# Drakewell

> Drakewell is an issuer of onchain structured products, incubated by JPEG Trading. Docs for USDdw, fixed yield credit vaults, and SPYdw, a hedged SPY portfolio.

- [Drakewell: onchain structured products](https://docs.drakewell.fi/index.md): Drakewell issues onchain structured products: USDdw, fixed yield credit vaults, and SPYdw, a hedged SPY portfolio. Start here to find each product.
- [Glossary of Drakewell terms](https://docs.drakewell.fi/glossary.md): Standard definitions for the terms used across the Drakewell docs, including credit vaults, the fixed rate, collateral, the floor and epochs.
- [USDdw: fixed yield credit vaults](https://docs.drakewell.fi/usddw/overview.md): USDdw gives access to fixed-rate yield. See how you mint it, where the yield comes from, and the key terms.
- [How USDdw works](https://docs.drakewell.fi/usddw/how-it-works.md): How USDdw works from mint to redemption: how credit vaults accept capital, where the yield comes from, and how value accrues.
- [Credit vaults: where to mint USDdw](https://docs.drakewell.fi/usddw/vaults.md): The credit vaults that accept capital for USDdw, with network, deposit asset, contract addresses and status for Accountable, Venzo and Aleo.
- [USDdw risks and how Drakewell limits them](https://docs.drakewell.fi/usddw/risks.md): The main risks of holding USDdw, including strategy, credit, counterparty, smart contract and liquidity risk, and the limits Drakewell applies to each one.
- [SPYdw: a hedged SPY portfolio](https://docs.drakewell.fi/spydw/overview.md): SPYdw is a hedged SPY portfolio in a single onchain token, live on Ethereum. See its key terms, from collateral and the hedge to epochs and early exits.
- [How SPYdw works](https://docs.drakewell.fi/spydw/how-it-works.md): How SPYdw works step by step: deposits by epoch, the collateral behind it, the option ladder that forms the hedge, and redemptions and early exits.
- [SPYdw risks: how a hedged SPY portfolio can lose value](https://docs.drakewell.fi/spydw/risks.md): The main risks of holding SPYdw, including SPY market risk, collateral and option risk, hedge budget risk, and redemption timing by epoch.
- [Proof of reserves and onchain verification](https://docs.drakewell.fi/trust/proof-of-reserves.md): Drakewell publishes live proof of reserves for USDdw, with solvency validated by Accountable. See what it covers and how to verify vaults onchain.
- [Legal disclosures, eligibility and terms of use](https://docs.drakewell.fi/trust/disclosures.md): Legal disclosures for Drakewell products: no offer or advice, rates and figures, eligibility and jurisdiction limits, venue terms and trademarks.


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