Resolve BACK if, by 2026-05-15 20:00 UTC, the named market data source shows Spy outperforming tlt on percent return over the review window; otherwise resolve FADE.
FADE — other outcome: The published FADE condition is met.
Positions close: May 15, 2026, 7:26 PM UTC
No verified current price reference is attached. Do not treat this illustration or headline as live data.
Editorial illustration
Legacy terms: no immutable publication-time snapshot is attached. If stored wording, structured terms or measurement windows conflict, this market requires manual review; a later display change does not rewrite the agreement.
Research quality and completeness vary. Missing evidence is explicitly marked below.
▲ Back case
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
Published
May 12, 2026, 7:26 PM UTC
Research verification
No independent research review is recorded.
Scheduled opening
May 12, 2026, 7:26 PM UTC
Pools close
May 15, 2026, 7:26 PM UTC
Resolution
May 23, 2026, 6:15 PM UTC
Stored historical terms & technical evidence
Stored historical wording
Use https://finance.yahoo.com/quote/SPY/history/ as the source of truth. Read the daily close or reference spot price through 2026-05-15 20:00 UTC. Settlement closes at 2026-05-15 20:00 UTC and resolves at 2026-05-15 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…
Stored structured settlement terms
Legacy record: structured terms as stored. No immutable publication-time snapshot is attached; these records alone do not establish the exact terms served.
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
Stored window
through 2026-05-15 20:00 UTC · opens 2026-05-12T19:26:50.536Z · closes 2026-05-15T20:00:00.000Z · administrative resolve 2026-05-15T20:00:00.000Z
structured_scanner
relative_performance_v1
Recorded outcome evidence
VOID · recorded 2026-05-23T18:15:17.557Z · Resolution 9ec28442-bf50-4d64-8549-f94e7f1835a4
Resolver rationale and source record
Operator note: resolved VOID 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.
No immutable observation snapshot is attached to this legacy outcome. Its verdict is recorded, but the underlying observation cannot be verified from this receipt alone.
