> For the complete documentation index, see [llms.txt](https://docs.fractit.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.fractit.com/the-protocol.md).

# The Protocol

- [Index Methodology](https://docs.fractit.com/the-protocol/index-methodology.md): The DFMREIT token tracks the DFM Real Estate Sector Index (DFMREI) — published by the Dubai Financial Market and calculated by S\&P Dow Jones Indices.
- [Full Replication Model](https://docs.fractit.com/the-protocol/full-replication-model.md): Every DFMREIT token is backed 1:1 by real constituent shares held in institutional SPV custody. No synthetics. No swaps. No basis risk.
- [NAV Calculation](https://docs.fractit.com/the-protocol/nav-calculation.md): The Net Asset Value (NAV) is the per-token value of DFMREIT, calculated daily from the marked-to-market value of SPV holdings.