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Attestations / SAMPLE-2026-A (unhedged)

SAMPLE-2026-A

Unhedged
Takes the copper price in full, up and down
sepolia · Calculation Agent, daily valuation at 17:00 Zurich
Generated 2026-09-26 20:59 UTC
NAV per xCUP
USDC per xCUP, 2026-09-25
Signed 2026-09-25
10.7880USDC
0.00%on the day·+8.10% since launch
Net asset value
269,716.60
USDC, after haircuts and fees
xCUP outstanding
25,001.43
on chain = total supply
Haircut withheld
6,244.10
USDC not counted until cash
Copper reference
14,640 USD/t
2026-09-25 · metals.dev lme_copper USD/t as of 2026-09-25T13:29:15.060Z

What is valued here is the series as a whole: the net asset value behind all units outstanding, and the value of one unit. A holder's position is their units multiplied by the unit value of the day. Per the PPM the unit is a contractual claim on the issuer, not ownership of copper.

Daily valuations

40 business days · 0 anchored on chain · hover a chip for the events behind it
Valuation dayNAV per xCUPΔNAVxCUPHaircutCu refAttribution of the day's change, USDCAnchor
2026-09-25 10.7880 -0.0005 269,716.60 25,001.43 6,244.10 14,640 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−11.10
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−11.10
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-24 10.7885 -0.0004 269,727.70 25,001.43 6,244.10 14,658 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−11.10
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−11.10
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-23 10.7889 -0.0005 269,738.80 25,001.43 6,244.10 14,760 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−11.10
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−11.10
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-22 10.7894 -0.0004 269,749.90 25,001.43 6,244.10 14,730 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−11.10
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−11.10
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-21 10.7898 +0.1872 269,761.00 25,001.43 6,244.10 14,515 Cu+4,811.00
Copper price
Inventory revaluation — Copper +1.99 % vs last valuation (metals.dev lme_copper USD/t as of 2026-09-19T09:03:12.422Z) sha256:01a9892b3f0f+4,811.00
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC−120.27
Haircut ladder
Inventory revaluation — Copper +1.99 % vs last valuation (metals.dev lme_copper USD/t as of 2026-09-19T09:03:12.422Z) sha256:01a9892b3f0f−120.27
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.91
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.91
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-18 10.6026 +0.1169 265,081.18 25,001.43 6,123.83 14,409 Cu+3,009.00
Copper price
Inventory revaluation — Copper +1.24 % vs last valuation (metals.dev lme_copper USD/t as of 2026-09-18T14:44:04.563Z) sha256:3243038a1c7a+3,009.00
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC−75.23
Haircut ladder
Inventory revaluation — Copper +1.24 % vs last valuation (metals.dev lme_copper USD/t as of 2026-09-18T14:44:04.563Z) sha256:3243038a1c7a−75.23
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.79
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.79
One day of the annual management fee, accrued on the NAV before fees.
Flows+14.85
Allocations and redemptions
Money in or out with units issued or retired; changes NAV and units together, not the unit value.+14.85
 Pending
2026-09-17 10.4857 -0.1738 262,143.35 25,000 6,048.60 14,232 Cu+2,635.00
Copper price
Inventory revaluation — Copper +1.10 % vs last valuation (metals.dev lme_copper USD/t as of 2026-09-17T14:45:08.474Z) sha256:cf2c2d4ce25a+2,635.00
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops−920.00
Operational cycle
Currency conversion — USDC→EUR for the second lot, FX fee + transfer + gas sha256:a4ef6fe1c592−380.00
Scrap copper paid — Copper bought ex-warehouse, 17,000 kg at LME cash 14,077 USD/t sha256:eed8f683bf7c−540.00
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC−6,048.60
Haircut ladder
Scrap copper paid — Copper bought ex-warehouse, 17,000 kg at LME cash 14,077 USD/t sha256:eed8f683bf7c−8,375.82
Received into custody — Title transferred in the warehouse, received into custody, weight recorded sha256:1258c54406f9+2,393.09
Inventory revaluation — Copper +1.10 % vs last valuation (metals.dev lme_copper USD/t as of 2026-09-17T14:45:08.474Z) sha256:cf2c2d4ce25a−65.87
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.96
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.96
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-16 10.6595 -0.0005 266,487.91 25,000 0.00 14,077 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.96
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.96
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-15 10.6600 +0.0134 266,498.88 25,000 0.00 14,065.51 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops−25.00
Operational cycle
Buyer payment — Final settlement sha256:b7ae56d5a35b−25.00
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC+369.00
Haircut ladder
Buyer payment — Final settlement sha256:b7ae56d5a35b+369.00
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.95
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.95
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-14 10.6466 -0.0005 266,165.83 25,000 369.00 14,233.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.95
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.95
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-11 10.6471 +0.0286 266,176.78 25,000 369.00 14,371.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops−25.00
Operational cycle
Buyer payment — First buyer payment sha256:aed58f8c75a2−25.00
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC+750.00
Haircut ladder
Buyer payment — First buyer payment sha256:aed58f8c75a2+750.00
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.92
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.92
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-10 10.6185 -0.0004 265,462.70 25,000 1,119.00 14,632.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.92
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.92
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-09 10.6189 -0.0005 265,473.62 25,000 1,119.00 14,705.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.92
