Frax Price Index Share (FPIS) is the system’s governance token and entitles holders to seigniorage generated by the protocol. Any surplus yield is routed from the treasury to FPIS holders in a manner comparable to the FXS setup. If the FPI treasury does not generate sufficient yield to sustain the higher backing per FPI amid inflation, additional FPIS can be minted and sold to boost the treasury. Because the protocol originates within the Frax ecosystem, the FPIS token also allocates a shifting portion of its revenue to FXS holders.