Degree-one compression of a chiral sphere phase ($\mathrm{ind}(PVP)=1$)

Let $P$ project onto a degree-one equivariant line bundle on the complex-oriented round two-sphere, and let $V$ be its positive-to-negative chiral Dirac operator phase. The compressed map has parametrix $P{V}^{\ast }P$ modulo compacts. Its domain bundle has degree zero and its target degree two. Their homogeneous line-bundle representations on the two-sphere are respectively $E_0\oplus E_2\oplus E_4\oplus \cdots$ and $E_2\oplus E_4\oplus \cdots$, so the equivariant Fredholm index is the trivial representation and the ordinary index is one. Reversing chirality negates the index. Compressing the full self-adjoint phase instead gives ordinary index zero.