Research

Methodology & research

How the index is defined, how the Reserve is accounted for, and how far the Engine is permitted to act.

Terminology

Index

The rules-based market portfolio

Reserve

All assets economically backing the index share

Core Reserve

Assets held directly for exposure and redemption

Depth Sleeve

The bounded portion of the Reserve approved for market-making

Depth

Capital currently allocated from the Sleeve to constituent markets

Engine

The logic controlling Depth, inventory and market parameters

Bands

Permitted inventory ranges around methodology target weights

Flow

Trading activity through INDX markets

Market

The constituent execution venue coordinated by the Engine

Tracking difference

Reported separatelyBecause the Depth Sleeve actively market-makes, investable NAV can diverge from the pure benchmark. Both are published; market-making PnL is never folded into the benchmark.

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Not live

Benchmark level

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Not live

NAV / share

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Not live

Tracking difference

Flow-assisted rebalancing

When a constituent drifts outside its Band, the Engine can adjust permitted market parameters — fees, Depth allocation — to encourage Flow in the direction that helps move inventory back toward target. This reduces how much explicit rebalance trading is required. It does not guarantee tracking, and hard rebalances still exist.