Diversification only paid at the index level: broad-market and equipment names on bStocks

TL;DR

The only genuinely diversified instrument in this group came through almost untouched, while the basket diversified across a single sector fared no better than a single stock — the level of diversification decided it, not the ETF wrapper.

• SPYB is down 1.36% over 30 days against a book median of −16.71%, with 82 of 100 negative. Its range since listing is 1.074x, the narrowest of the 46 instruments listed 100 days or more.
• SMHB is the same wrapper from the same issuer, diversified across semiconductors only: down 15.27% over 30 days. The single equipment name ASMLB is down 14.76%, AMATB 26.30%. A sector basket and a single stock land in the same band.
• The four mature ETFs split themselves cleanly in two: broad mandates SPYB 1.074x and QQQB 1.158x; narrow mandates DRAMB 1.543x and EWYB 1.569x. That 1.350x ETF median is dragged down by the two broad funds.
• AMATB has the lowest turnover of all 100 instruments: 0.130x. It carries a $9.02M market cap (26th on the book) and does $1.17M a day (83rd) — top quartile by size, bottom fifth by volume.
• TMFB does $91.6K a day, the lowest on the book. Both the lowest turnover and the lowest volume on the entire book sit in this group.
• The group turns over at 0.4007x, second-lowest of the 20 groups (the five flagships are 0.3759x), against 0.6689x for the other 95 instruments.
• This snapshot cannot produce a premium. It carries no underlying reference price and no dividend-reinvestment multiplier, so this piece publishes no premium or discount figure at all.

1. What these five are

bStocks is the in-house tokenized-equity issuer of Binance (BTech Holdings Limited, ADGM / FSRA listed certificates, BNB Chain only, traded on Binance only). CoinMarketCap reports 105 instruments; the snapshot behind this piece holds 100 of them, timestamped 2026-10-31T06:06:52Z.

Of those 100, only 7 carry a market cap above $50M and 12 above $25M, while 61 sit below $5M and 33 below $1M, median $2.39M. These five together hold $31.48M, 2.4% of the book total of $1,318.38M, and do $12.62M of volume, 1.4% of the book total of $873.46M.

What these five share is that none of them is a bet on one quarter at one company. SPYB spreads across 500 constituents, SMHB across a sector basket, ASMLB and AMATB are two firms upstream in semiconductor equipment, and TMFB is a 3x long position in long-duration Treasuries — the only non-equity exposure in the group.

2. The level of diversification

Ordered by how widely each one spreads:

Only the top row escaped. SPYB beats the book median of −16.71% by 15.35 points; the three equity exposures below it land between −14.76% and −26.30%, all at or worse than that median.

SPYB also tops its own listing cohort. Ten instruments listed on 2026-07-06 (window 117 days for all of them); best to worst over 30 days: SPYB −1.36%, QCOMB −12.24%, WDCB −20.60%, GOOGLB −20.66%, GLWB −21.36%, DRAMB −21.49%, COINB −23.03%, NBISB −35.70%, CBRSB −40.09%, SOXLB −51.90%. The gap between first and second is 10.88 points, the largest step anywhere in that cohort.

The ETF wrapper itself explains nothing. The 46 instruments listed 100 days or more contain exactly four ETFs, and they split themselves in two by width:

Two broad funds at 1.07–1.16, two narrow mandates at 1.54–1.57, no overlap. The first piece in this series, the looser the anchor, the wider the range, read QQQB at 1.158x as "the index is narrowest". This sharpens it: what is narrow is not an index fund, it is a broad mandate. An ETF tracking one theme or one country reverts to the common-stock band — median 1.768x across the 28 common stocks listed 100 days or more.

3. Counter-example: a basket is not necessarily narrower than a single name

That ETF table invites the reading "the wider the spread, the narrower the range". Compare inside one window and it breaks.

SMHB and AMATB listed the same day (2026-07-28, 95 days), so all ten names in that cohort share an identical window. By range width:

AAPLB and GSB, both single names, are narrower than that sector basket. And ASMLB in this group — one company, via an ADR, 88-day window — is 1.232x, also narrower than the 1.286x of SMHB. "A basket moves less than its constituents" is not a rule you can lean on here.

