The author proposes "Isolated Exposure Tokens" (IETs), which split a tokenized share into an OVERNIGHT token and a SESSION token, each exposed to a different trading window. The motivation is SPY's overnight anomaly: since 1993, holding only close-to-open returned +1105% versus +27% intraday, and over the past year +13.5% overnight versus +0.7% intraday. Tokenization enables continuous trading while the underlying stock keeps official opens and closes, avoiding the costs of twice-daily trading. The author compares the structure to Pendle's principal/yield split and says the product is coming to market soon.

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  1. First report@0xbeans proposes splitting tokenized stocks into overnight and regular-session exposure5 acc.
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Cited posts

  • @DeFiMinty MintyFirst reportOn X ↗

    Cool idea that innovates on the composability element of tokenized stocks. Basically opens the door for hedging overnight for events that don't happen during market hours like earnings. A more niche case could be speculating on price action during the overnight session as… https://t.co/1fhJgTSJ1K

  • @0xSammyOn X ↗

    This is where tokenized stocks start to get interesting@0xbeans proposes splitting one tokenized share into two tradable tokens: 1) one capturing overnight price moves 2) the other regular trading session moves A similar idea to Pendle splitting principal and yield, applied… https://t.co/sITAlTYNq6

  • @zerokn0wledge_ zerokn0wledge.hl 🪬✨On X ↗

    Since 1993, SPY made 47x more holding only overnight than holding only during market hours.@0xbeans just designed a way to own just one of those halves. Isolated Exposure Tokens. Deposit 1 stock token, get 2 back: - OVERNIGHT earns every move from the close to the next open… https://t.co/Ek0M542iDz

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  • @leakmealpha leakOn X ↗

    WHO'S BUILDING: 0xBeans just dropped a paper on @standard_rsv introducing Isolated Exposure Tokens — splitting a tokenized stock into overnight and session returns. He notes nearly all of SPY's return since 1993 came overnight. Tokens coming soon. 2 KOLs we track followed in the…

  • @alpha_co Alpha coOn X ↗

    new financial primitive with IETs tldr if you want isolated returns you deposit one tokenized share and receive two separate tradable tokens one that captures overnight price action and one that captures price action during a trading session my dev keeps on shipping https://t.co/wlZkqVMb8D

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