CARRYWORKS
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SPDR S&P 500 ETF (SPY)

SPY dividend passthrough

cwSPYTokenized assetsSPY denominatedcapital locked in vault
Vault

0x74B0d1E9…B2e14C0D

On the explorer

Sample market. The factory is not deployed, so nothing below was read from a chain.

APY since launch
0.00%
Total value
1,180 SPY
Price per share
1
SPY
Depositors
11
Price per share
since launch · Sep 4, 2026

LAUNCHNOW1.0 SPY
No carry recognised yet. The line lifts the first time this vault is worth more than it was.
The strategy

Tokenized assets

Tokenized SPY held for the quarterly distribution. The distribution arrives as more SPY and lifts the share price; nothing is sold.

Creator
0xaB93…93A7
Strategy
none — capital never leaves

This market was opened with a deploy ceiling of zero. No address, not even the creator's, can move capital out of the vault — carry has to be paid in from outside.

Capital right now

Idle in the vault
1,180 SPY
At the strategy
0 SPY
Deploy ceiling
0% — it never leaves
Deposit cap

uncapped

A withdrawal larger than the idle balance reverts. It does not queue, and nothing here pretends otherwise.

Market terms

Asset
SPY
Share token
cwSPY
Deploy ceiling
none — capital stays put
Strategy address
not used
Performance fee
8% of carry
Works' share of the fee
20% of it
Deposit cap
uncapped
Lifetime deposits
1,180 SPY
Lifetime withdrawals
0 SPY
Lifetime carry
0 SPY
Shares outstanding
1,179
Opened
Sep 4, 2026 · 11h ago
Owner
none — the vault cannot be paused or upgraded
Activity

EventDetailAmountWhen
Deposit0xEe10…3C77400 SPY2h
Launchdeployed by creator11h