Codename: SFHOME28

Contracts on this market settle to the Zillow Home Value Index (ZHVI) for the City of San Francisco, California — all homes (single-family residences, condos, and co-ops), smoothed, seasonally adjusted — for the reference month of January 2028, expressed in thousands of US dollars (for example, a published typical home value of $1,450,000 settles at 1450). Primary source: Zillow Research's published ZHVI data (zillow.com/research/data/ and Zillow's San Francisco home-values page).

First print counts: settlement uses the value first published for the January 2028 reference month (normally released in February 2028). ZHVI's routine re-estimation of its full history in later releases is disregarded, except that a Zillow correction of a publication error, published before settlement, supersedes the erroneous figure.

If Zillow has not published a January 2028 value by March 31, 2028, settlement uses the most recent earlier reference month first published before settlement. If Zillow discontinues, renames, or materially redefines the index, MNX expects to settle on the successor headline home-value measure for San Francisco designated by Zillow, or the closest equivalent public measure at MNX discretion.

The settlement value is rounded to the nearest tick and clamped to the market's price bounds (terminal partial settlement at a bound if exceeded). Settlement is expected within 10 business days of the qualifying release. MNX may interpret or amend this resolution methodology, including while positions remain open, in accordance with the platform Terms; MNX may correct or delay a determination before it is effected, and settlement is final once effected.

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