Why Litecoin replaces Gram as an alternative to Xetra Virtue ETP: The reasons behind the rebalancing

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Virtue completes monthly rebalancing on October 5, 2026: Gram exits and Litecoin joins

Virtue completed the monthly rebalancing of Virtue's cryptocurrency Altcoin Index (Exchange-Traded Products) on October 5, 2026. One piece of information is most critical to investors: Gram (GRAM) has been removed from the index, and Litecoin (LTC) has become a new member. After rebalancing, the weights of all ten open positions were again equally adjusted to 10.00%.

This does not apply only to Nordic Account products. The ETP is traded in euros on the Xetra market on Deutsche Börse with the ISIN code SE0023260716, the German stock code A4AKW6, and the trading code VRTA. Since the reporting date, the asset portfolio in the accounts of investors holding the product has changed compared to September. The reason for this change is not based on market views, but stems from the rules of the index itself.

October 5, 2026 Specific adjustments of Virtue in the alcoin index

Virtue is a Stockholm-based Swedish cryptocurrency ETP issuer. The company publishes the composition of its altcoin index monthly after the reporting date. Two snapshot data are provided this time: the weight on September 29, 2026 before rebalancing and the weight on September 30, 2026 after rebalancing.

Before rebalancing, the basket composition is as follows:

Bitcoin Cash (BCH): 11.11%
Chainlink (LINK): 11.08%
Solana (SOL): 10.86%
Cardano (ADA): 10.07%
Stellar (XLM): 9.91%
XRP: 9.79%
Canton (CAN): 9.78%
Hyperliquid (HYPE): 9.47%
BNB: 9.26%
Gram (Graph): 8.68%

After rebalancing, the shares of ten assets are exactly the same:

Canton, Cardano, Bitcoin Cash, BNB, Solana, Stellar, XRP, Hyperliquid, Chainlink, and Litecoin, each at 10.00%. Nine of the ten assets were previously in the index, with only one position replaced.

Notes on time points: The announcement date is October 5, but the actual effective date of index composition is September 30. Therefore, there is a time lag of several days between the effective effect of the index change and the announcement. Anyone who checks monthly account data against the index should use the reporting date rather than the announcement date.

Gram exits, Litecoin joins: only position change in the index

Before rebalancing, Gram is at the end of the basket with a weight of 8.68%. This is not an accident, but the result of the equal-weighting mechanism: if the performance was weaker than the other nine assets starting at 10.00% at the beginning of last month, the ranking will decline by the next reporting date. By the way, Gram is the name of a token that was once called Toncoin, which recently changed its name;cryptoticker.io described this change at the end of September 2026.

Litecoin接替了这一位置。作为市场上最古老的网络之一，截至2026年10月5日，其价格约为70美元，日内下跌0.9%，周涨幅为0.8%。走势较为平稳，这也说明了一个重要事实：纳入指数并不等同于价格的立即上涨。

为何指数纳入并非投资建议

指数提供商在个案中不做投资决策，而是应用既定规则。根据发行商的说法，Virtune加密货币山寨币指数选取最多十个领先的另类加密资产，明确排除比特币（Bitcoin）和以太坊（Ethereum），并对每个资产赋予相等权重。只要在某个月份通过指数的衡量标准进入前十强，就在指数内；反之则被剔除。这并不意味着对价格后续走势的任何声明。

十处等权重仓位：规则驱动的再平衡实操

10.00%的等权重：Virtune加密货币山寨币指数的计算方式

等权重意味着无论代币市值大小，篮子中的每个位置获得相同的份额。因此，一个市值数千亿美元的网络与一个市值仅数十亿美元的网络具有相同的权重。在Virtune的指数中，由于有十个位置，每个位置占10.00%。

This equality is not automatically maintained. Once trading resumes, the gap between the ten prices will widen, causing shares to shift. This is why monthly resets are required. This mechanism has a consequence that many buyers underestimate: at reset, winners of the month are systematically cut back and losers are added to their positions. In September, this significantly affected Bitcoin Cash and Chainlink, which topped the list with more than 11%, and were readjusted back to 10.00%.

This is neither good nor bad, but a deliberate decision by the index provider. Any idea that the altcoin basket automatically bets on the strongest trends is wrong: equal weights work in the opposite direction of a momentum strategy.

