Net token values for the paired sleeves written on GM [ETH-ETH] and
GM [WBTC.b-WBTC.b] NAV, priced daily. The pair holds exactly one unit of the
underlying at all times, so the two lines sum to it on every bar.
Net token value per bar
Compounded through rebases · index, epoch 1 = 1.00
Epoch ladder — strikes (absolute and as % of S₀), carry, crypto vs GM NAV, and realized returns (58 rows)