SY, the wrapper

Which ratio turns SY into units of the accounting asset?

• The wrap ratio
• The exchange rate
• The implied APY

An SY's exchange rate rises from 1.10 to 1.15 while you hold it. What happens to your SY balance?

• It stays the same; each SY is now worth more of the accounting asset
• It grows by about 4.5%
• It shrinks, because the rate went up