Investing in US housing market trends without buying a house: Polychain's former president aims to create the real estate industry's "S&P 500." Index Industries, co-founded by Josh Rosenthal, has raised $50 million in seed funding, led by Lightspeed. Its tokenized product, USHP, gives investors exposure to US housing prices, but not ownership. Housing price indices are not a new business; CME's housing price futures have historically been sluggish. Whether tokenizing them can attract sustained trading and withstand redemption pressure remains to be seen.