The exchange that lists companies that don’t exist.

Ten household names, filed, priced and covered as if they’d traded the whole time. One lists today. The rest are sealed, one drop a week, until the board is full.

Open the terminal See what’s live

Board, live and sealed

DUFF · Duff BeerHousehold Names · Springfield LISTED —Next constituent SEALED

Indicative terms

BoardFRWA

Constituents1 of 10 listed

Trading hours24/7/365

Circuit breakersNone

SettlementNever

Lock-upOne universe

Price basisDetermined solely by supply and demand for the listing. Not linked to the revenue, earnings or existence of the underlying company.

Listing schedule

01Today. Duff Beer lists. First trade, first filing, first analyst notes.

02Weekly. One sealed constituent opens to trading every week, in filing order.

03Week ten. Board is full. The composite index goes live.

04After that. Nothing changes. Nothing settles.