Use https://finance.yahoo.com/quote/SPY/history/ as the source of truth. Read the daily close or reference spot price through 2026-06-20 20:00 UTC. Settlement closes at 2026-06-19 20:00 UTC and resolves at 2026-06-20 20:00 UTC. Resolve BACK when SPY posts a higher percent return than TLT between the market-open reference and the resolve reference. Resolve FADE when SPY does not post a higher percent return than TLT…
Legacy terms: no publication-time snapshot was captured. If the original wording, structured terms or measurement window conflict, this market requires manual review; a later display change does not rewrite the agreement.
Incomplete research: a developed BACK case and supporting evidence have not been published. Automated review scores are not independent investment research.
▼ Fade case
Incomplete research: a developed FADE case and supporting evidence have not been published. Automated review scores are not independent investment research.
▼ FADE settlement condition
SPY does not post a higher percent return than TLT over the same window.
⊕ What would void
Void if either SPY or TLT is missing a usable public reference at settlement.
Resolution path
Filed
Jun 15, 2026, 6:47 AM
Reviewed
Review record pending
Live
Jun 15, 2026, 6:47 AM
Pools close
Jun 19, 2026, 4:00 PM
Resolution
Jun 20, 2026, 4:12 PM
Complete structured settlement terms
Legacy record: structured terms as stored. No publication-time snapshot was captured; original wording is retained above.
BACK condition
SPY posts a higher percent return than TLT between the market-open reference and the resolve reference.
FADE condition
SPY does not post a higher percent return than TLT over the same window.
VOID condition
Void if either SPY or TLT is missing a usable public reference at settlement.
Source field / metric
daily close or reference spot price / percent return over the review window
Direction / threshold
outperform / Not specified
Published window
through 2026-06-19 20:00 UTC · opens 2026-06-15T10:47:52.366Z · closes 2026-06-19T20:00:00.000Z · administrative resolve 2026-06-20T20:00:00.000Z
structured_scanner
relative_performance_v1
Recorded outcome evidence
FADE · recorded 2026-06-20T20:12:38.650Z · Resolution 98b7f2b0-ce24-4993-bc77-b73c20088e40
Operator note: resolved FADE despite zero positions because this thesis remains part of the public record and should settle transparently against its published rule. Source checked: https://finance.yahoo.com/quote/SPY/history/. No payouts were required.
primary: Yahoo Finance SPY and TLT closes · used · check time unrecorded Opening reference 741.75 at 2026-06-12T20:00:00.000Z; settlement reference 746.739990234375 at 2026-06-18.
fallback: TLT comparison source · supporting · check time unrecorded Comparison opening reference 85.77 at 2026-06-12T20:00:00.000Z; settlement reference 86.75 at 2026-06-18.
Settlement mode: deterministic.
Primary source: Yahoo Finance SPY and TLT closes (https://finance.yahoo.com/quote/SPY/history/).
