SPYB per token can rise or hold. It cannot fall.
Every redemption pays exactly its share, rounded down, so what stays behind each remaining token is never less.
The example.
Round numbers, shown in dollars with SPYB's price held still.
Start
$10,000 behind 1,000,000 tokens. A holder of 10,000 (1%) can redeem $100.
$0.01per token
Fees arrive
The reserve grows to $12,000. The same 10,000 tokens now redeem $120.
$0.012per token, up
From the start, a holder redeems instead
10,000 tokens take $100. $9,900 is left behind 990,000 tokens.
$0.01per token, unchanged
paid = reserve × amount ÷ redeemableSupply (rounded down)
The ratchet counts SPYB. SPYB's own price moves with the S&P 500, so the dollar value behind a token can move either way.
Try to push it down.
Move trading volume and redemptions; the line only steps up or stays level.
Dollars at a fixed SPYB price, for illustration.
Shown for $100,000 traded and 2% handed back each round, from $10,000 behind 1,000,000 tokens.
| Round | Reserve | Redeemable supply | Reserve per token |
|---|---|---|---|
| Start | $10,000 | 1,000,000 | $0.01000 |
| Round 1 | $11,652 | 980,000 | $0.01189 |
| Round 2 | $13,271 | 960,400 | $0.01382 |
| Round 3 | $14,858 | 941,192 | $0.01579 |
| Round 4 | $16,413 | 922,369 | $0.01779 |
| Round 5 | $17,937 | 903,922 | $0.01984 |
| Round 6 | $19,431 | 885,844 | $0.02193 |
The whole supply counts.
All 1,000,000,000 tokens start in the denominator, including those still on the bonding curve; only tokens handed back or burned leave it.