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.92
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-08 10.6194 -0.0764 265,484.54 25,000 1,119.00 14,448 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops−1,900.00
Operational cycle
Cost incurred — Outbound shipping and export documents sha256:68848734fec4−1,900.00
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−11.00
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−11.00
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-07 10.6958 -0.0005 267,395.54 25,000 1,119.00 14,365.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−11.00
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−11.00
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-04 10.6963 +0.5327 267,406.54 25,000 1,119.00 14,275.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops+11,263.53
Operational cycle
Sale priced — Sale contract priced with the buyer sha256:9978ea8f5117+11,263.53
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC+2,063.80
Haircut ladder
Sale priced — Sale contract priced with the buyer sha256:9978ea8f5117+2,063.80
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.45
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.45
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-03 10.1636 -0.0004 254,089.66 25,000 3,182.80 14,227.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.45
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.45
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-02 10.1640 -0.0916 254,100.12 25,000 3,182.80 14,215.01 Cu−2,313.53
Copper price
Inventory revaluation — Copper price −1.08 % since the last valuation (LME cash 14,215.01 USD/t) sha256:695a6f87f57d−2,313.53
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC+34.70
Haircut ladder
Inventory revaluation — Copper price −1.08 % since the last valuation (LME cash 14,215.01 USD/t) sha256:695a6f87f57d+34.70
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.55
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.55
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-09-01 10.2556 +0.7320 256,389.49 25,000 3,217.50 14,370 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops+16,578.95
Operational cycle
Refined copper confirmed — Refined copper confirmed; carrying value at refined grade sha256:ba60fd609e9b+16,578.95
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC+1,730.53
Haircut ladder
Refined copper confirmed — Refined copper confirmed; carrying value at refined grade sha256:ba60fd609e9b+1,730.53
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.79
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.79
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-31 9.5236 +0.0716 238,089.80 25,000 4,948.03 14,370 Cu+1,845.47
Copper price
Inventory revaluation — Copper price +0.94 % since the last valuation (LME cash 14,370.00 USD/t) sha256:04b0ac57b6aa+1,845.47
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC−46.14
Haircut ladder
Inventory revaluation — Copper price +0.94 % since the last valuation (LME cash 14,370.00 USD/t) sha256:04b0ac57b6aa−46.14
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.72
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.72
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-28 9.4520 -0.0337 236,300.19 25,000 4,901.89 14,236.01 Cu−853.80
Copper price
Inventory revaluation — Copper price −0.43 % since the last valuation (LME cash 14,236.01 USD/t) sha256:1e7e1764b400−853.80
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC+21.35
Haircut ladder
Inventory revaluation — Copper price −0.43 % since the last valuation (LME cash 14,236.01 USD/t) sha256:1e7e1764b400+21.35
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.75
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.75
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-27 9.4857 -0.0004 237,142.40 25,000 4,923.23 14,336.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.75
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.75
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-26 9.4861 +0.0335 237,152.15 25,000 4,923.23 14,298 Cu+867.71
Copper price
Inventory revaluation — Copper price +0.44 % since the last valuation (LME cash 14,298.00 USD/t) sha256:073c3c7c0269+867.71
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC−21.69
Haircut ladder
Inventory revaluation — Copper price +0.44 % since the last valuation (LME cash 14,298.00 USD/t) sha256:073c3c7c0269−21.69
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.72
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.72
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-25 9.4526 -0.0004 236,315.85 25,000 4,901.54 14,245 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.72
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.72
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-24 9.4530 -0.0223 236,325.57 25,000 4,901.54 14,235 Cu+3,642.88
Copper price
Inventory revaluation — Copper price +1.89 % since the last valuation (LME cash 14,235.00 USD/t) sha256:04514e0879bb+3,642.88
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops−4,100.00
Operational cycle
Cost incurred — Processing and storage, accrued sha256:bd9a4dce2815−4,100.00
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC−91.07
Haircut ladder
Inventory revaluation — Copper price +1.89 % since the last valuation (LME cash 14,235.00 USD/t) sha256:04514e0879bb−91.07
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.74
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.74
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-21 9.4753 +0.0428 236,883.50 25,000 4,810.47 13,970.51 Cu+1,108.88
Copper price
Inventory revaluation — Copper price +0.58 % since the last valuation (LME cash 13,970.51 USD/t) sha256:c77b1882b5d8+1,108.88
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC−27.72
Haircut ladder
Inventory revaluation — Copper price +0.58 % since the last valuation (LME cash 13,970.51 USD/t) sha256:c77b1882b5d8−27.72
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.70
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.70
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-20 9.4325 -0.1024 235,812.04 25,000 4,782.75 13,890 Cu−2,617.05
Copper price
Inventory revaluation — Copper price −1.35 % since the last valuation (LME cash 13,890.00 USD/t) sha256:4ecf82ca0812−2,617.05
