Swap fees fill the treasury.
A fee on every $ETF swap buys the full list of tokenized stocks. Burning $ETF pays out its dollar value in stocks.
There is one pool and no picking: the treasury accumulates all 194 listed tokenized stocks, and a holder who burns $ETF is paid the matched dollar value in stocks, drawn from every position. Value in equals value out; the burned tokens leave supply. The treasury page lists every holding with its contract address.
The fee is collected by a Uniswap v4 hook attached to the $ETF pool, so it applies at the pool itself, on every swap, buys and sells alike. Collected fees route to the treasury contract, which spends them on the listed tokenized stocks and nothing else. Every purchase lands in the treasury log with its transaction hash. The fee rate is stated in docs once contracts are final.
| Treasury, USD | 6,460,364.46 |
| Positions | 194 |
| $ETF supply | 976,000,000 |
| Floor per 1,000 $ETF, USD | 6.62 |
| Fees, last 10, USD | 3,720.02 |
| LHX | L3Harris | 0.59% |
| OKLO | Oklo | 0.59% |
| TEAM | Atlassian Corporation | 0.59% |
| AXTI | AXT | 0.59% |
| SOXX | iShares Semiconductor ETF | 0.58% |
| KLAC | KLA | 0.58% |
| INOD | Innodata | 0.58% |
| AMZN | Amazon | 0.58% |
Two moves exist. A fee purchase adds stocks to the treasury while supply stands still. A burn destroys $ETF and pays its holder the matched dollar value in stocks from the pool: the same value, in stocks instead of tokens, and the supply is smaller for it.
2.40% of the original 1,000,000,000 supply has been swapped out for stocks and burned. Burned tokens are out of circulation, and fee purchases divide across the remaining supply.