The index.

RAVA reads the index. It doesn't make it.

Why a published index.

• An independent publisher calculates it, under a public method.
• It prints every day, so you can track a window as it runs.
• Nobody in the market can change it.

Example: US high yield credit.

The market settles on ERINSDHY, published daily by S&P Dow Jones Indices. It tracks buying protection on the CDX HY credit index. It rises when credit worsens and falls when credit holds.

• Since 2007 it has fallen about 6.4% a year.
• It rose 15% in the window that opened March 2008.
• The March 2026 window stood at −4.31% on 22 September 2026.