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you mention all elements being capped at 30bp divergence from the median. Which median are you referring to ?
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The median of the elements of the index
Just to clarify, for the listings that have both a btc and usd(t) pairing in their elements, if the usdt pairs were to diverge significantly from the btc pairs then the index would rebalance ?
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There aren't any automatic index rebalances, other than capping each element's divergence from the median.
However each quarterly expiration we'll review indexes to see if there are any changes we should make.