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC+65.43
Haircut ladder
Inventory revaluation — Copper price −1.35 % since the last valuation (LME cash 13,890.00 USD/t) sha256:4ecf82ca0812+65.43
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.80
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.80
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-19 9.5349 -0.1891 238,373.47 25,000 4,848.17 14,080.01 Cu−3,236.57
Copper price
Inventory revaluation — Copper price −1.64 % since the last valuation (LME cash 14,080.01 USD/t) sha256:859f6053eeb6−3,236.57
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops−1,600.00
Operational cycle
Inventory revaluation — Initial assay: contained copper 0.8 % below estimate sha256:411d295d1dbc−1,600.00
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC+120.91
Haircut ladder
Inventory revaluation — Initial assay: contained copper 0.8 % below estimate sha256:411d295d1dbc+40.00
Inventory revaluation — Copper price −1.64 % since the last valuation (LME cash 14,080.01 USD/t) sha256:859f6053eeb6+80.91
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.99
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.99
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-18 9.7240 +0.0977 243,099.12 25,000 4,969.09 14,315 Cu+2,513.18
Copper price
Inventory revaluation — Copper price +1.28 % since the last valuation (LME cash 14,315.00 USD/t) sha256:8ca7e1ee4399+2,513.18
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC−62.83
Haircut ladder
Inventory revaluation — Copper price +1.28 % since the last valuation (LME cash 14,315.00 USD/t) sha256:8ca7e1ee4399−62.83
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.89
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.89
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-17 9.6263 +0.0277 240,658.66 25,000 4,906.26 14,134 Cu+721.88
Copper price
Inventory revaluation — Copper price +0.37 % since the last valuation (LME cash 14,134.00 USD/t) sha256:ca9c16b7b268+721.88
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC−18.05
Haircut ladder
Inventory revaluation — Copper price +0.37 % since the last valuation (LME cash 14,134.00 USD/t) sha256:ca9c16b7b268−18.05
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.87
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.87
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-14 9.5986 -0.0176 239,964.69 25,000 4,888.21 14,082.01 Cu−2,471.53
Copper price
Inventory revaluation — Copper price −1.25 % since the last valuation (LME cash 14,082.01 USD/t) sha256:a28f8be2780b−2,471.53
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC+2,041.79
Haircut ladder
Received into custody — Received into custody, weight recorded sha256:4909873db846+1,980.00
Inventory revaluation — Copper price −1.25 % since the last valuation (LME cash 14,082.01 USD/t) sha256:a28f8be2780b+61.79
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.88
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.88
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-13 9.6162 -0.0004 240,404.32 25,000 6,930.00 14,201.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.88
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.88
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-12 9.6166 -0.0004 240,414.20 25,000 6,930.00 14,217.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.88
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.88
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-11 9.6170 -0.0004 240,424.08 25,000 6,930.00 14,152.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−9.88
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−9.88
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-10 9.6174 -0.1144 240,433.97 25,000 6,930.00 14,092 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops−2,850.00
Operational cycle
Cost incurred — Inbound shipping, paid sha256:4066bf7da67f−2,850.00
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.00
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.00
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-07 9.7318 -0.2468 243,293.97 25,000 6,930.00 14,260.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops−680.00
Operational cycle
Hedge closed — Temporary long hedge closed at purchase: exposure now in physical copper sha256:a9540b3bfda8−60.00
Scrap copper paid — Scrap copper paid to supplier; in transit at LME cash 14,260.01 USD/t sha256:eefcf4a853ab−620.00
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge+1,450.00
Hedge P&L
Hedge closed — Temporary long hedge closed at purchase: exposure now in physical copper sha256:a9540b3bfda8+1,450.00
Change in the result of the temporary copper hedge since the previous mark.
HC−6,930.00
Haircut ladder
Scrap copper paid — Scrap copper paid to supplier; in transit at LME cash 14,260.01 USD/t sha256:eefcf4a853ab−6,930.00
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.25
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.25
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-06 9.9786 -0.0004 249,464.22 25,000 0.00 14,055 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.25
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.25
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-05 9.9790 -0.0004 249,474.47 25,000 0.00 14,070.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.25
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.25
One day of the annual management fee, accrued on the NAV before fees.
 Pending
2026-08-04 9.9794 — 249,484.73 25,000 0.00 13,876 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops−505.00
Operational cycle
Currency conversion — USDC→EUR, FX fee + transfer + gas sha256:e70205c68e14−410.00
Hedge opened — Temporary long copper hedge, 5 % margin sha256:bfa40f553064−95.00
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee−10.27
Management fee
Management fee accrual — 1.50 % p.a., one day on the NAV before fees−10.27
One day of the annual management fee, accrued on the NAV before fees.
Flows+250,000.00
Allocations and redemptions
Money in or out with units issued or retired; changes NAV and units together, not the unit value.+250,000.00
 Pending
2026-08-03 — — 0.00 0 0.00 13,800.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee0.00
Management fee
No management fee effect on this day.
One day of the annual management fee, accrued on the NAV before fees.
 Pending

