A share is a fraction of every company

The share invariant, the in-kind math, forward pricing and the cutoff.

§1 The share invariant

A share's claim is the fund's holdings ÷ supply, company by company. Shares are minted only against a slice in exact basket proportion, and burned only by releasing the same fraction of every company.

minted = supply × min_i(slice_i ÷ units_i)

slice_i is the units of company i the strike delivered; units_i is what the fund held of it before.

A share is always an exact fraction of the holdings, so no oracle prices it. No stale or manipulated price can mint a share for less than its fraction. USD values on screens are display prices from Jupiter’s Price API.

§2 The strike

USDC orders fill at the next strike, once per US trading day at the 16:00 ET close, the way mutual fund orders fill at the next NAV. On localnet the keeper strikes on demand.

Reading the program’s configuration…

At the strike the keeper totals the queued USDC, buys every company’s slice through Jupiter, deposits it into the hold and settles. Each buy order receives shares in proportion to its USDC.

fill price = USDC ÷ shares

Each strike batch pays its own execution, so trading costs never dilute existing holders.

§3 Redeeming

For USDC at the next strike: the program releases the pro-rata slice from the hold and burns the shares; the keeper sells the slice and the USDC goes to the order.
In kind at any time: redeem_in_kind burns the shares and sends the pro-rata units of every company to the wallet in the issuer tokens the hold keeps, xStocks first, then Ondo, then Securitize, over several transactions under one approval. A delivery that stops part-way resumes from its next transaction.

§4 Creating in kind

A builder delivers a creation basket, every company in basket proportion in any accepted issuer’s token, with create_in_kind, and receives shares at the basket’s ratio. Creation and redemption in kind are how arbitrage holds any outside US100 price at the fund’s value.