> ## Documentation Index
> Fetch the complete documentation index at: https://docs.beliefsystems.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# FAQ

> Frequently asked questions about Belief Index – what the indices measure, how the data is produced, and how the private Alpha Program works.

Common questions about the indices, the published data, and – for invited participants – the Alpha Program.

***

## General

<AccordionGroup>
  <Accordion title="What is Belief Index?">
    Belief Index is a family of rules-based indices that measure how prediction markets price themed categories of real-world event risk. Each index (a "series") condenses a basket of related event contracts into a single published level – like the S\&P 500 for equities, but for event probabilities. See [Introduction](/introduction) for a full overview.
  </Accordion>

  <Accordion title="Who is the data for?">
    Anyone who needs a citable, methodologically stable read on how markets price event risk:
    researchers and academics, journalists and analysts, risk and strategy teams, and product issuers
    evaluating an index to license. The data is public and free to cite with attribution.
  </Accordion>

  <Accordion title="Is this an ETF or a fund?">
    No. A Belief Index is a published index – a measurement, not an investment product. The
    distinction is the same as between the S\&P 500 itself (a number computed by an index provider)
    and an S\&P 500 fund (an investable product an issuer builds on it). No publicly available product
    tracks a Belief Index today. Issuers interested in referencing a series under license can contact
    [Index Services](https://beliefsystems.xyz/institutional/license).
  </Accordion>

  <Accordion title="Is this regulated?">
    Belief Systems publishes index data and research; the indices themselves are informational and are not registered with any regulator. Separately, the Alpha Program is a **private, invitation-only** program limited to verified accredited investors – it is not open to the public, and nothing on this site or in these docs is an offer to sell or a solicitation of an offer to buy any security. Alpha Program interests are **not registered** with the U.S. Securities and Exchange Commission or any state securities regulator; they are made available in reliance on exemptions from registration. See [Disclosures](/risk/disclosures) for the formal legal framework.
  </Accordion>

  <Accordion title="How do I cite the data?">
    Use *Source: Belief Systems (beliefsystems.xyz)*. When describing index movements, percentage changes over a stated period are the most robust framing. Levels are theoretical values computed from midprices – see [Risk Factors](/risk/risk-factors) for what they do and do not represent.
  </Accordion>
</AccordionGroup>

***

## NAV & Pricing

<AccordionGroup>
  <Accordion title="How often are levels updated?">
    NAV is computed at periodic NAV windows – currently every 30 minutes (subject to change). Each computation uses the latest available prices from the underlying prediction markets, and the index level is published on the same cadence.
  </Accordion>

  <Accordion title="Can I verify a published level myself?">
    Yes. The [NAV Methodology](/indices/nav-methodology) is fully published. You can fetch public
    price data from the underlying venue's order book, apply the published formula, and compare your
    result to the published value. See the "Independent Verification" section of the methodology page
    for step-by-step instructions.
  </Accordion>

  <Accordion title="Why might my computed value differ slightly from the published one?">
    Timing differences are the usual cause – your price fetch may occur seconds before or after the
    system's fetch, producing discrepancies of roughly 0.0001 to 0.001. Differences below 0.0000001
    are normal rounding. See the verification-issues table in [NAV
    Methodology](/indices/nav-methodology#common-verification-issues).
  </Accordion>

  <Accordion title="What does 'stale' mean?">
    A stale computation means the system could not fetch a current price for one or more underlying
    markets and used the last known good price as a fallback. Stale computations are flagged
    transparently. See [NAV Methodology – Staleness](/indices/nav-methodology#staleness).
  </Accordion>

  <Accordion title="What happens when a market in a series resolves?">
    Resolved markets are priced at their settlement value (\$1 for the winning outcome, \$0 for the
    losing outcome). The series continues publishing with its remaining active markets. When all
    markets resolve, the series reaches its terminal NAV. See [Index Series –
    Lifecycle](/indices/index-series#series-lifecycle).
  </Accordion>

  <Accordion title="Can a series' constituents change over time?">
    It depends on the series' **Maturity Type**. **Fixed** series are locked at publication – composition never changes. **Perpetual** series may add new constituent markets over time through formal reconstitution events at a published review cadence; markets are never removed. Reconstitutions are chain-linked so the published level stays continuous across composition changes. See [Perpetual Series](/indices/perpetual-series).
  </Accordion>
</AccordionGroup>

