Most modern analytic philosophers have ignored works of Indian philosophy such as Vasubandhu's ‘Treasury of Metaphysics’. This neglect is unjustified. The account of the nature of the physical world given in the ‘Treasury’ is a one-category ontology of dharmas, which are simple, momentary tropes. They include bade physical tropes, the most fundamental level of the physical world, as well as higher-level tropes, including sensible properties such as colours, which are known as derived form. I argue that the relationship between the basic physical tropes and derived form is one of supervenience. Vasubandhu's theory is a powerful and flexible one, which can be adapted so as to be consistent with modern science.