The same table draws the boundary around section 2: SMHB ranks 7th of 10 on 30-day change, behind four single stocks (AMZNB, PYPLB, GSB, AAPLB). So what section 2 established is not "wider is better" — it holds across exactly one step, whole market versus one sector. Past that step, sector baskets and single names are mixed together.

Skip the TMFB row entirely. Its 1.081x width carries no information: 12 days is not enough to print an extreme. The first piece established that caveat with BRKBB (1.031x, 12 days), and the 7 leveraged ETFs listed 100 days or more have a median width of 2.892x — a 3x product cannot genuinely have a 1.081x range; that is the window, nothing else.

4. The lowest turnover and the lowest volume on the book are both here

The AMATB row is the cleanest case of held-not-traded on the whole book. 26th by market cap — top quartile — and 83rd by volume, with turnover of 0.130x, dead last of 100. The three lowest-turnover instruments on the book are AMATB 0.130x, COHRB 0.141x and GMEB 0.160x, all three with market caps above $6.6M. None of them is a small-cap.

The group turns over at 0.4007x, second-lowest of the 20 groups:

The other 95 instruments turn over 1.67 times faster than this group. Median member turnover here is 0.446x, third-lowest of the 20 groups, behind group 1 at 0.327x and the semiconductor design and fabs group at 0.431x.

One methodological trap runs backwards in this group. Turnover is 24h volume divided by market cap, so a small denominator inflates it — which is exactly what the second piece, the denominator trap, took apart. This group is the other end: part of why AMATB turns over so slowly is that its denominator is large by the standards of this book ($9.02M against a median of $2.39M). But its absolute volume of $1.17M also ranks 83rd, so both measures point the same way and the denominator is not doing the work this time. TMFB is last on both: 100th by volume, 94th by turnover.

5. Putting this group back in the distribution

This is not a story about five calm instruments; it is a book-wide decline with one name left standing. 82 of 100 are negative over 30 days, median −16.71%, 46 down more than 20% and 26 down more than 30%; the median distance from the high since listing is −27.1%, with 43 below −30%.

This group takes two slots on the closest-to-high list:

Five of the top six have been listed under 33 days — only SPYB has 117. The head of this list is mostly "has not had time to draw down yet", and SPYB is the one name that sat through a full window and is still near its high. TMFB ranks 3rd, but it belongs to the first category alongside BRKBB, LLYB, JPMB and WENB.

Sliced by listing month, the inverse relationship between size and turnover is plain:

These five span four months from 2026-07 to 2026-10, and TMFB belongs to that last row: 15 instruments worth $11.34M in total, turning over 1.85 times faster than the earliest cohort.

6. Structure: what these five tokens actually are

All of it from the issuer record on this site, none of it invented:

• The wrapper is a tracker certificate, issued by BTech Holdings Limited as an ADGM / FSRA listed certificate — not equity.
• No voting rights.
• Dividends are pass-through: a 30% US withholding deduction first, then reinvested through a multiplier. This is what drives the first point in section 8 — without the current multiplier, token price and share price are not comparable.
• Reserves are covered by attestation, not an on-chain proof of reserve. Among peers, xStocks uses Chainlink proof of reserve, updated daily or on a 10% move, verifiable on chain; an attestation is not.
• Redemption is available, requires KYC, minimum $5. (Primary redemption at xStocks has a $5,000 minimum.)
• US persons are blocked.
• BNB Chain only, Binance only, BSC deposits only — a wrong-network transfer loses the asset.
• The issuance model is exchange-self: the issuer and the only trading venue are the same entity.

One row needs saying separately: TMFB is a 3x leveraged ETF inside a tracker certificate. The underlying fund is itself a derivative built from daily rebalancing, then wrapped in a certificate — the certificate does not track Treasuries, it tracks a fund that resets its 3x exposure every day. The decay of holding it long-term comes from the fund mechanism, not from this wrapper, but with both layers stacked, "what does this token represent" takes two steps to answer.

