The maturity ladder on the policy page

Two rungs of a ladder are both PT-sUSDA (USDA) on Pendle, maturing on different dates. How many issuer exposures is that?

• One: both rungs depend on issuer A, and their sizes add up against A's cap
• Two, because they have different dates
• None, because a PT has no issuer

The highest implied APY in your ladder is on the longest rung. Should that rung be the largest?

• Yes, size follows the rate
• No: rates go in the rung table, and the caps set the size
• Only if the rate is above 5%