Index

Intro to the Index.

The Navmont Yield Index measures the total return of a hedged basket of private funds, and public dividend yield. It is the standard. Baskets built on it inherit the rules.

Objective

Capture the income premium of private fund yield while neutralizing the public market risk that comes bundled with it. The index is designed to deliver hedged distributable yield as a benchmarkable asset class, with selection and hedging governed by deterministic rules.

Identity

• Asset class. Hedged private fund yield. Liquid public dividend positions and illiquid tokenized private fund interests, every constituent paired with a sized public hedge.
• Calculation type. Total return. Includes distributions and hedge cost or payoff.
• Currency. USD.
• Base value. 1,000 at live launch.
• Frequency. Quarterly constituent rebalance. Continuous hedge layer.

Construction summary

Selection runs against documented thresholds (manager track record, distribution coverage, hedgeable counterpart). Each constituent carries a sized hedge against a public market proxy that prices the same underlying risk. Concentration is capped per position and per correlated cluster. The full rule set is published, versioned, and EY audited. Detail in Methodology. Operational handling in Maintenance.

Administration

• Sponsor. Navmont, as benchmark administrator. Owns the rule set and publishes the index value.
• Audit. Ernst & Young LLP reviews the rule set and its execution annually. Material changes trigger interim review.
• Verification. Selection, weighting, hedge sizing, and removal run as deterministic code against the published thresholds. Every keeper run is logged on chain. Run status, last execution, and outputs published in real time.

Implementation

The index has no wrapper, no custody, no fee, no redemption mechanic. Those belong to the baskets that implement it. $RWY is the first. See Basket composition.