Exposure you can hold and build on

Long and short a published price or index as fully paid tokens. Hold them in a fund, move them, or build products on them. No margin calls, no liquidation.

Open the market

One dollar. Two sides.

One dollar locked in a smart contract creates two tokens, and a published index decides how that dollar divides at the end.

LONGSHORT

market pricemarket price

the outcome

bought LONG at 70¢+.00

bought SHORT at 30¢+.00

01.

LongGains as the index falls. The most you can lose is what you paid.

02.

ShortGains as the index rises, to hedge or to take the view. The most you can lose is what you paid.

Exposure other products can be built on.

Hold it in a fund.

Either side is a fully paid token a fund can keep in its own custody, next to T‑bills or bonds.

Borrow against it.

A lending market can accept the token as collateral, so a holder raises cash without selling the position.

Package it.

Issuers combine slices into products with a defined range, such as a hedged fund or an income product.

Build on the settlement.

The contract reads the published index and pays from escrow, so a product built on it inherits that rule.

Markets.

The first market settles on the high yield credit index S&P publishes daily.

ERINSDHY · S&P Dow Jones Indices

US high yield credit

Open the market

$0.49

long, gains as credit holds up

$0.51

short, gains as credit worsens

-4.3%

where the market expects it to land

An official index settles the market.

One published number settles each market, with no vote and no judge.

Daily publicationsEach dollar divided

A scoreboard exists.

An independent publisher prints it daily, and RAVA cannot edit it.

The market prices it.

Long and short sum to one dollar, so the price shows where the index should land.

The scoreboard settles it.

At the end of the window, the index divides each dollar.

Read the settlement rules

More indices, same rules.

Any licensed index with enough history can list, under the same published rules.

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