  Hyperon production off the proton in the $K^0 \Sigma^+$ channel has been
studied at the tagged photon beam facility at the ELSA electron accelerator in
Bonn. This experiment was part of a series of neutral meson production
experiments on various targets. For this purpose, the Crystal Barrel and TAPS
photon spectrometers have been combined to provide a $4 \pi$ detector for
multi-neutral-particle final states. A high-quality excitation function, recoil
polarizations, and angular distributions from threshold up to 2.3 GeV
center-of-mass energy were obtained. The results are compared with predictions
of recent coupled-channels calculations within the K-matrix formalism and are
interpreted by the partial-wave analysis within the Bonn-Gatchina model.
