hong Kong also allowed spot-crypto ETF investing and tokenized securities issuance andtrading. The SFC granted licenses to SEBA and authorized UBS Group's clients to trade crypto
ETFs. Leung's term aligns with Hong Kong's efforts to establish itself as a major player in thedigital assets industry.

13/12

Coinbase's international exchange will launch spot crypto trading on
December 14, 2023
Coinbase's international exchange will launch spot crypto trading on December 14, 2023.
Institutional international investors can trade bitcoin and ether against the USDC stablecoin.
Retail users, additional assets, and trading features will be added later. The expansion aims toaddress regulatory concerns and enhance trading options.

27

Crypto Regulations​

New Crypto Regulations Worldwide
The U.S. Securities and Exchange Commission (SEC) rejected Coinbase's
petition for tailored rules for digital assets, stating that the existing
securities regime is sufficient
The U.S. Securities and Exchange Commission (SEC) rejected Coinbase's petition for
tailored rules for digital assets, stating that the existing securities regime is sufficient.
Coinbase plans to challenge the decision in court, while two SEC commissioners
expressed dissent and called for open dialogue.

Seeking feedback on proposed rules related to sustainability indicators,
disclosures, white papers, trade transparency, and record-keeping
requirements for crypto-asset service providers
The European Securities and Markets Authority (ESMA) has released a second
consultation package under the Markets in Crypto-Assets Regulation (MiCA), seeking
feedback on proposed rules related to sustainability indicators, disclosures, white papers,
trade transparency, and record-keeping requirements for crypto-asset service providers.

The UK has introduced a new regulation allowing the Financial Conduct
Authority (FCA) and the Bank of England to operate the Digital Securities
Sandbox (DSS)The UK has introduced a new regulation allowing the Financial Conduct Authority (FCA)
and the Bank of England to operate the Digital Securities Sandbox (DSS). The sandbox will
enable companies to test tokenized securities and distributed ledger technology, whileregulators can make rule changes to adapt to evolving technologies.

Japan is planning to amend its tax policy to exempt firms holding
third-party-issued cryptocurrencies from year-end mark-to-market
valuation taxes
Japan is planning to amend its tax policy to exempt firms holding third-party-issued
cryptocurrencies from year-end mark-to-market valuation taxes. Instead, companies will
only be taxed on profits from the sale of digital currencies and tokens, aligning thecorporate tax system with individual investors. The reform aims to promote the growth of
local startups and attract international projects.

28Crypto Regulations​

New Crypto Regulations Worldwide
The People's Bank of China (PBOC) Financial Stability Report 2023
discusses the rapid growth of the global crypto asset market and calls forinternational cooperation in crypto regulation.
The People's Bank of China (PBOC) Financial Stability Report 2023 discusses the rapid
growth of the global crypto asset market and calls for international cooperation in crypto
regulation. The report emphasizes the need to close data gaps, reduce fragmentation,and eliminate regulatory arbitrage. It also highlights the risks associated with crypto
assets and proposes a six-pronged strategy for their governance. The report suggests
a thorough overhaul of the registration system and calls for market cleanup and reform.

South Korea's Financial Services Commission (FSC) has proposed rules
under the Virtual Asset User Protection Act to safeguard customers ofvirtual asset service providers (VASPs)
South Korea's Financial Services Commission (FSC) has proposed rules under the
Virtual Asset User Protection Act to safeguard customers of virtual asset service
providers (VASPs). The rules include sanctions for unfair trading, disclosure of crypto
holdings, and enhanced security measures for customer deposits.

The Monetary Authority of Singapore (MAS) has finalized regulations for
Digital Payment Token (DPT) service providers
The Monetary Authority of Singapore (MAS) has finalized regulations for Digital Payment
Token (DPT) service providers. The regulations focus on business conduct, consumer
access, and technology and cyber risk management.
DPT service providers will be required to disclose conflicts of interest, establish
complaint-handling procedures, and discourage cryptocurrency speculation by retailcustomers. The regulations will be implemented in phases from mid-2024. MAS advises
consumers to exercise caution when engaging with DPT services.

29

Company Awards​

2020

HK Fintech Award by ETnet 2020 in Wealth Investment and Management
Outstanding Cross-Boarder Digital Asset Management Solution

HK Fintech Impetus Award 2020 by Metroradio and KPMG
Basic Technology- Trading Platform

2021

HK Fintech Award by ETnet 2021 in Wealth Investment and Management
Outstanding Crypto Index Platform

2022

Hong Kong Fintech Impetus Awards 2022
Startup of the Year
Basic Technology (Big Data)

2023

Hong Kong Fintech Impetus Awards 2023
Basic Technology (Big Data)

30

Services and Licensing ​Our Services
We offer professional services in both real and digital assets including index consultancy, index design,index calculation and dissemination, and index education.
If you are interested to create your own custom index, but wonder whether your idea is feasible or not,please come to us and we could help you get started after understanding your ideas and visions. Our
professional team will offer advice to resolve your challenges and provide the most feasible solution tocreate your own index.
After finalizing the custom index positioning and approach, our operation and tech team will help you withthe design of the index methodology as well as the data system for index calculation and dissemination.
We also provide education services. If you would like your employees to acquire more knowledge aboutindexes, we can offer you customized courses taught by industry experts for your company.
Moreover, if you would like to create products that is linked to any of our indexes, index licensing isrequired. For data licensing and product, please contact us at licensing@ix-index.com.
For API subscription or any enquiries, please contact info@ix-index.com.
Real time indexes are disseminated every 5-second interval for 24x7. The real-time indexes are available
for viewing on the IX Capital International official webpage. For IXCI, IXBI and IXEI, the indexes are alsoavailable through Nasdaq Global Index Data Service (“GIDS”) with dissemination interval at 15-second.

Licensing of Products
Licensing from IX Capital International Limited is required for the creation of products that linked to aparticular index in IX Asia Indexes.
If you are interested in licensing, product specification and sample data files, please contact us atlicensing@ix-index.com.

31

(852) 3595 3638
www.ix-index.com
enquiry@ix-index.com
IX Asia Indexes, provides real-time digital asset indexes built upon robust infrastructure which are disseminated
24×7 globally. Since the launch of the first crypto benchmark index (“IXCI”) in Hong Kong in December 2018, theixCrypto Index Series has since expanded into 28 indexes, including single cryptocurrency, spot price, portfolio,
and industry-focused indexes.

© 