The prospectus

How Surplus works: the basket, the share, the strike, the sleeves and the surplus rule, the issuers, the fees and the token, the addresses, and building on it.

1. 01The US100 basketWhich companies US100 holds, how they are weighted, and how the basket changes.
2. 02A share is a fraction of every companyThe share invariant, the in-kind math, forward pricing and the cutoff.
3. 03The hold, the sleeves and the surplus ruleWhere a company’s units sit, and the measurement that decides how long they stay there.
4. 04Issuer tokens and share-equivalent unitsThree issuers, one unit per company.
5. 05Earnings, the fee vault and SURPLUSWhat the fund earns, what the protocol keeps, and where it goes.
6. 06Program addresses and authoritiesThe program, its accounts and the keys that sign for it.
7. 07Creating, redeeming and swapping from codeBuild, review, sign, submit and follow, through the versioned contract.

The design answers Thaddeus Pinakiewicz, “AMM-bivalent: How Not to Deploy Tokenized Stocks in DeFi” (Galaxy Research, 2026-10-06).