***

## Alpha Program

<Info>
  The questions below concern the **private, invitation-only Alpha Program** for verified
  accredited investors. The program is not open to the public, and nothing here is an offer or
  solicitation. See [Disclosures](/risk/disclosures).
</Info>

<AccordionGroup>
  <Accordion title="What's the minimum investment?">
    During the alpha program, minimums may vary. Invited participants can contact Belief Systems for current requirements.
  </Accordion>

  <Accordion title="How do participants deposit funds?">
    Via the deposit panel in the portfolio: **USDC from an Ethereum wallet** (funds typically land in
    the cash balance in about 30–60 minutes, moved through Polygon's PoS bridge automatically) or a
    **US dollar bank wire** (usually 1–3 business days). Full walkthrough: [Deposits &
    Withdrawals](/investing/deposits-withdrawals#depositing).
  </Accordion>

  <Accordion title="How quickly can participants get their money back?">
    Redemptions are processed at the next NAV window, not instantly. Once proceeds are in the cash
    balance, a withdrawal returns them as native USDC to an Ethereum-mainnet wallet (usually within a
    few hours) or as a US dollar bank wire (1–3 business days). The program is designed for a
    medium-term horizon, not instant liquidity. See [Redeeming Shares](/investing/redeeming-shares).
  </Accordion>

  <Accordion title="Can a participant lose everything?">
    Yes. If every market in a series resolves against the tracked outcome, the series NAV would go to
    zero. While diversification reduces this risk, substantial losses – including total loss – are
    possible. See [Risk Factors](/risk/risk-factors).
  </Accordion>

  <Accordion title="What are the fees?">
    The program supports three fee types: management fee (annual, accrued per NAV window), mint fee
    (one-time on subscription), and redemption fee (one-time on exit). Fee rates are configured per
    series and subject to change; current rates are visible in each series' details. Published index
    levels are always computed gross of fees. See [Fees](/investing/fees).
  </Accordion>

  <Accordion title="Will fees change?">
    Belief Systems reserves the right to introduce, modify, or remove fees at any time. Any fee
    changes are reflected in the series configuration and apply from the next NAV window.
  </Accordion>

  <Accordion title="Who has custody of participant funds?">
    Assets are held in a dedicated custody wallet controlled by Belief Systems on the Polygon
    blockchain. All holdings are on-chain and publicly verifiable. Withdrawals require human approval
    and automated solvency checks before any funds move. There is no independent third-party
    custodian during the alpha program. See [Asset Security](/trust/asset-security).
  </Accordion>

  <Accordion title="Are participant funds insured?">
    No. There is no FDIC, SIPC, or equivalent insurance on custody assets. Participation carries
    custody risk. See [Risk Factors](/risk/risk-factors).
  </Accordion>

  <Accordion title="How are withdrawals protected?">
    Every withdrawal goes through a multi-step process: admin review and approval, an internal safeguard buffer, pre-flight solvency verification, and on-chain confirmation. The system also automatically flags suspicious patterns (first-time withdrawals, large withdrawals, rapid withdrawals) for additional scrutiny. See [Asset Security](/trust/asset-security) for full details.
  </Accordion>
</AccordionGroup>

***

## Technical

<AccordionGroup>
  <Accordion title="What blockchain is this on?">
    Constituent positions are held on the **Polygon** blockchain – prediction market outcome tokens are ERC-1155 tokens on Polygon, and custody balances are publicly queryable there. See [On-Chain Verification](/trust/on-chain-verification).
  </Accordion>

  <Accordion title="Where do the prices come from?">
    Prices are sourced from the underlying prediction market venue's order book, which is publicly
    readable via API. The system reads the best bid and best ask for each tracked outcome token and
    computes the midprice.
  </Accordion>

  <Accordion title="What happens if the underlying venue goes down?">
    If the price feed is unavailable, the system falls back to the last known good price and marks the computation as stale. Extended outages could suspend NAV computation – and therefore index publication – entirely. See [Risk Factors](/risk/risk-factors#publication-and-technology-risk).
  </Accordion>
</AccordionGroup>