LEVEL — level = Σ (units × price) ÷ divisor. Each constituent's units were fixed at constitution (
—) so no single card exceeded
15% of basket value on day one; the divisor (
—) was set so the index launched at exactly 100.00. At base 100 the level IS the cumulative return. ·
PRICE-WEIGHTED — weight = units × price ÷ basket value. Weights drift with prices between constitutions; the cap binds at constitution, not nightly. ·
MARKS — the price engine's nightly verified ask-floor medians for
the exact card, verified: right code, right year, no graded slabs, no parallels, no lots, no reprints. Asks, not solds — labeled
ask basis everywhere on this page. How the engine prices cards, one-page read:
/how-prices-work · every tracked chart:
/cards. ·
HAMMER RESTATEMENT — when the engine's captured auction closes cover enough of basket value (inside 30 days), the divisor restates to hammer basis. A basis change never moves the level; it is logged in the divisor log. ·
DIVISOR CONTINUITY — any composition change (inclusion, drop, cap re-application) adjusts the divisor so the level is identical before and after. Only prices move the level. ·
BACKCAST — chart dates before inception apply the same fixed units and divisor to the engine's historical nightly marks, and are drawn dashed and labeled. The backcast starts on the first night every constituent had a mark; no history is invented. ·
BASE TOP-100 — the Base tab is pre-activation: it lists the universe with no prices and activates when 60 of 100 cards carry a sourced mark. No fake numbers, ever. ·
NO CALLS — no picks live on this page — calls live on
the board and the
Track Record. An index is a measurement, not a recommendation.