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The Thesis

Global supply chains are defined by physical constraints—access to raw materials, processing capacity, and logistics infrastructure. Scape provides exposure to these constraints through commodity sector indices rather than equity proxies. Why commodities over equities:
  • Direct exposure: Commodity prices reflect physical supply/demand, not corporate earnings or market sentiment
  • No intermediaries: No company management, dividend decisions, or corporate governance risk
  • 24/7 markets: Access exposure when commodity fundamentals move, not when equity markets are open
  • Sector precision: Target specific supply chain bottlenecks without stock-picking

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Supply Chains Define Sectors

Modern industries depend on specific commodity inputs. When these inputs are constrained—by geopolitics, regulation, or geology—entire sectors feel the impact.

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Why sSEMIS Exists

Chip manufacturing requires:
  • Copper (Cu): Wiring and interconnects
  • Aluminum (Al): Heat dissipation and packaging
  • Silicon (Si): Wafer substrate
  • Tin (Sn): Solder and interconnects
  • Silver (Ag): Conductive pastes and bonding
The constraint: Advanced fabs require ultra-pure materials in massive quantities. Supply disruptions in any input propagate through the entire semiconductor supply chain.

View sSEMIS Index

See full composition and weights.

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Why Not Equities?

Synthetic equity exposure exists on other platforms. Scape deliberately avoids this approach.
FactorCommodity IndexEquity Index
Price DriverPhysical supply/demandEarnings, sentiment, flows
Availability24/7 (crypto-native)Market hours + gaps
IntermediationDirect price referenceCompany management layer
Sector PrecisionExact input exposureDiversified business mix
Regulatory ComplexityCommodity-basedSecurities considerations
The core insight: If your thesis is “semiconductors need copper and silicon,” a semiconductor equity ETF gives you exposure to company execution, not your thesis. Scape indices give you the thesis directly.

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From Price Exposure to Physical Backing

Today’s s-baskets provide synthetic price exposure. The roadmap (Q2 2026) introduces x-baskets with physical backing.
s-baskets track commodity prices via oracle feeds.
  • No physical inventory
  • Price-referenced only
  • Suitable for speculation and price exposure
  • Counterparty is the perpetual market, not a warehouse
x-baskets will be backed by warehouse receipts.
  • Physical commodities held by warehouse operators
  • Authorized Participants mint/redeem against receipts
  • NAV-based pricing reflecting actual holdings
  • Suitable for hedging actual physical exposure
Physical backing is roadmap only. No warehouse operators, custody partners, or physical inventory exists today.

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Who Is Scape For?

Macro Participants

Express views on supply chain constraints, geopolitics, and sector rotation without equity exposure.

Commodity Hedgers

(Roadmap) Hedge physical commodity exposure with constraint tokens backed by warehouse receipts.

Crypto Natives

Access real-world sector exposure without leaving the Hyperliquid ecosystem.

Research-Driven

Express specific supply chain theses with sector-precise instruments.