Product, litigation and market facts are stated as of August 9, 2026. US500’s contract size, tick, funding cadence, trading hours and formal index reference were not published in accessible sources at the time of writing and are flagged as open throughout; mechanics carried over from Coinbase’s existing perpetual-style crypto contracts are labelled as assumed. The licensing boomerang, the weekend-basis argument, the haircut-as-signal frame and the convergence forecast are Kinetic Alpha inferences, not sourced fact, and the terms of the CME–S&P DJI license could not be verified beyond public exclusivity disclosures. The carry comparator is stylized with every instrument premium user-set — it ranks structures, it does not price trades. Nothing here is legal advice, a solicitation to trade on any venue, or a view on any listed security. Research and education, not investment advice.