By the same token, the underlyings of SPYB and SMHB are ETFs and the underlying of ASMLB is an ADR — a certificate tracking an ADR, where the ADR is already one layer of proxy over a foreign share. Of the five, only AMATB has a US-listed common share underneath it.

7. This snapshot was taken on a Saturday

The timestamp 2026-10-31T06:06:52Z is a Saturday morning UTC. The US cash market closed at 20:00 UTC on Friday and does not open again until Monday.

This has already been quantified once on the same issuer: one stock, four order books lined up four tokenized versions of AAPL on a Saturday and concluded that a quote outside trading hours is a market maker opinion, not a market price.

So read the 24-hour changes in this piece accordingly: that window (Friday 06:06 UTC to Saturday 06:06 UTC) contains a full Friday US session, so it is not a pure closed-market quote; but the snapshot itself lands inside the closure, and for the two-plus days until Monday, these token prices are the only prices these names have.

There is one extra wrinkle for this group: TMFB is exposure to the bond market, and the US Treasury cash market does not keep the same hours as US equities. The snapshot lands on a Saturday with both closed, so the difference is invisible in these numbers — but it exists intraday on a weekday.

8. What this method cannot compute

First, no premium or discount. The snapshot holds only the price of the token and no reference price for the underlying. More decisively, dividends take a 30% US withholding deduction and are then reinvested through a multiplier — without the current multiplier, token unit price and share price are not comparable in the first place. The absence of any premium figure here is an impossibility, not an omission.

Second, no shares per token. The snapshot carries no conversion ratio. The circulating supply of SPYB cannot be converted into any claim without it, and even less so for a two-layer structure like TMFB, a certificate over a leveraged fund.

Third, the windows behind range width are not equal. These five run 117 / 95 / 95 / 88 / 12 days; the shortest on the book is 5 days. Every book-wide width comparison here is restricted to the 46 instruments listed 100 days or more, and even those windows differ by more than a month. The 1.081x of TMFB is already void under this rule.

Fourth, for an instrument listed under 30 days, the "30-day" field does not cover 30 days. Fifteen instruments on the book have been listed under 30 days and 11 under 20 — TMFB has 12, so its +4.81% does not correspond to 30 days. The proof sits on another instrument: APPB has been listed 5 days and its 7-day and 30-day fields are identical (−16.11% both), so the field is clipped to available history. The book median of −16.71% and every ranking quoted here include those 15 clipped values.

Fifth, market cap is the CMC definition: price times circulating supply. The book total of $1,318.38M here is the sum of these 100 rows, while the bStocks row on the /stocks page of this site shows an on-chain size of $914M — two numbers from different sources at different times, and they do not reconcile.

Sixth, 100 of 105. CMC reports 105 instruments; this snapshot holds 100. The missing 5 are in none of these figures.

Seventh, one chain. All 100 exist only on BNB Chain — no cross-chain liquidity fragmentation, and no redundancy either.

Conclusion. The variable that mattered in this group is not "ETF or single stock", it is how wide the spread goes. SPYB, spread across 500 constituents, is down 1.36% over 30 days, has the narrowest range of any mature instrument at 1.074x, and tops its own listing cohort. SMHB, spread across one sector, is down 15.27%, lands in the same band as the single equipment name ASMLB at 14.76%, and has a wider range than ASMLB and than two single stocks in its own cohort. The ETF wrapper bought nothing; the broad mandate bought everything.

The other half of this is engagement. This group holds both the lowest-turnover instrument on the book (AMATB at 0.130x, 26th by market cap) and the lowest-volume one (TMFB at $91.6K), and its combined turnover of 0.4007x is second-lowest of the 20 groups. The AMATB row is the one to remember: on this book, how large an instrument is and how much it gets traded are nearly unrelated — top-quartile market cap can sit next to bottom-fifth volume.

Source CoinMarketCap, timestamped 2026-10-31T06:06:52Z, covering 100 of the 105 instruments bStocks reports. Instrument detail and quotes at /stocks/bstocks. This is research, not investment advice. DYOR.