PT, YT, and the parenthesis

What does one PT-xETH (ETH) redeem for at maturity, if the rate is at its watermark?

• One xETH
• One ETH's worth of xETH
• One ETH, paid in ETH

A market's exchange rate has fallen below its watermark. What does a YT holder earn while it stays there?

• The normal yield, since yield never stops
• Double, to catch up later
• Nothing, until the rate climbs back to the watermark