Reading the attribution

NAV today − NAV yesterday = Cu + Ops + Hedge + HC + Fee (+ Flows)

Flows appear when units were issued or retired. Every figure comes from a dated event with a piece of evidence; nothing enters the valuation without one. The reference copper price is recorded daily as an input; the inventory is revalued only when the implied change exceeds the series' materiality threshold, and that revaluation is itself an event approved by a manager.

Cu
Copper price
Revaluation of the inventory because the market price of copper moved.
Source: Revaluation events with cause "price"; LME cash settlement on the valuation date.
FX
Currency
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Source: ECB euro reference rate; the rate of each euro payment from its confirmation.
Ops
Operational cycle
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Source: Cycle events submitted by the partners with evidence: invoices, assays, sale contract, bank confirmations.
Hedge
Hedge P&L
Change in the result of the temporary copper hedge since the previous mark.
Source: Broker statement, mark-to-market; margin posted is an asset and does not affect NAV.
HC
Haircut ladder
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Source: Computed by the engine from the asset class after each event; not an input.
Fee
Management fee
One day of the annual management fee, accrued on the NAV before fees.
Source: Fee rate from the Final Terms of the series.

How to verify

Each day links to a signed JSON attestation. The signature covers the canonical JSON of every field except signature (keys sorted, no whitespace), algorithm Ed25519.

The event log the valuation was computed from is published as events.json; its SHA-256 is inside every attestation, together with the per-event contributions shown in the hover cards.

The hash of each day — the SHA-256 of the canonical JSON of that day's attestation — is published in anchors.json and written on chain once, to a contract that lets no day be written twice with a different value. Where the anchor column links to a transaction, that transaction carries the hash beside it here; recompute it from the attestation and compare.

The attestation itself carries no anchor: it is the document that was hashed, so a transaction hash written into it would change what was anchored.

Signer public key
-----BEGIN PUBLIC KEY-----
MCowBQYDK2VwAyEAK3Xme4H2XZPGZphfWnUzgoaNHm9nJleg2R+U9hC0ub8=
-----END PUBLIC KEY-----
events.jsonanchors.jsonpublic-key.pem2026-09-25.json

Methodology: design document §3.7 / owner checklist xCUP Share Price Update Events (revised), with §3.8 corrections. Management fee accrues daily. Signer: development key — not for production.