ETN, not funds: What's in your account after purchasing Virtue ETP

It's worth taking an in-depth look here, as terms are often confused in daily language. Trading venue data from the Frankfurt Stock Exchange shows that the type of security is ETN (Exchange Traded Notes). Legally, ETN is the issuer's debt security, not a fund. Segregated fund assets will not be generated like UCITS funds do.

In practice, this means: In addition to taking on the price risk of ten altcoins, you also take on the risk associated with the issuer. How to ensure the specific situation is not stated in the press release, but in the basic prospectus and the provider's product documents. For debt instruments, reading these documents before funds flow is by no means formalism.

Regarding the classification, structure and differences of exchange-traded cryptosecurities in Germany in general, we have compiled in our overview and explained why in German usage, the term "cryptocurrency ETF" usually does not refer to a real fund.

Trading hours 9:00 to 17:30: Weekend gap between Xetra and the crypto market

This rarely appears in product descriptions, but can be costly at critical moments: trading times mismatch. According to data from the Frankfurt Stock Exchange, regular Xetra trading hours are from 9:00 to 17:30, and pre-and after-hours trading hours are from 8:00 to 22:00. The crypto market itself has no concept of a closed market.

So if a piece of news on Saturday afternoon causes one of ten currencies to fluctuate by 15%, you cannot sell the ETP. You can see fluctuations, but you can't touch them. It was not until Monday morning that the first price would reflect the changes over this period once and for all. If you buy spot directly through the exchange, you can trade on Saturday.

This gap is the most powerful argument for clarifying access channels. There are significant differences in trading hours, spreads, and order fees for exchange-traded crypto securities offered by different brokers.

Spread vs. Trading Hours

The lighter a security is traded, the larger the spread between bid and ask quotes. In pre-market and after-hours trading, trading volume is usually lower than during the core session. Larger orders placed during these marginal periods require higher spread spreads. Using limit orders instead of market orders here is not only a preference for senior investors, but also an obvious protective measure.

当你的账户中持有ETP时，自己保管密钥的问题就不存在了；但如果直接购买十个币种，这个问题立刻出现。

Litecoin纳入指数：新的入场并非价格信号

每次指数纳入后，都会出现过度解读的声音。Litecoin按市值属于领先梯队中较小的网络，2026年10月5日报价约为70美元。纳入指数表明该代币在报告日期符合指数标准。它对10月之后的情况只字未提。

反之亦然。离开指数并不是对项目本身的判决，而是特定日期排名的结果。一个代币可能在一个月后退出，下个月又滑入指数，而网络本身没有任何变化。

税务与持有期：账户中的证券还是钱包里的币

这种区别对德国投资者来说可能是最具后果性的，且在购买时容易被忽视。对于个人持有的加密货币，适用德国所得税法第23条规定的私人处置制度，即熟悉的“一年免税期”。而对于证券账户中的证券化工具，税务遵循不同的逻辑。

单个加密货币ETN的具体税务处理方式取决于其法律结构，不能对所有证券一概而论。正因为如此，这个问题应在购买前解决，而不是等到次年的税务申报时。请与税务顾问结算此事，并准备好发行商的文档。

What you can do anyway: Regulate the records. The purchase date, quantity, price, transaction venue and fees should be recorded, including wallet address for currency. Using relevant tools can avoid rebuilding efforts at the end of the year.

Canton, Hyperliquid, Gram: What do ten equal-weight altcoins reveal?

The index deliberately excludes Bitcoin and Ethereum. This is the core of the product and significantly changes its risk characteristics. These two largest networks account for most of the market value and a lot of liquidity. A basket without them is not a microcosm of the crypto market, but a targeted bet on all assets except the two giants.

In addition, the structures of these ten names differ widely. These include established payment networks such as Bitcoin Cash and Litecoin, large platform chains such as Solana and Cardano, exchange token BNB, oracle network Chainlink, and younger names such as Hyperliquid and Canton. The ten same percentages conceal the fact that these projects come from different sources of revenue and vary in tradable depths.

For spreads, this means: ten positions are more than one, but equal weights alone cannot diversify among different types of risk. If altcoins fall collectively in weak markets, even distribution helps little.