Windows.

Every token belongs to one dated window.

How windows run.

• Each market publishes its window length and open dates.
• Only the newest window mints.
• The older window keeps trading until it settles.
• The range and dates are frozen when a window opens.

Rolling.

Tokens don't roll by themselves. To move to the new window, one transaction redeems your old position and buys the new one. If any step fails, nothing happens.

Example: US high yield credit.

12 month windows opening each March and September, so two are always live.